New Orleans-based Liberty Bank and Trust has taken over the assets of Home Federal Savings Bank, which has two branches in Detroit. Home Federal was seized by bank regulators Friday evening and reopened as Liberty branches today. Liberty assumed the $14.9 million in Home Federal’s assets. Alden J. McDonald Jr., president and CEO of Liberty, says the acquisition broadens the bank’s portfolio and geographic range. “This acquisition is another step to be more aggressive on a national stage,” he says. Liberty, which is one of the five largest black-owned banks in the U.S., has three branches in Baton Rouge.
Liberty Bank takes over failed Detroit bank
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