Word: 125th
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Dates: during 1960-1969
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...Negro who hesitates to approach a white bank feels that his financial problems will be heard with a more sympathetic ear at Freedom National Bank. He cites the bank's attractions: its staff is 98 per cent Negro; the bank is located in the heart of Harlem, on 125th St. between 7th and 8th Avenues; its trademark is made up of an F for Freedom and an equals sign. And 30 per cent of the bank's $5 million in loans goes for first mortgages, a particularly difficult kind of loan for a Negro...
...Negro who hesitates to approach a white bank feels that his financial problems will be heard with a more sympathetic car at Freedom National Bank. He cities the bank's attractions: its staff is 98 per cent Negro; the bank is located in the heart of Harlem, on 125th St. between 7th and 8th Avenues; its trademark is made up of an F for Freedom and an equals sign. And 30 per cent of the bank's $5 million in loans goes for first mortgages, a particularly difficult kind of loan for a Negro...
...like secular universities-institutions in which an adherence to church doctrine is no barrier to free intellectual inquiry. Last week this new ideal of the church was summed up by the Very Rev. Pedro Arrupe, Father General of the Society of Jesus, who spoke at a convocation honoring the 125th anniversary of the Jesuits' Fordham University, during a 17-day visit to the U.S. "The university must be free to analyze not only ungrounded attacks upon the faith, but formulations, defenses and practical orientations which only bring the faith into derision," said Arrupe, whose own worldwide seminary system...
Harlem is hardly an affluent neighborhood. Yet some 232,000 people live there, making it more than worthwhile for five of New York's biggest banks to maintain branches around 125th Street, Harlem's main stem. They are Chase Manhattan (assets, $15.3 billion), First National City ($13.9 billion), Manufacturers Hanover ($7.6 billion), Chemical ($6.9 billion) and Bankers Trust ($5.1 billion). Dwarfed by these is the Freedom National Bank, which had, as of the close of last week's banking hours, precisely $9,605,878.07 in assets. Yet for all its relative puniness, Freedom National is growing fast...
Share the Burden. Freedom National prospers because it is Harlem's first Negro-chartered, Negro-run commercial bank. On 125th Street, people refer to it as "my bank," a significant phrase in a neighborhood where most fixed property has always been controlled by whites. Freedom National's chairman is Jackie Robinson, a Negro folk hero who holds his position mostly for his name's sake. Operative boss is President William R. Hudgins, 56, who came to the new bank from a small savings and loan association. Hudgins was born in Virginia but has lived and worked...