Financial services eligibility.B.E. Banks These are commercial banks or savings and loans savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. that are classified by the Federal Reserve as black institutions and have been fully operational for the previous calendar year. An institution's financial status is measured in terms of total assets, capital, deposits, and loans, including mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. for the calendar year. In compiling com·pile tr.v. com·piled, com·pil·ing, com·piles 1. To gather into a single book. 2. To put together or compose from materials gathered from several sources: our list of the leading 25 institutions, we received surveys from black-owned institutions and consulted the Federal Reserve, state banking commissions, and industry associations. Note: Some banks are publicly traded but are black managed. B.E. Insurance Companies A life insurance company must be at least 51% black-owned and have been fully operational for the previous calendar year. An institution's financial status is measured in terms of total assets, life insurance in force, premium income, annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. income, net investment income, statutory reserves, and surplus. The top four insurance companies on our list sell individual and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. group life insurance policies. (No institution that is strictly in the business of selling property and casualty insurance has been included.) In compiling the list, we received surveys from these institutions, consulted the rating services, state regulatory agencies state regulatory agency A state body responsible for establishing professional standards, and for certifying professionals or organizations through appropriate documentation , and industry associations. B.E. Investment Banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. An investment bank must be at least 51% black-owned and have been fully operational for the previous calendar year. The top 10 investment banks compiled on our list engage in such activities as underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , initial public offerings (IPOs), mergers and acquisitions (M&A), retail brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. , institutional research and sales, and financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . A firm's financial status is measured in terms of total dollar amount of issues derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from the underwriting of municipal and corporate bonds and equities for the calendar year. In addition to receiving surveys from these companies, we consulted Thomson Financial Thomson Financial A major provider of information, analytical tools, and consulting services to the financial community. The firm, a division of Thomson Corporation, is best known to investors for its First Call segment, which publishes consensus earnings , which tracks investment bank transactions, reviews filings from the Securities and Exchange Commission, and serves as the industry standard for measuring such activities. B.E. Asset Managers An asset management firm must be at least 51% black-owned and have been fully operational for the previous calendar year. The top 15 firms on our list include those that invest financial assets Financial assets Claims on real assets. for individuals and institutions such as the pension funds of government agencies and corporations, and the endowments of colleges and universities. (Asset managers who specialize spe·cial·ize v. 1. To limit one's profession to a particular specialty or subject area for study, research, or treatment. 2. To adapt to a particular function or environment. in real estate and other types of investment vehicles or operate hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" are not eligible for inclusion on this year's list.) A firm's financial status is measured in terms of total dollar amount of managed assets derived from equities, fixed-income and tax-exempt tax-ex·empt adj. 1. Not subject to taxation, as the capital or income of a philanthropic organization. 2. Producing interest that is exempt from income tax: tax-exempt bonds. n. investments, and cash for the calendar year. In addition to receiving surveys from these companies, we consulted the federal and state regulatory agencies and industry associations. All firms on our list must be registered with the SEC and have made an annual filing of their assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. with the SEC at the time of publication. B.E. Private Equity Firms A private equity firm must be at least 51% black-owned and have been fully operational for the previous calendar year. The leading 10 firms on our list include those that manage funds making equity investments in, and/or providing financing for, established and start-up companies start-up company A new business. . These investments are made on behalf of the firm and their individual and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . A firm's financial status is measured in terms of total capital under management for the calendar year. Additional information provided to BE includes a firm's total number of funds as well as its portfolio companies. In addition to receiving surveys from these companies, we consulted regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. and industry associations. As indicated, BLACK ENTERPRISE consulted industry analysts and other sources to verify (1) To prove the correctness of data. (2) In data entry operations, to compare the keystrokes of a second operator with the data entered by the first operator to ensure that the data were typed in accurately. See validate. the information contained in the lists. Companies that may have previously appeared on the BE 100s but have been excluded this year are either no longer black-owned or their financial status has dropped below the minimum threshold The point at which a signal (voltage, current, etc.) is perceived as valid. to make any of the lists. The BE 100s are available on disk in both Windows and Mac formats. The TopList A toplist is a collection of website hyperlinks. You can register your own website hyperlink and try to get a high ranking within that topsite. As you achieve a high toplist rank you benefit from a better ranking in web search engines and are able to direct more visitors to your own Software provides mailing addresses and phone numbers for the companies, as well as information on black organizations. For more information on TopList, contact B.E. Events at 212-885-9576.
BY THE NUMBERS
Number of financial services firms
whose assets, assets under
management, total managed issues,
or capital under management
for 2005 were:
Higher Lower
Banks 15 8
Asset Managers 8 6
Investment Banks 2 7
Private Equity Firms 3 2
FINANCIAL SERVICES SUMMARIES
Top 25 Banks 2005 2004 % Change
Number of Employees 1,851 2,015 -8.14
Assets * $5,332.98 $5,076.96 5.04
Capital * $438.57 $427.02 2.70
Deposits * $4,307.75 $4,098.71 5.10
Loans * $3,629.15 $3,449.78 5.20
Top 10 Private Equity firms 2005 2004 % Change
Number of Employees 98 90 8.89
Capital Under Management * $3,976 $3,134 26.87
Number of Funds 49 29 68.97
Total No. of Portfolio Companies 250 272 -8.09
Total 15 Asset Management Firms 2005 2004 % Change
Number of Employees 382 371 2.96
Assets Under Management * $77,455 $73,331 5.62
Top 10 Investment Banks 2005 1004 % Change
Number of Employees 381 398 -4.27
Total Issues ([dagger]) 489.483 547.273 -10.56
* IN MILLIONS OF DOLLARS. AS OF DEC. 31. * IN BILLIONS OF DOLLARS
TO THE NEAREST MILLION. AS OF DEC. 31. REVIEWED BY THE CERTIFIED
PUBLIC ACCOUNTING FIRM EDWARDS & CO. PREPARED BY BE RESEARCH.
B.E. BANKS
This Last
Year Year Company Location
1 1 Carver Federal New York, NY
Savings Bank
2 2 OneUnited Bank Boston, MA
3 6 City National Newark, NJ
Bancshares Carp.
4 4 Industrial Bank NA Washington, D.C.
5 7 Seaway National Chicago, IL
Bank of Chicago
6 5 Citizens Trust Bank Atlanta, GA
7 3 Liberty Bank Baton Rouge, LA
and Trust Co.
8 8 Broadway Federal Bank Los Angeles, CA
9 9 The Harbor Bank of Baltimore, MD
Maryland
10 10 M & F Bank Durham, NC
11 11 Capitol City Bank Atlanta, GA
& Trust Co.
12 13 First Independence Bank Detroit, MI
13 12 Independence Federal Washington, D.C.
Savings Bank
14 17 Legacy Bank Milwaukee, WI
15 14 Illinois Service Chicago, IL
Federal S&L Assoc.
16 15 Tri-State Bank Memphis, TN
Of Memphis
17 16 Dryades Savings New Orleans, LA
Bank FSB
18 19 Douglass Kansas City, MO
National Bank
19 18 Highland Chicago, IL
Community Bank
20 20 Mutual Community Durham, NC
Savings Bank Inc. SSB
21 23 Consolidated Bank Richmond, VA
and Trust Co.
22 21 Advance Bank Baltimore, MD
23 22 United Bank Philadelphia, PA
of Philadelphia
24 24 First Tuskegee Bank Tuskegee, AL
25 -- North Milwaukee Milwaukee, WI
State Bank
This Last Chief
Year Year Company Executive
1 1 Carver Federal Deborah C. Wright
Savings Bank
2 2 OneUnited Bank Kevin Cohee
3 6 City National Louis E. Prezeau
Bancshares Carp.
4 4 Industrial Bank NA B. Doyle Mitchell Jr.
5 7 Seaway National Walter E. Grady
Bank of Chicago
6 5 Citizens Trust Bank James E. Young
7 3 Liberty Bank Alden J. McDonald Jr.
and Trust Co.
8 8 Broadway Federal Bank Paul C. Hudson
9 9 The Harbor Bank of Joseph Haskins Jr.
Maryland
10 10 M & F Bank Ronald Wiley
11 11 Capitol City Bank George G. Andrews
& Trust Co.
12 13 First Independence Bank Donald Davis
13 12 Independence Federal Thomas L. Batties
Savings Bank
14 17 Legacy Bank Deloris Sims
15 14 Illinois Service Norman J. Williams
Federal S&L Assoc.
16 15 Tri-State Bank Jesse H. Turner Jr.
Of Memphis
17 16 Dryades Savings Virgil Robinson Jr.
Bank FSB
18 19 Douglass John Peterson
National Bank
19 18 Highland Dennis J. Irvin
Community Bank
20 20 Mutual Community William G. Smith
Savings Bank Inc. SSB
21 23 Consolidated Bank Kim D. Saunders
and Trust Co.
22 21 Advance Bank John M. Hamilton
23 22 United Bank Evelyn F. Smalls
of Philadelphia
24 24 First Tuskegee Bank James W. Wright
25 -- North Milwaukee Linda Stewart
State Bank
This Last Year
Year Year Company Started Staff
1 1 Carver Federal 1948 131
Savings Bank
2 2 OneUnited Bank 1982 128
3 6 City National 1973 93
Bancshares Carp.
4 4 Industrial Bank NA 1934 142
5 7 Seaway National 1965 243
Bank of Chicago
6 5 Citizens Trust Bank 1921 147
7 3 Liberty Bank 1972 78
and Trust Co.
8 8 Broadway Federal Bank 1947 61
9 9 The Harbor Bank of 1982 11
Maryland
10 10 M & F Bank 1907 89
11 11 Capitol City Bank 1994 94
& Trust Co.
12 13 First Independence Bank 1970 58
13 12 Independence Federal 1968 45
Savings Bank
14 17 Legacy Bank 1999 35
15 14 Illinois Service 1934 50
Federal S&L Assoc.
16 15 Tri-State Bank 1946 70
Of Memphis
17 16 Dryades Savings 1994 25
Bank FSB
18 19 Douglass 1983 43
National Bank
19 18 Highland 1970 50
Community Bank
20 20 Mutual Community 1921 34
Savings Bank Inc. SSB
21 23 Consolidated Bank 1903 32
and Trust Co.
22 21 Advance Bank 1957 35
23 22 United Bank 1992 35
of Philadelphia
24 24 First Tuskegee Bank 1895 31
25 -- North Milwaukee 1971 25
State Bank
This Last
Year Year Company Assets Capital *
1 1 Carver Federal 648.971 61.378
Savings Bank
2 2 OneUnited Bank 541.574 36.586
3 6 City National 363.418 25.309
Bancshares Carp.
4 4 Industrial Bank NA 332.911 25.310
5 7 Seaway National 332.532 28.419
Bank of Chicago
6 5 Citizens Trust Bank 318.114 32.347
7 3 Liberty Bank 193.238 17.933
and Trust Co.
8 8 Broadway Federal Bank 292.300 16.800
9 9 The Harbor Bank of 256.100 23.744
Maryland
10 10 M & F Bank 245.800 20.300
11 11 Capitol City Bank 240.555 17.321
& Trust Co.
12 13 First Independence Bank 191.858 13.362
13 12 Independence Federal 167.090 14.637
Savings Bank
14 17 Legacy Bank 113.205 11.855
15 14 Illinois Service 117.967 13.344
Federal S&L Assoc.
16 15 Tri-State Bank 113.200 14.600
Of Memphis
17 16 Dryades Savings 108.713 6.050
Bank FSB
18 19 Douglass 102.750 6.836
National Bank
19 18 Highland 97.318 10.238
Community Bank
20 20 Mutual Community 84.048 7.040
Savings Bank Inc. SSB
21 23 Consolidated Bank 72.659 7.589
and Trust Co.
22 21 Advance Bank 71.450 9.051
23 22 United Bank 72.300 8.300
of Philadelphia
24 24 First Tuskegee Bank 67.800 4.821
25 -- North Milwaukee 66.000 5.400
State Bank
This Last
Year Year Company Deposits * Loans *
1 1 Carver Federal 488.387 576.134
Savings Bank
2 2 OneUnited Bank 344.126 432.417
3 6 City National 312.429 179.217
Bancshares Carp.
4 4 Industrial Bank NA 274.059 212.130
5 7 Seaway National 295.079 163.697
Bank of Chicago
6 5 Citizens Trust Bank 254.812 262.783
7 3 Liberty Bank 255.656 140.792
and Trust Co.
8 8 Broadway Federal Bank 209.500 226.500
9 9 The Harbor Bank of 229.845 190.995
Maryland
10 10 M & F Bank 203.800 168.600
11 11 Capitol City Bank 217.970 172.504
& Trust Co.
12 13 First Independence Bank 144.897 71.516
13 12 Independence Federal 131.411 123.824
Savings Bank
14 17 Legacy Bank 110.052 107.206
15 14 Illinois Service 97.187 32.545
Federal S&L Assoc.
16 15 Tri-State Bank 97.800 75.100
Of Memphis
17 16 Dryades Savings 92.487 60.927
Bank FSB
18 19 Douglass 95.021 66.665
National Bank
19 18 Highland 86.551 66.551
Community Bank
20 20 Mutual Community 63.183 69.217
Savings Bank Inc. SSB
21 23 Consolidated Bank 63.909 40.990
and Trust Co.
22 21 Advance Bank 60.920 46.131
23 22 United Bank 64.000 47.000
of Philadelphia
24 24 First Tuskegee Bank 57.798 45.511
25 -- North Milwaukee 56.800 50.200
State Bank
FIGHTING TO WIN
B.E. ASSET
MANAGERS
This Last
Year Year Company Location
1 2 EARNEST Partners Atlanta, GA
2 1 Ariel Capital Chicago, IL
Management L.L.C.
3 3 Rhumbline Advisers Boston, MA
4 7 Holland Capital Chicago, IL
5 5 Advent Capital New York, NY
Management L.L.C.
6 4 Brown Capital Baltimore, MD
Management Inc.
7 8 NCM Capitals Durham, NC
8 10 Smith Graham & Co. Houston, TX
Investment
Advisors L.P.
9 12 Utendahl Capital New York, NY
Management L.P?
10 11 The Swarthmore West Chester, PA
Group Inc.
11 9 The Edgar Lomax Co. Springfield, VA
11 13 Goode Investment Cleveland, OH
Management Inc.
13 14 Hughes Capital Alexandria, VA
Management Inc.
14 -- Paradigm Asset White Plains, NY
Management Co. L.L.C.
15 15 Pugh Capital Seattle, WA
Management Inc.
This Last Year
Year Year Company Chief Executive Started
1 2 EARNEST Partners Paul E. Viera 1999
2 1 Ariel Capital John W. Rogers Jr. 1983
Management L.L.C.
3 3 Rhumbline Advisers 1.D. Nelson 1990
4 7 Holland Capital Louis A. Holland 1991
5 5 Advent Capital Tracy V. Maitland 1995
Management L.L.C.
6 4 Brown Capital Eddie C. Brown 1983
Management Inc.
7 8 NCM Capitals Maceo K. Sloan 1986
8 10 Smith Graham & Co. Gerald B. Smith 1990
Investment
Advisors L.P.
9 12 Utendahl Capital Penny Zuckerwise 1992
Management L.P?
10 11 The Swarthmore Paula Mandle 1991
Group Inc.
11 9 The Edgar Lomax Co. Randall R. Eley 1986
11 13 Goode Investment Bruce T. Goode 1999
Management Inc.
13 14 Hughes Capital Frankie D. Hughes 1993
Management Inc.
14 -- Paradigm Asset James E. Francis 1988
Management Co. L.L.C.
15 15 Pugh Capital Mary Pugh 1991
Management Inc.
Assets
This Last Under
Year Year Company Staff Management *
1 2 EARNEST Partners 50 21,680
2 1 Ariel Capital 97 19,360
Management L.L.C.
3 3 Rhumbline Advisers 15 11,100
4 7 Holland Capital 26 3,064
5 5 Advent Capital 45 1,708
Management L.L.C.
6 4 Brown Capital 27 1,700
Management Inc.
7 8 NCM Capitals 25 1,418
8 10 Smith Graham & Co. 23 2,115
Investment
Advisors L.P.
9 12 Utendahl Capital 16 2,028
Management L.P?
10 11 The Swarthmore 18 1,834
Group Inc.
11 9 The Edgar Lomax Co. 12 1,816
11 13 Goode Investment 3 1,371
Management Inc.
13 14 Hughes Capital 7 1,081
Management Inc.
14 -- Paradigm Asset 10 1,062
Management Co. L.L.C.
15 15 Pugh Capital 8 1,016
Management Inc.
* IN MILLIONS OF DOLLARS, TO THE NEAREST THOUSAND. AS OF DEC. 31, 2005.
PREPARED BY B.E. RESEARCH. REVIEWED BY THE CERTIFIED PUBLIC ACCOUNTING
FIRM EDWARDS & CO. DATA VERIFICATION CONDUCTED BY BARGE CONSULTING.
INCLUDES SUBSIDIARIES AND ENTITIES IN WHICH THE FIRM HAS COMMON CONTROL.
SOURCE. SECURITIES AND EXCHANGE COMMISSION
FIGHTING TO WIN
B.E.
INVESTMENT
BANKS
This Last
Year Year Company Location
1 1 The Williams
Capital Group L.P. New York, NY
1 3 Loop Capital Markets L.L.C. Chicago, IL
3 2 Blaylock & Co. Inc. New York, NY
4 5 Siebert Brandford
Shank & Co. L.L.C. Oakland, CA
5 4 Utendahl Capital Partners New York, NY
6 6 M. R. Beal & Co. New York, NY
7 7 Jackson Securities L.L.C. Atlanta, GA
8 8 SBK-Brooks Investment Corp. Cleveland, OH
9 9 Rice Financial
Products Co. ** New York, NY
10 -- Capital Management Group Chicago, IL
This Last Chief
Year Year Company Executive
1 1 The Williams
Capital Group L.P. Christopher J. Williams
1 3 Loop Capital Markets L.L.C. James Reynolds Jr.
3 2 Blaylock & Co. Inc. Ronald E. Blaylock
4 5 Siebert Brandford
Shank & Co. L.L.C. Suzanne Shank
5 4 Utendahl Capital Partners John 0. Utendahl
6 6 M. R. Beal & Co. Bernard B. Beal
7 7 Jackson Securities L.L.C. Reuben R. McDaniel III
8 8 SBK-Brooks Investment Corp. Eric L. Small
9 9 Rice Financial
Products Co. ** 1. Donald Rice Jr.
10 -- Capital Management Group Shawn D. Baldwin
* IN BILLIONS OF DOLLARS. AS OF DEC. 31,200S PREPARED BY BE.
RESEARCH. THIS IS FOR ALL ISSUES INCLUDING MUNICIPAL. DEBT.
AND EQUITY TRANSACTIONS, DEALS GREATER THAN 18 MONTHS. FOR
THE YEAR ENDING DEC. 31, 2005. ** RICE FINANCIAL PRODUCTS
CO. NOT MEASURED BY THOMSON FINANCIAL. REVIEWED BY THE
CERTIFIED PUBLIC ACCOUNTING FIRM EDWARDS & CO. DATA
VERIFICATION CONDUCTED BY BARGE CONSULTING L.L.C.
SOURCE: THOMSON FINANCIAL, APRIL 26, 2006.
B.E. PRIVATE EQUITY FIRMS
This Last Year
Year Year Company Started Staff
1 1 Fairview Capital 1994 16
Partners Inc.
2 2 Pharos Capital 1998 15
Group L.L.C.
3 -- Parish Capital 2003 13
Advisors L.L.C.
4 8 ICV Capital 1999 13
Partners L.L.C.
5 4 Smith Whiley 1994 12
& Co.
6 3 SYNCOM 1977 9
7 6 Provender 1997 4
Capital Group L.L.C.
8 7 Opportunity 1993 8
Capital Partners
9 9 Black Enterprise 1998 5
Greenwich Street
Corporate Growth
Management L.L.C
10 5 Quetzal/J.P. 2000 3
Morgan Partners
Capital Number
This Last Under of
Year Year Company Management * Funds
1 1 Fairview Capital 1800 10
Partners Inc.
2 2 Pharos Capital 500 3
Group L.L.C.
3 -- Parish Capital 425 19
Advisors L.L.C.
4 8 ICV Capital 400 2
Partners L.L.C.
5 4 Smith Whiley 222 3
& Co.
6 3 SYNCOM 200 4
7 6 Provender 145 2
Capital Group L.L.C.
8 7 Opportunity 135 4
Capital Partners
9 9 Black Enterprise 91 1
Greenwich Street
Corporate Growth
Management L.L.C
10 5 Quetzal/J.P. 58 1
Morgan Partners
Total Number
This Last of Portfolio
Year Year Company Companies
1 1 Fairview Capital 123 **
Partners Inc.
2 2 Pharos Capital 30
Group L.L.C.
3 -- Parish Capital 23
Advisors L.L.C.
4 8 ICV Capital 5
Partners L.L.C.
5 4 Smith Whiley 25
& Co.
6 3 SYNCOM 12
7 6 Provender 2
Capital Group L.L.C.
8 7 Opportunity 20
Capital Partners
9 9 Black Enterprise 8
Greenwich Street
Corporate Growth
Management L.L.C
10 5 Quetzal/J.P. 2
Morgan Partners
* IN MILLIONS OF DOLLARS. AS OF DEC. 31, 2005.
PREPARED BY B.E. RESEARCH.
REVIEWED BY THE CERTIFIED PUBLIC ACCOUNTING FIRM EDWARDS & CO.
** FIGURE REPRESENTS PORTFOLIO PARTNERSHIPS.
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