2021 CSBS Community Bank Case Study Competition Journal

2021 COMMUNITY BANK CASE STUDY COMPETITION

the 1927 Saenger Theater, a crown jewel on the National Register of Historic Places on the edge of the famous Vieux Carre (“Restoration”). The Saenger Theater had been under renovation at the time of Katrina, but it had significant water damage, flooding the orchestra pit (“Saenger Theatre (New Orleans)”). Liberty Bank participated in financing a $53 million authentic redevelopment project of the historic venue that Alden McDonald was denied access to as a child during segregation (“Alden J. McDonald, Jr.”). Liberty’s partnership in this effort to revitalize a community venue transcends race in so many ways. Part Three: Diversity, Inclusion and Economic Fairness Diversity within Liberty’s Staff, Executives and Board of Directors Like many community banks, Liberty’s talent pool is limited because many highly qualified minority prospects migrate to larger institutions where pay is higher, and the perception of

greater opportunities is offered. Liberty uses its mission to convince qualified minority candidates to pursue the empowerment of their own communities. It’s a powerful story and a powerful tool to attract minority talent. It is particularly difficult for Liberty to find and hire minority employees for middle and upper-level management positions. Despite this challenge, Liberty’s executive team, including the board, is made entirely of African- Americans. Two have been with the bank since its inception in 1972—Dr. Norman Francis, Chairman of the Board, and Mr. Alden J. McDonald Jr., President and CEO. Dr. Norman Francis has been the President of Xavier University in New Orleans since 1968, naturally positioning Liberty with a bridge to young black college graduates. Liberty has no choice but to protect its black, minority-owned status by actively seeking qualified black employees and mentoring them into mid-level and upper-level management. The onboarding and mentoring of qualified young employees includes promises of better compensation with growth and experience. Special Programs and Products to Support Diversity and Inclusion Liberty’s mission is greater than any formalized program or product; it is a culture. As evidence, Liberty enabled more than one thousand first time homebuyers with mortgages that have low interest rates. They promote flexible underwriting, low down payments, and personal financial counseling for their

Liberty uses its mission to convince qualified minority candidates to pursue the empowerment of their own communities.

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