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The Chairman and President of Groupe Nduom, Dr Papa
Kwesi Nduom, has sued the Republic Press over a news story published in its
Monday, May 30, 2022 edition.
The front page of the newspaper carried the headline
“Nduom’s GN Bank in Trouble Again” with Dr Nduom’s name misspelled.
Dr Nduom is contending that the newspaper acted as a
“mischievous parrot” with its publication without checking the facts or
accuracy of the allegation originating from the USA.
In 2016, Dr Nduom led his family to acquire a small
bank on the south side of Chicago in the state of Illinois. The bank then known
as the ISF Bank was rebranded as GN Bank after the acquisition.
“This bank is over 86 years old. The bank’s capital
had been virtually depleted under the weight of millions of dollars of
delinquent mortgage loans. The Office of the Comptroller of the Currency (OCC),
the regulator, gave an opportunity to the bank to seek new capital in order to
avoid being shut down. Dr Nduom presented a strategic and capital plan which
was accepted by the regulator and was allowed to take control of the bank,”
said the management of the bank.
This was after some months of rigorous and involved
investigation and examination of Dr Nduom and his family. The OCC was
particularly interested in the ability of the incoming shareholders to turn the
bank around.
After six years of very challenging situations and
hard work, GN Bank is now financially stable. This feat has been achieved
despite the horrific impact of Covid-19 in the USA for the past two years.
“It has good capital above the regulator’s
requirement, excellent liquidity and is profitable. Last year, the bank
invested in and implemented an ultra modern core banking system called
Precision from Fiserv, a top rate technology company in the USA,” the
management also stated.
GN Bank is the only black owned bank in the city of
Chicago and the state of Illinois. It is also one of 18 black owned banks in
the entire USA.
The turnaround of the bank, observers believe is
something to be celebrated by Africans everywhere.
The bank offers deposit and lending solutions to
African Americans and access to banking that the major banks even though they
are present in the same south side of Chicago community cannot provide.
Not surprisingly, a vocal minority of former customers
who failed to make required payments on their loans have complained from time
to time when the bank has taken action within banking regulations to make them
pay.
In particular, the bank has initiated legal
foreclosure actions to compel those who have been delinquent on making mortgage
loan payments. It is such normal and appropriate actions that have helped bring
discipline to the bank and have enhanced its prospects.
“GN Bank is not in trouble. In fact, it is thriving.
The directors plan to initiate action to enable its growth to become a significant,
small American bank. The bank has a national license which means when it’s
capital allows, it can set up branches in other states of the USA.”
Dr. Nduom alleges in the lawsuit that the Republic
Press newspaper hurried to publish a news story deliberately done to cause
disaffection, financial loss and damage the reputation of Dr Nduom in Ghana and
internationally.
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