Claro Group moves working capital to black-owned bank, Liberty Bank and Trust to drive growth and build wealth in underserved communities

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CHICAGO–(BUSINESS WIRE). a New Orleans-based black-owned bank operating in the Chicago area. The action demonstrates the company’s commitment to the so-called #BankBlack or #JusticeDeposits movement.

Katie McNally, Managing Director and Head of Claro’s Diversity, Equity & Inclusion (DEI) initiatives, comments: “The past two years have been life-changing for all of us, especially against the backdrop of the pandemic, ongoing racial injustice and the civic hardship it brings riots . At Claro, we are committed to supporting justice in all forms, both within our company and in society at large. We are honored to have the opportunity to support Liberty and her mission as advocates for home ownership, economic development, education and healthcare for African Americans.”

When Liberty first opened its doors in New Orleans in 1972, over 2,000 people were in the parking lot waiting to get into an RV to open an account. In the decades since, Liberty has expanded into communities across the country, helping countless residents become first-time homebuyers and funding the development of thousands of businesses. Liberty has also demonstrated its commitment to education and healthcare through investments in community-based schools and health research facilities.

Todd O. McDonald, President of Liberty, added, “Liberty Bank is excited to partner with Claro Group to enrich some of our most underserved communities. We’re celebrating our 50thth In this year’s anniversary, Liberty continues a legacy of service, integrity and commitment to community and business development. We know there are numerous opportunities when it comes to financial partners, and we’re thrilled to have Claro join us on our mission to “empower more people to achieve more freedom.”

Claro Chairman John Cadarette summarizes, “We’re excited to follow companies like Netflix, Twitter, Costco and others in providing additional resources for Black-run and Black-owned banks to help rejuvenate the banks they run to contribute to the communities served. We sincerely hope that other businesses and nonprofits will join us in tangibly and meaningfully increasing the level of capital available to families and business owners in these communities.”

About Klaro: Founded by former Big 5 accounting and consulting firm partners, Claro is a highly respected privately held financial and business advisory firm. Claro provides analysis and solutions for high-stakes litigation, investigations, insurance claims, corporate finance and restructuring matters, and the technology solutions that support them. Claro offices are located in Chicago, Houston, Los Angeles and Washington, DC

About freedom

Liberty is a designated Minority Depository Institution (MDI) offering customers fast personal, business, mortgage, auto, home and liberty loans. Founded in New Orleans in 1972, Liberty has since grown to more than $1 billion in assets and expanded into 11 states while remaining committed to community and business development. The bank’s mission is to provide cost-effective delivery of high quality, innovative, customer-centric financial products and services to diverse markets, with a focus on communities of color that have traditionally been underserved. For more information about Liberty, see www.libertybank.net.

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