City's Black banks anchor communities

In 1908, wealthy businessman and real estate mogul Jesse Binga opened the privately-owned Binga Bank at 36th and State Streets in what was then the Black Metropolis. It was reportedly the first Blackowned bank in the North.

Binga's bank, which became Binga State Bank in 1921, would fold during the Great Depression of the 1930s, but Black banks have become a fixture in the city, with such well-known names as Independence Bank and Drexel National Bank.

Today only four Black banks remain. They are Seaway Bank and Trust Co., Illinois Services Federal, Highland Community Bank, and Covenant Bank.

Based on assets, Seaway Bank is the largest Black-owned bank in the Midwest …