Groupe Ndoum has officially acquired the Illinois-Service Federal Savings Bank (ISF Bank) following the regulatory approval by the United States office of the Comptroller of the Currency.
The conversion and recapitalization remains a crucial step in the turnaround of the Bank which is documented to have experienced fiscal challenges during the 2008 US economic recession. Meanwhile the immediate past chairman and CEO of ISF, Norman J. Williams says the acquisition marks a new chapter in the life of the Bank, which will enable it to sustain the rigors of financial stress that have plagued many communities in Chicago and continue to provide much-needed banking services and access to credit. Given the current climate in our country, the Bank is needed more than ever to provide financial services and drive redevelopment in our market.
Groupe Nduom is a family business group of Ghanaian and American origin. It manages a diverse portfolio of businesses and social welfare enterprises primarily in West Africa, the United Kingdom and the United States of America. Groupe Nduom’s living values are to earn and maintain a reputation of high ethics and integrity; make sound business investments; take a long-term view of success; and share success with employees, community and shareholders. Each member company of Groupe Nduom seeks to deliver consistent results, promote innovation and lead by example, not only in its industry-specific peer group but also in corporate Africa, and around the world.