Creative Investment Research, Inc. released its listing of the top women and minority owned financial institutions (banks and thrifts). The listing, using 2009 financial, demographic, HMDA and CRA information from a database maintained by Creative Investment Research, was compiled using the firm's proprietary Fully Adjusted Returntm Index. The Fully Adjusted Returntm Index provides a full description of the economic condition and social responsiveness of a financial institution.
The index summarizes information concerning:
- Social needs in the area the financial institution serves;
- Responsiveness of the financial institution in meeting those social needs; and
- Financial performance of the institution.
Data on each of these areas is collected and evaluated independently. Once collected, the information is summarized and the index is calculated.
Top Five Minority Institutions
- Asian - Hawaii National Bank, Honolulu, HI. 808-528-7711;
- Black - North Milwaukee State Bank (NMSBank ) 414-466-2344;
- Hispanic - Interamerican Bank, FSB, Miami, FL. 305-223-1434;
- Native American - Peoples Bank, Adair, OK. 918-723-5453;
- Women - Central Bank of Kansas City, Kansas City, MO. 816- 483-1210;
If you contact any of these institutions, do us a favor....let them
know you found them here!!
Bottom Minority Institution
We generally don't list the wost performers, but this year is different. There is only one bank we would put in this category: OneUnited Bank, Boston MA. (617) 457-4400.
We take this step because banking "regulators in October (2008) concluded in a cease-and-desist order that OneUnited also had poor standards for qualifying and documenting loans, and gave top executives excessive pay and perks. Two of the perks regulators targeted were a $6.4 million beachfront Santa Monica mansion used by bank executives while in California and a Porsche SUV driven on company business in Boston."
Carver Federal, another Black owned bank, decided to attempt to help African Americans victimized by fraudulent subprime lending, something OneUnited failed to do. We do not expect, but would not be surprised if OneUnited failed, another casualty of arrogance and greed.
TO GET THE FULL LIST OF RANKINGS FOR OVER 239 MINORITY OWNED BANKS AND
For information on minority-owned brokerage firms and other financial institutions,
call 866-867-3795 or send us an email (see below.....)