Indianapolis Recorder, Indianapolis, Marion County, 9 August 2002 — Page 28

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THE INDIANAPOUS RECORDER

FRIDAY, AUGUST 9,2002

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she is looking for a job as an administrative assistant. Burhannon also credits her mother, Margie Berry, with helping her through some very difficult times. “My mother always told me that I would be the one who would work, and work hard,” Burhannon remembered. “Even when I got pregnant at 14 with my son, it was hard, but I knew it was my responsibility to take care of him, so I did just that. I got

myself a job, and I have been working ever since. And my mother was always there for me, and encouraged me to go on.” She said, “Today, my goal is for my company to really prosper and grow into one of the largest of its kind. I know that this is possible, because I tell anyone that as long as you keep your hand in God’s hand, and trust him, he will open doors. I am a living testimony that prayer works.”

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refusal this year to support former Police Chief Bernard Parks’ bid for a second term. Urban League President Hugh Price put the spotlight on economic self-sufficiency, noting that recent turbulence in the country’s financial maricets made the personal finance course the league plans to launch this fall particularly timely. “This looms more important today than it ever has been,” Price said. His observation was backed by numbers. According to the league’s recently released State of Black America 2001 report, 60 percent of Blacks said economic opportunity should be the primary focus of Black organizations. Sixty-seven percent also said they would like to open thenown businesses. Alishia Brown, a 28-year-old account executive attending the conference, said she hopes the $30 finance classes — due to begin in Los Angeles, Houston, Chicago, Atlanta and Washington, D.C., in September — can help her trim personal debt. “Now I am at the point where I am trying to change my situation,” said Brown, who graduated from college with a degree in psychology and $30,000 in credit card and student loan debt.

Although she has been in the work force for five years and putting aside 20 percent of each paycheck into a 401(k) savings account, Brown said she is afraid she won’t be able close the gap on her debt, which has grown to $43,000 because of interest. ■ “Any program available, I am interested in,” she said. Keith Arnold, a 39-year-old flood maintenance worker, said his long term goals include buying a home and starting a business. Arnold, however, said he doesn’t expect to sign up for the finance class. ‘To take on another task is just not feasible at this time,” said Arnold, who applied for bankruptcy four years ago. Johnson, who has carved a $300 million empire of movie theaters, restaurants, shopping centers and a bank by taking brands such as Starbucks to the inner city, said he can teach by his example. In his own case, Johnson said he spent $400,000 in lavish expenses for years, even though his take home pay was closer to $230,000 after taxes. He advised conference attendees to keep track of thenspending and set annual saving goals. “ “This is our problem, we just live check to check,” Johnson said.

BANKS SIGN MERGER AGREEMENT BBOQ Family creating nation’s largest Black-owned bank

LOS ANGELES (BLACK PR WIRE) — Boston Bank of Commerce (BBOC) and Los Angeles-based Family Savings Bank jointly announced the signing of a definitive agreement to merge and create, the largest Black-owned bank in the coun-

try.

The merger combines BBOC in Boston, Peoples Bank of Commerce in Miami and Founders Bank of Commerce in Los Angeles with Family Savings Bank. The combined entity, with its Alist of celebrity shareholders including NBA Hall of Famer turned businessman Earvin “Magic” Johnson, entertainer Janet Jackson and music executive Jhery 1 Busby, has over $460 million in assets and will continue its mission to be the premier banking institution for urban communities. The merger, which is structured as a cash deal with BBOC acquiring all the stock of Family Savings Bank, was approved by the respective boards of directors and is subject to shareholder and regulatory approval. “With the addition of Family Savings Bank to the Boston Bank of Commerce network of banks, we are realizing our vision of fostering economic growth and individual opportunity in urban neighborhoods from coast-to-coast by offering affordable financial services to all,” said Johnson. “This merger will serve as a model and source of strength for Black businesses as we unite to share resources and expertise,” said Kevin Cohee, chairman and CEO of BBOC. “Our focus on growth and profitability through partnerships will ensure that critical capital is available to urban communities across the nation.”

"This merger will serve as a model and source of strength for Black businesses as we unite to share resources and expertise, ” Kevin Cohee, chairman and CEO of BBOC

The BBOC board of directors Black-owned bank, saying, “Miwill continue to manage the com- nority banks traditionally make bined entity, led by Cohee and loans in areas where other banks Kenneth T. Lombard, vice chair- do not, thereby investing critical man of BBOC and president of money forneighborhoods that need Johnson Development Corp. and it the most. This welcome merger Magic Johnson Theatres. The board will help many African-American of Family Savings Bank will be residents realize their dreams, retained. whether it is buying their own home “We believe the combination or building a small business.” will enable Family and BBOC to “As a member of the Committee better fulfill our commitment to on Financial Services of Congress serve our respective communities,” I have worked hard to expand the said Dr. Clyde Oden, chairman of opportunities for bank ownership Family Savings Bank. “We were by minorities,” said Rep. Maxine able to fulfill our dual goals of Waters, who represents Los Angemaximizing shareholder value and les’ 33th District. “This purchase continuing our mission to serve is a giant step for our community.” urban communities.” “For more than 50 years, FamDr. Oden and Jheryl Busby, ily Savings Bank has been a central the previous chairman of Founders part of Los Angeles’ AfricanNational Bank of Los Angeles American community,” added (which last year merged with Lombard. “We are proud that toBBOC) and former president of gether our institutions will build Motown Records, were the origi- on this tradition.” nal architects of the BBOC and Boston Bank of Commerce is Family merger. the first interstate and fastest grow“In these times of economic tur- ing African-American bank in the bulence, this merger serves as a U.S. with over $260 million in beacon of light and hope to the assets and branches in Massachupeople living in our often forgotten setts, Florida and California. Famcommunities. It guarantees access ily Savings Bank is a thrift institute capital, the key ingredient to our tion in Los Angeles with over $208 communities’ stability and million in assets. Family has headgrowth,” said Busby. quarters in Los Angeles with CalifomiaGov.GrayDaviscon- branches in Compton, Ladera gratulated BBOC and FiMflNWMPie^ts and Pasadena,

becoming the nation’s largest

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