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City gets new bank

Legacy Banc puts focus on small business needs

(Published October 22, 2001)

By KATHRYN SINZINGER

Staff Writer

The District is getting a new bank.

Legacy Banc became the first bank chartered by the city’s Department of Banking and Financial Institutions on Oct. 12.

The minority-owned financial institution, which expects to open its doors with $5 million in initial capital to support assets of about $58 million, will be located at 713 H St. NW. It expects to focus on serving residents of Wards 2 and 6, as well as providing financial services to the small business community.

"This bank can be a very positive and significant step toward Washington, D.C., becoming a financial capital of the world," said Councilwoman Sharon Ambrose, whose regulatory affairs committee approved the new bank’s formation.

William L. Fuller, the bank’s president and chief executive officer, told Ambrose’s committee during a July 11 hearing that the bank’s vision "is simply to be the preeminent community bank in the District by providing quality banking services in a profitable and equitable manner."

Fuller comes to the District with more than 25 years in the banking industry, most recently as president of First Independence National Bank of Detroit.

The bank’s chairman of the board is Prezell R. Robinson, president emeritus of St. Augustine Community College in Raleigh, N.C., who served as an alternate U.S. representative to the United Nations General Assembly under President Clinton.

The bank’s initial six-member board of directors is made up of Dr. Cyril Allen, an internal medicine/hematologist from North Carolina; Dr. John P. Holt, a gastroenterologist; Dr. Glenndale Moore, a cardiologist in private practice in Raleigh; Peter Ofori-Nuamah, deputy director of economic development for the D.C. Department of Housing and Community development; The Rev. Frank D. Tucker of First Baptist Church in the District; and Robinson.

The District’s superintendent of banking, S. Kathryn Allen, was required under D.C. law to recuse herself from any involvement in the bank’s application for a charter due to a family member being involved in the institution’s formation.

Copyright 2001, The Common Denominator