ST. LOUIS — In 2009, Midwest BankCentre was a financial institution accused of intentionally issuing home loans to white communities over Black ones, an issue so severe it drew the attention of the U.S. Department of Justice.
Now, the same federal agency that forced the bank into a consent decree to rectify the issue more than a decade ago is heralding it as an example of the right way to engage in diverse community lending.
Once considered a liability, the bank now says its singular focus on diversity — particularly when it comes to developing its leadership team and board of directors — has propelled it to a significant financial turnaround.
