The Treasury is projected to shell out to financial agent banks about $850 million in fiscal 2020 and $865 million the next fiscal year, American Banker reported. American Banker reported fee income made up less than a fifth of Unity’s revenue last year. Like other black banks, Unity could benefit from the Treasury program by generating more fee income. That number is down from a robust 48 in 2001. The most recent figure shows there are just 21 black banks in America as of the fourth quarter of 2019, the FDIC reports. The closure reveals how the number of black banks has been dwindling. The deal came after City National Bank failed and was shut down in November by the Office of the Comptroller of the Currency (OCC). Industrial Bank is on the BE 100s Banks list of the nation’s largest black-owned banks. Her appointment came a month after Washington, D.C.-based Industrial Bank acquired City National Bank of New Jersey, based in Newark. Laurie’s financial and business acumen, integrity, passion for community banking, and commitment to strong talent management are important qualities considered by our Board of Directors.” With more than 30 years in leadership roles in banking and community development institutions, including as President of Capital One Bank’s Community Development Corporation, Laurie has demonstrated a strong track record in initiating and leading change, driving results, and innovating amid a rapidly evolving banking landscape. Laurie is a proven leader who has excelled at strategic leadership positions and is well-positioned to lead Unity’s continued transformation. Lawal stated, “I am delighted to welcome Laurie as our new CEO and President. She was also named to the company’s board. Unity’s board appointed Vignaud as the bank’s leader in December 2019 and she started in January 2020. “We want to be more of a consumer lender.” “We’re looking at diversifying … because there’s so much more we can offer,” she stated. She essentially aims to use Citi platform’s over time as a white-label conduit for mortgages, credit cards, and other consumer products that Unity can’t afford to offer independently. Unity’s Vignaud could not be reached to comment for this report as she is preoccupied with COVID-19 virus activities and focused on addressing the needs of the bank’s customers and employees during the pandemic.īut Vignaud told American Banker she expects to lean heavily on Citi to help build Unity’s retail banking capabilities. American Banker reported this month that Unity, with $106 million in assets, hasn’t reported a full-year profit since 2016, losing some $2.9 million over the past three years, according to Federal Deposit Insurance Corp.
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