Chicago Crusader 2/4/12 E-Edition

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Blacks Must Control Their Own Community

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To The Unconquerable Host of Africans Who Are Laying Their Sacrifices Upon The Editorial Altar For Their Race Audited by

•C•P•V•S•

VOLUME LXXI NUMBER 41—SATURDAY, FEBRUARY 4, 2012

PUBLISHED SINCE 1940

25 Cents and worth more

Ebony magazine founder immortalized with stamp By Wendell Hutson The late founder of Ebony and Jet magazines continues to make history seven years after his death by becoming the first Black Chicagoan to have a U.S. postal forever stamp named in his honor. “John H. Johnson is the first Black Chicagoan to have a forever stamp. And we look forward to honoring more Blacks with forever stamps,” Mark Reynolds, a spokesman for the U.S. Postal Service, told the Crusader. “(Author) Gwendolyn Brooks also will receive a forever stamp this spring.” Brooks was a famous, Black poet from Chicago who died at age 83 in 2000. On Tuesday the postal service unveiled the historic Johnson stamp at two ceremonies in Chicago. There was a morning ceremony at Johnson Publishing Company (JPC), 820 S. Michigan Ave., and an evening ceremony at the Supreme Life Building, 3501 S. King Drive in the Bronzeville community on the South Side. Johnson’s first office was at the historic Supreme Life Building, which is now occupied by The Black Star Project, a nonprofit youth mentoring organization. In 2005 Johnson died at age 87 but not before building a publishing empire that now produces the two most successful

Black-owned magazines in the world, said U.S. Rep. Jesse Jackson Jr., D-2nd District, who attended Tuesday’s ceremony at JPC. “If you were Black and famous but had not been mentioned in Ebony or Jet then you had not made it yet. John Johnson was one of the most influential men I ever met,” Jackson said to a crowd of about 500 people made up of Black, elected officials, business owners, civic, clergy, and community leaders. At the Bronzeville ceremony retired Jet magazine Features Editor Trudy Moore recalled the good times she spent working for Johnson. “Mr. Johnson was the first at many things including being the first Black man to have a building built from the ground up in the South Loop,” said Moore, who worked for Johnson from 1980 to 1995. “He was a well-mannered man. He was funny and loved to laugh. He expected loyalty from his employees and in return he was loyal to them.” Moore recalled when she took a fourmonth maternity leave and Johnson asked her if she planned on coming back. “I told him I would be back but he kept asking me was I sure because a lot of women get comfortable after giving birth and end up staying at home,” recalled Moore. “He was a generous man who took

Black banks are rich in history By Wendell Hutson There was a time when banks would not lend money to Blacks but in Chicago that changed over 80 years ago when the first Black-owned bank made its debut. Chicago’s Black community has four Black-owned banks at its disposal. They are Illinois Service Federal, Seaway Bank and Trust Co. and Highland Community Bank headquartered on the South Side, and Covenant Bank on the West Side. In 1934 Illinois Service Federal Bank (ISF), the oldest Black-owned bank in the state, opened its doors in Chicago. This came after 13 Black men had dared to dream about opening a savings and loan association that would cater to the needs of Blacks. And after many bumps along the way the founders were finally able to open a one-room office at 70 East 47th Street with deposits of $7,000. ISF now has assets that exceed $120 million and has two South Side branches at 4619 South King Drive and 8700 South King Drive.

And one customer that appreciates the existence of Black banks like ISF is Katherine Hoops, 51, who bought her South Side home 15 years ago with a loan from ISF. “I went to Bank of America first because that is where I worked. But little did I know that while I was good enough to have a checking and savings account there I was not a good enough customer to be given a home loan,” recalled Hoops. “I got frustrated and started looking elsewhere when a friend told me to try Illinois Service Federal, which is where he had an account. So with no account at this bank they approved me for a mortgage with little money to put down. From that point I started doing all my banking at Illinois Service Federal and continue to do so.” Norman Williams, chief executive officer of Illinois Service Federal, said many of their customers are longtime, middle-class wage earners and that has been the foundation of its success as a competitive lender. But there are more Hoops stories. Take Lester Moore, a retired steel worker who also bought his home through a mort-

care of his employees and paid me the entire time I was off.” Moore and other JPC employees described Johnson as a hands-on manager

who was involved in all aspects of the business including editorial. “He presided over the editorial board (Continued on page 3)

EBONY MAGAZINE FOUNDER John H. Johnson’s image is captured in a US. Postal Service forever stamp. During a ceremony this week, was Linda Johnson Rice, chairman of Johnson Publishing Company, and her best friend Desiree Rogers, chief executive officer of JPC remembering the publishing/business icon.

INSIDE THIS ISSUE

Oak Park meeting focuses on handgun legislation (See story on page 3) ----------------

Final services for LaVerne Williams (See story on page 17) gage from ISF. “I want to be able to leave something to my kids when it is time for me to check out of this world,” explained Moore, 68, who is battling cancer. “My home was paid off last year. It is a beautiful, three-bedroom, brick home and I love it. It is valued at $300,000 even though I originally paid $215,000.” But ISF is not alone in its quest to provide lending options to the Black community. Seaway Bank and Trust Co. is Chicago’s largest Black-owned bank based on assets,

which at the end of 2010 exceeded $548 million. The bank, headquartered at 645 East 87th Street, has four other South Side commercial branches, two west suburban branches, one south suburban branch, and one branch in Milwaukee. It also has international branches at O’Hare International Airport and Chicago Midway Airport. Small, home-based businesses also utilize Seaway Bank. Glitter Fabulous, a three-person, entertainment company in west suburban (Continued on page 2)


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