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FIRST BANK OF
JANET, MAGIC AND JHERYL
Merger Creates Financial Triangle Offense
You might see something about this in the Billboard Bulletin in the near future, but we guarantee that it won't use this phrase: Janet Jackson sure has sweet assets.

Boston Bank of Commerce and People's Bank of Commerce of Miami have merged with Founders National Bank of Los Angeles to create Boston Founders Peoples Bank of Commerce.

Founders National is headed by former Los Angeles Lakers superstar Earvin "Magic" Johnson (who also owns MCA-distributed Magic Johnson Records), former DreamWorks Records executive Jheryl Busby and Virgin Records’ Jackson. The merger creates $260 million in assets and expands the country's first black-owned banking chain as well as the third largest black-owned bank in the U.S.

Johnson and Busby attended a press conference announcing the deal, which included Board of Directors members Richard D. Carr, Kevin Cohee, Leon T. Garr, Kenneth T. Lombard and Daniel Dennis. Said Johnson: "My hope is that this bank will become an example for other financial institutions that serve the inner city. And that "

In a statement, Jackson said: "Our vision has become a reality that will touch the lives of many and help them buy homes, educate their children, start businesses and improve their quality of life. Plus, the bank has people who can count my money."

Busby, who recently left DreamWorks, will join the company's board of directors and spearhead the bank's efforts to provide athletes and entertainers with financial service, as well as investment opportunities targeted to inner city development.

 

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