Liberty Bank’s Alden McDonald fights for New Orleans East | Business News
A lot has changed in the 50 years since Alden McDonald Sr. founded New Orleans-based Liberty Bank, which he has grown into the largest Black-owned bank in the U.S. But Black borrowers continue to face many challenges, including securing loans in the first place and finding enough equity to build small businesses into large ones. Meanwhile, New Orleans East, where his bank is based, has been unfairly tarnished as a place not worthy of investment, he said — something that he’s fought to change.
Earlier this year, McDonald passed the reins of Liberty Bank to his son Todd, who now serves as president of the financial institution with more than $1 billion in assets and a presence in 11 states. The senior McDonald continues to serve as chairman of the bank’s holding company, Liberty Financial Holding Co.,…
