Sooo..... I'm looking for an ending, a resolution, a point/moral to the story. The author suggests that CBL did not prosper because it served a poor neighborhood. Is it the assumption, or resolution, that it is unlikely that bank under Covenant Bancshares ownership will not be able to prosper because the surrounding conditions have not changed?You know I'm not sure there was a resolution/point/moral to this post. It was only to inform. It isn't unknown that Lawndale has been a depressed neighborhood over the years. Also I'm not certain that Covenant Bancshares either will succeed or won't succeed because of surrounding conditions.
To be sure I would be interested because I want to see another Black-owned bank succeed and certainly being in a depressed community would be an impediment. At the same time it is providing a necessary service to a community that can use it.
Also I understand certain parts of the city's west side is experiencing some growth lately. Even if it has been hampered by current economic conditions. Let's sincerely hope that Covenant Bancshares will remain in business for the day that Lawndale finally does turn around.
Let's also note that Covenant Bank also has a loan office in Forest Park, IL if you look at their locations page. Seaway Bank & Trust started off with one branch itself and now it has branched oustide of Chatham in Bronzeville, Roseland, and in north suburban Waukegan, IL. The Waukegan branch also started off as a loan office as well.
Only time will tell I suppose.
Oh yeah, this is the kind of story I wish Crain's could do. But the story of how Covenant Bancshares is faring in their home neighborhood would be one I would like to see.