One of the largest black-owned banks in America, Liberty Bank and Trust will celebrate its 50th anniversary this November under only its second president, Todd McDonald, son of the bank’s founder, Alden McDonald.
Exposed to the finance world all his life through his father, McDonald said he chose banking for himself for two reasons.
“I saw for myself how helpful we are to the community we serve,” he said. “With most large banks if you don’t fit into a certain box, they can’t be for you. As an MDI [minority depository institution) we can play outside the box … Over the past eight years we’ve provided over $1 billion in mortgage lending — a lot of that to people who wouldn’t qualify in the secondary market.”
McDonald said he was also attracted by the variety of opportunities.
“Banking can expand into almost any industry, as we’ve done with our entrance into affordable housing and having our own national leasing company and insurance agency.”
McDonald has held numerous executive positions at Liberty Bank; most recently he served as executive vice president of corporate strategy.
Liberty Bank currently boasts more than $1 billion in assets and physical locations in 11 states. McDonald said his plans include further investing in the bank’s online platform and continuing to form strategic partnerships with fintech companies (those that use technology to improve financial services for businesses and consumers).
