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Pritzker makes $1 million deposit in Chicago’s last black-owned bank

By Steve Daniels,

Billionaire Democratic gubernatorial hopeful J.B. Pritzker is making a $1 million deposit in Chicago’s last remaining black-owned bank.

Illinois Service Federal Savings is the beneficiary. Pritzker alluded to the investment earlier this week in an interview on WVON radio without naming the bank, but his campaign confirmed the recipient.

The Pritzker campaign said the deposit is part of Pritzker’s commitment to improve economic conditions in hard hit communities and neighborhoods.

“JB has made expanding access to capital for small business and entrepreneurs, and making investments in the communities hardest hit by Bruce Rauner’s failed leadership and manufactured budget crisis a top priority for him as governor,” a spokesman said in an email.

A spokeswoman for the Rauner campaign responded by referencing the Pritzker family’s management and ownership of Superior Bank, a subprime lender that failed in 2001. The failure cost the Federal Deposit Insurance Corp.’s insurance fund $287 million.
Without implicating J.B. Pritzker in the management of Superior, the spokeswoman said in an email that Pritzker’s $1 million deposit is “a drop in the bucket (compared) to the hundreds of millions Pritzker made peddling subprime loans to minority communities, while costing the taxpayers $300 million and ordinary depositors their savings.”

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