BLACK FOLKS TO WATCH: EDWARD WILLIAMS OPENING MINORITY OWNED BANK IN CHICAGO

Former Harris Bank executive Edward Williams, 68, drives from his home in Elmhurst to Chicago's Bronzeville neighborhood walks into the black-owned Illinois Service Federal and deposits $500. His father helped him open the account when he was 7, he’s been doing this every year since his birthday.
Williams said he has kept the account to support black-owned banks, but he knows that many of them "can't make the kind of loans the community needs right now."
That's why, in one of the toughest regulatory environments in decades, Williams agreed to help former Harris colleague Matthew Roth start a minority-led bank in Bronzeville. If approved by regulators, the bank would try to grab customers from check-cashing stores and payday lenders, whose interest rates average 400 percent annually.


