who is chicago's remaining black owned bank
Covenant's financial problems date back to its days as Community Bank of Lawndale (CBL). CBL faced closure in late 2002 before it was bought by South Side-based International Bank of Chicago, an Asian-owned entity, for $2.5 million. Covenant's new owners, Liberty Bank and Trust Co., has been around since 1972 and is one of the country's three largest black-owned financial institutions.