The chicago treasurer’s office deposited $10 million of its cash holdings into Albany Bank & Trust Co.
Chicago Treasurer Melissa Conyears-Ervin at City Hall in 2021. The treasurer's office deposited $10 million of its cash holdings into Albany Bank & Trust Co., a community bank on the Northwest Side, in a move aimed at bolstering affordable housing construction and small business creation in neighborhoods.
Albank is the only independent community bank currently approved to handle city deposits, the others being regional or national banks, and Conyears-Ervin said its tight-knit community relationships ensure taxpayer dollars will go where they’re most needed.“We know community banks are more inclined to invest directly in our residents and our small business owners,” she said.
More than two-thirds of Albany Park’s more than 48,000 residents are minorities, and nearly 16% of its households get by on less than $25,000 a year, according to a 2022 report from the Chicago Metropolitan Agency for Planning. “Our biggest hurdle is getting smaller banks to apply,” she said. “Unfortunately, community banks have always felt, at least before I came into office, that this program didn’t include them. I want them to see this is something we’re serious about.”
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