The United States Department of the Treasury, through the Office of the Comptroller of the Currency (OCC), has declared GN Bank, currently the only wholly African-owned bank in the U.S., safe and sound.
In a letter dated 30 June 2025, addressed to the directors of GN Bank, Chicago, the OCC formally terminated the Consent Order it had placed on the bank in 2020.
The OCC originally issued a consent order in 2015 when the institution operated as Illinois Service Federal (ISF) Bank. The order was renewed in 2020 after the bank was renamed GN Bank. The consent order aimed to ensure GN Bank adhered to applicable laws, regulations, and sound operational and safety practices.
The cease-and-desist order issued against GN Bank was intended to address issues including strategic and capital planning, credit risk management, and general governance. Concerns were also raised regarding non-performing loans and weak management practices, which led to limitations on the bank’s range of permitted transactions.
However, following a thorough review of submissions by the bank’s duly elected officials, the OCC found GN Bank to be in compliance with all applicable regulations. The regulator determined that the order was no longer necessary and thus terminated it.
This development means GN Bank is now fully authorised to operate without restriction across the United States, comparable to major banking institutions such as Bank of America and Citibank. With a national banking licence, GN Bank may open branches in any U.S. state, provided its capital supports expansion.
The Chief Operations Officer of GN Bank is Papa Wassa “Chiefy” Nduom.
The OCC’s official statement reads in part:
“WHEREAS, to assure the safety and soundness of GN Bank, Chicago, Illinois (‘Bank’) and its compliance with laws and regulations, and after obtaining the Bank’s consent through its duly elected and acting Board of Directors, the Office of the Comptroller of the Currency (‘OCC’) issued… a Consent Order against the Bank dated September 18, 2020, AA-EC-2020-53 (‘Order’); and… WHEREAS the OCC believes that the safety and soundness of the Bank and its compliance with laws and regulations does not require the continued existence of the Order.”
The order was formally terminated by Matthew Vick, Acting Director for Special Supervision and duly authorised representative of the Comptroller, who declared: “That the Order be, and it hereby is, TERMINATED.”
Context: OCC’s Enforcement Actions – July 2025
The OCC announced this month that it had released details of enforcement actions against national banks, federal savings associations, and individual institution-affiliated parties (IAPs). These actions are intended to correct identified deficiencies or regulatory violations and uphold high standards within the banking sector.
The OCC defines an IAP as including bank directors, officers, employees, and controlling shareholders. Such enforcement actions can include prohibitions on individuals’ participation in banking activities. Terminations of these actions occur only when full compliance is demonstrated or when specific articles become outdated.
GN Bank Leadership
The Board of Directors of GN Bank includes:
Dr Papa Kwesi Nduom – Chairman & Acting President
Ms Lisa Finch
Mr Francis Baffour
Mrs Yvonne Nduom
Mr Brandon Young Fountain
Mr Wiley Adams
Mr Ty Bonds
Mr Robert Riecker
Advisory Directors:
Dr Nana Kweku Nduom
Mr Papa Wassa Chiefy Nduom (also COO)
History of GN Bank
Formerly known as ISF Bank, the Chicago-based institution was rebranded as GN Bank, USA in July 2018, after its acquisition by Groupe Nduom in 2016. Founded in 1934 by 13 Black men, ISF Bank was the only remaining African-American-owned bank in Illinois after the collapse of Seaway Bank. The rebranding was part of a strategic three-year turnaround involving new capital, leadership, and technology, with a continued focus on African-American community development.
Dr Papa Kwesi Nduom, Chairman of Groupe Nduom, led the acquisition effort following extensive due diligence. At the time, he stated: “We want something different to come out of the South Side of Chicago. We’re linking the South Side to the world through this traditional, Black-owned bank.”
At a time when lending capital for Black-owned businesses was shrinking, GN Bank emerged as one of the few remaining African-American-owned banks in the U.S.
The Legacy of Black-Owned Banks in the U.S.
The first officially chartered Black-owned bank, True Reformers Bank, was established in 1888 by Rev. William Washington Browne. Founded in response to racial discrimination and financial exclusion, the bank served as a critical financial institution for African Americans in the post-Civil War era.
Jesse Binga established Binga State Bank in Chicago in 1908, becoming the first of its kind in Illinois. He provided loans to Black clients who had been denied access by white institutions.
Today, there are 148 minority-owned financial institutions in the United States, with combined assets of approximately $349 billion. Of these, only 23 are Black-owned, GN Bank among them.
In 1934, 134 Black-owned banks existed; only nine survived the Great Depression. The 1970s saw a resurgence to around 50, but the number dwindled again following the 1980s savings and loan crisis. Despite their declining numbers, these institutions remain vital for fostering economic empowerment and financial inclusion within Black communities.
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