Here Are The Top 10 Richest People In The World As Of March 2025

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00:00Today on Forbes, inside the largest black-owned bank in America.

00:07Nearly 20 years after Hurricane Katrina devastated New Orleans, the scars are still visible.

00:12In the New Orleans East section of the city, about 20 minutes from the French Quarter,

00:17miles of brown grass grow through the concrete of what was once the Lake Forest Plaza Mall,

00:22which boasted the state's first food court and, more improbably in the South, its first

00:27ice skating rink.

00:29For many New Orleanians, including Alden MacDonald Jr., the 81-year-old CEO of Liberty Bank,

00:35this roughly 1.2 million square feet of vacant land is also a haunting reminder of a once

00:40vibrant life.

00:42Pointing to one of the many absent buildings, MacDonald says, quote,

00:46"...over there was a 12-screen movie theater."

00:50Nearby, a Lowe's that residents relied on to rebuild their homes has become a goodwill

00:54center.

00:55Amidst the buildings with shattered windows and colorful graffiti is a beacon of hope.

01:00The headquarters for MacDonald's Liberty Bank, the largest black-owned bank in America.

01:07MacDonald tells Forbes, quote,

01:08"...we could do everything any bank can do in America, and do it better."

01:13The only problem, MacDonald adds, is black America.

01:17He says, quote,

01:18"...they don't have confidence in us.

01:20That's our biggest challenge today.

01:22Black people don't feel that we could do what they need us for."

01:26Founded in 1972, Liberty has grown from $2 million in assets to more than $1 billion.

01:34According to the Federal Deposit Insurance Corporation, or FDIC, the bank has $948 million

01:40in deposits, making it the largest bank for black Americans by asset size.

01:46Liberty serves 11 states, including Illinois, Michigan, Texas, and Tennessee, and, MacDonald

01:52notes proudly, has been profitable for 47 of its 52 years.

01:58The bank has achieved this by focusing on lending to underserved communities and, like

02:02all banks, generating revenue from fees and interest.

02:06MacDonald says, quote,

02:07"...banking is nothing but a rental business.

02:10You're renting somebody's money and then reloaning it out."

02:15Known as Minority Depository Institutions, or MDIs, or Community Development Financial

02:20Institutions, or CDFIs, black banks, like their Hispanic and Asian counterparts, fall

02:26under federal oversight and play a vital role in many neighborhoods.

02:30Historically, black banks have financed small businesses, churches, and individuals who

02:35have traditionally faced discrimination from larger banks.

02:39Currently, there are 23 black banks in America, down from 48 in 2001, but their combined assets

02:46have increased from $5 billion to $9 billion over the past quarter-century.

02:51The FDIC categorizes these banks based on their leadership structure and equity.

02:57Washington, D.C.-based City First Bank, a black-led institution, leads with assets of

03:02$1.3 billion, primarily due to a merger with Broadway Financial in 2021.

03:08Liberty follows closely behind with $1.1 billion.

03:13MacDonald says, quote,

03:14"...most black banks are still surviving today."

03:18But few have thrived like Liberty Bank.

03:21Under his leadership for more than 50 years, the bank successfully navigated the 1986 oil

03:26bust, which caused unemployment to rise to 13.2 percent in Louisiana, Hurricane Katrina,

03:33the global financial crisis in 2008, and the pandemic.

03:38John Lewis, CEO of Baltimore-based Harbor Bank of Maryland, says, quote,

03:42"...they've been smart in what they're doing in their own market, but they've been opportunistic

03:46in terms of growing.

03:48Going from a community bank to one in several states is truly impressive."

03:54Inside Liberty Bank, Alden and his son, Todd, the bank's 43-year-old president and CEO-in-waiting,

04:01are surrounded by an impressive collection of black art.

04:04Elegant pieces by artists such as Elizabeth Kaplan and Clementine Hunter adorn the walls,

04:09while a $25,000 reprint of Jacob Lawrence's portrait of Haitian General Toussaint Louverture

04:15hangs just outside Alden's office.

04:18Of the $2.5 million collection, Alden says, quote,

04:21"...we think we have the largest collection of black art in the South."

04:26His favorite piece is a bronze sculpture of Sisyphus pushing his massive rock uphill.

04:31It sits on a table in the conference room and bears the inscription,

04:34Never Give Up.

04:36He says, quote,

04:37"...it reminds me of me.

04:39That's how it felt when we were rebuilding the bank, post-Katrina."

04:45For full coverage, check out Jabari Young's piece on Forbes.com.

04:50This is Kieran Meadows from Forbes.

04:53Thanks for tuning in.

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