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National Bankers Association 

OCT. 15-18/HOTEL GALT HOUSE/LOUISVILLE, KY.

BLACK BANKS ANNOUNCE $1 MILLION LINE OF CREDIT TO NUL

In a unique example of how black institutions can be mutually supportive of each other, eight banks have formed a consortium to provide a $1 million line of credit to one of the nation's largest and most respected community service organizations, the National Urban League. 

The announcement of this new relationship was made on Wednesday, at the 57th Annual Convention of the National Bankers Association meeting in New York City. 

The moving force behind the establishment of the line of credit is the Freedom National Bank of New York City, which will serve as the agent bank. Other banks comprising the consortium are the Boston Bank of Commerce; Liberty Bank, Seattle; First Independence Bank of Detroit; Highland Community Bank, Chicago; Farmers and Mechanics Bank, Durham, N.C.; Citizens Trust of Atlanta, and Independence Bank of Chicago.

Describing the move as a concrete demonstration of how minority institutions can come together to help one another, Tab Buford, President, Freedom National Bank, said, "it sends a message to our membership that we do have a stake in enhancing the status of our own institutions, and in so doing it makes sense from both a social and business perspective". 

John E. Jacob, President of the NUL, applauded the move as a "clear example of corporate responsibility at its finest."

[[images - scenes from the convention]] 

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