Word: funderburg
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Dates: during 1970-1979
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Needed Source. Minority bankers further argue that their organizations are a needed source of both pride and investment capital in ghetto communities. "We've demonstrated the capacity of black people to operate complex business institutions," says I. Owen Funderburg, chief executive officer of the Gateway National Bank of St. Louis. A study by the Conference Board, a nonprofit research organization, found that in 1971 minority banks loaned 40% as much money in their communities as white banks did, even though the minority banks' assets equaled less than one-tenth of 1% of the white banks' wealth...