Liberty Bank & Trust Company acquires Chicago financial institution

Liberty Bank and Trust, a 40-year-old depository institution headquartered in New Orleans, recently entered the Chicago Market with the acquisition of Covenant Bank of Illinois.

One of America’s top three African-American-owned financial institutions, Liberty Bank, is a leading mortgage lender and advocate for affordable housing. Liberty offers a full range of banking services to small businesses, public and non-profit agencies, major corporations, and its thousands of individual customers. With its entry into the Chicago market, Liberty Bank and Trust operates 19 branches, in seven states with assets approaching $600 million serving the financial needs of diverse populations throughout America.

Founded in 1972, Liberty Bank combines a vision of community uplift with a commitment to fundamental banking principles. During the past 40 years under the leadership of president and CEO Alden J. McDonald, Jr., one of the longest tenured African American financial executives in the country, Liberty Bank’s assets have grown from $2 million to nearly $600 million. Since the turn of the century, Liberty Bank has expanded its foot print acquiring banks in Detroit, Mich.; Kansas City, Mo.; Kansas City, Kan.; Jackson, Miss.; Houston, Texas; Baton Rouge and Opelousas.

“We are excited to launch 2013 by entering the Chicago market,” McDonald says. “Liberty Bank eagerly anticipates the opportunity to provide exemplary customer service and dynamic financial solutions for citizens of Chicago and the surrounding region.”

The mission of Liberty Bank and Trust is to provide cost effective delivery of high-quality, innovative, customer-driven products and services to diverse markets with a focus on disadvantaged minority communities who traditionally have been underserved.

Liberty Bank offers a full spectrum of banking solutions to each of its individual, business and institutional customers. From deposit accounts to investment instruments to credit cards, financial management and electronic banking, Liberty Bank customers will enjoy a variety of products that will assist them in achieving their financial goals.

For more information on Liberty Bank and Trust, visit

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