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Fewer than 3 percent of nation's banks are minority institutions

from Chicago Tribune

Fewer than 3 percent of the nation’s 6,730 banks are minority institutions, but that’s still a bigger percentage than a decade ago, according to a study released by the Federal Deposit Insurance Corp. The FDIC defines a “minority depository institution” as one in which at least 51 percent of the bank’s stock is owned by black Americans, Asian Americans, Hispanic Americans or native Americans. An institution can also receive the designation if most of its board members are minority, and if the community that it serves is mostly minority. more

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