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Citigroup Enlists Black-Owned Banks in Rare $1.2 Billion Loan Deal

  • Industrial, First Independence, M&F Bank contribute to debt
  • Banks need to lend where they had ‘not had the reach’


Photographer: David Paul Morris/Bloomberg

Three Black-owned US banks have bought a piece of a $1.23 billion syndicated corporate loan, a rare move in a market typically dominated by bigger Wall Street and regional lenders.  

Industrial Bank, First Independence Bank, and Mechanics and Farmers Bank joined the group of lenders to Science Applications International Corp., a provider of IT and other services largely to the government. Together they committed to lend about $10.5 million, or just under 1% of the total, according to a June 30 filing.