Dr. Papa Kwesi Nduom, Chairman and President of Groupe Nduom, has sued the Republic Press for a news report published in its Monday, May 30, 2022 edition.
The headline on the main page of the newspaper read, “Nduom’s GN Bank in Trouble Again,” with Dr. Nduom’s name misspelled.
Dr Nduom is contending that the newspaper acted as a “mischievous parrot” with its publication without checking the facts or accuracy of the allegation originating from the USA.
In 2016, Dr. Nduom led his family in the purchase of a small bank on Chicago’s south side in the state of Illinois. Following the takeover, the bank, then known as ISF Bank, was renamed as GN Bank.
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“This bank is over 86 years old. The bank’s capital had been virtually depleted under the weight of millions of dollars of delinquent mortgage loans. The Office of the Comptroller of the Currency (OCC), the regulator, gave an opportunity to the bank to seek new capital in order to avoid being shut down. Dr Nduom presented a strategic and capital plan which was accepted by the regulator and was allowed to take control of the bank,” said the management of the bank.
This came after months of thorough study and scrutiny of Dr. Nduom and his family. The OCC was particularly interested in the prospective shareholders’ potential to turn around the bank.
GN Bank is currently financially stable after six years of very difficult times and hard work. Despite the devastating impact of Covid-19 in the United States during the last two years, this accomplishment has been achieved.
“It has good capital above the regulator’s requirement, excellent liquidity and is profitable. Last year, the bank invested in and implemented an ultra modern core banking system called Precision from Fiserv, a top rate technology company in the USA,” the management also stated.
GN Bank is the city of Chicago’s and the state of Illinois’ sole black-owned bank. It is also one of just 18 black-owned banks in the United States.
The bank’s recovery, observers feel, should be hailed by Africans everywhere.
The bank provides deposit and loan options to African Americans, as well as access to banking that major banks, despite their presence on Chicago’s south side, cannot provide.
Not unexpectedly, a loud minority of former customers who failed to make mandatory loan payments have occasionally protested when the bank has taken measures within banking standards to get them to pay.
In particular, the bank has undertaken legal foreclosure processes to coerce customers who have been late on their home loan payments. Such typical and reasonable activities have contributed to the bank’s discipline and improved its chances.
SOURCE: myjoyonline
