A would-be savior has emerged for foundering Highland Community Bank, one of just three African America-owned banks left in Chicago.
But the definitive agreement from the parent of startup Generations Community Bank to acquire the failing bank, announced today, is subject to raising at least US$8 million in equity both to absorb loan losses at the Highland Community Bank and to capitalize it to grow.
Matthew Roth, the former Harris Bank executive who has pursued starting up a
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