Printer Friendly

INDECORP, INC. SIGNS LETTER OF INTENT WITH AN AFRICAN-AMERICAN INVESTOR GROUP HEADED BY WILLIAM T. JOHNSON AND KENNETH HYLTON

    CHICAGO, Aug. 5 /PRNewswire/ -- George E. Johnson, chairman of the board of directors of Chicago-based Indecorp, Inc., today announced the signing of a letter of intent for the purchase of Indecorp by an African American investor group headed by Detroit banker William T. Johnson and Detroit attorney Kenneth Hylton.
    While specific terms of the proposed acquisition are subject to a definitive agreement as well as shareholder and regulatory approval, the deal would involve the acquisition of two of Chicago's largest minority- owned financial institutions -- Indecorp's Independence Bank of Chicago and Drexel National Bank.  Indecorp is a strong and highly profitable bank holding company headquartered in Chicago's South Side.
    William Johnson, chairman of Detroit-based OmniBanc Corp., is perhaps best known for being the first African-American in the United States to own a cable television franchise.  After selling two of four cable franchises in 1988, Johnson entered the banking business with the purchase of the then-troubled River Rouge Savings Bank.  Johnson and Hylton brought the bank back to profitability, and later changed its name to OmniBanc.  Johnson's mission is to build the nation's largest African-American-owned banking company.
    According to George Johnson, "The board was highly impressed by William Johnson's business acumen and successful track record." Indecorp President and Chief Executive Officer Alvin J. Boutte said, "Bill's vision for banking -- especially in the African-American community -- as well as his solid financial backing will help bring continuity in fulfilling the goals and mission of this institution."
    William Johnson views the proposed acquisition as a major step in achieving his long-term goals.  "Indecorp will serve as the cornerstone of this expanded institution," he said.  "In fact, the proposed acquisition will create the nation's only multi-state and multi-bank holding company controlled by African-Americans."
    More important, William Johnson emphasized his commitment to the community.  "Our group firmly believes that providing loans for small businesses, addressing the need for more affordable housing and becoming involved as the catalyst for targeted and coordinated revitalization in the areas served by our banks is a priority matter."
    -0-             08/05/93
    CONTACT:  Alvin J. Boutte of Indecorp, Inc., 312-487-4700, or William T. Johnson of OmniBanc Corp., 313-843-8850, or Anthony J. Burke of Financial Shares Corp., 312-943-8116 CO:  INDECORP, INC.; OMNIBANC CORP. IN:  FIN SU:  TNM ST:  IL,MI


-- NY072 -- X280 08/05/93
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 5, 1993
Words:382
Previous Article:TOP CONSULTANT GLEASON JOINS EDS
Next Article:DUFF & PHELPS: ANAHEIM PUBLIC FINANCING AUTHORITY $62.81 MILLION REVENUE BONDS, SECOND SERIES 1993 REVISED TO 'AAA'
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters