It is unfortunate that the economic crises may find as one of its victims, The Ideal Federal Savings Bank. Ideal has been a anchor institution within the Upton Community for over 90 years. They maintained their commitment to serving residents of that community throughout the years. They have a deadline placed upon them to take some specific actions by the Federal regulators. Their potential demises signals that the economic tidal wave is washing ashore in our community. Is this the sign of things to come?
Sad story. Did Ideal not continue to grow with advances in the banking industry. Ideal's website says the bank was established "to help black families purchase homes in the Baltimore area."
I don't believe a institution in a bottom line business such as banking can survive today with the purpose of helping black families purchase homes. That purpose might have been well suited in the 20's but cannot work for a bank in today's times. That purpose might still have some validity for a financial counseling service. Maybe Ideal can form a financial counseling service to continue the legacy and history...
Your point is well taken. Indeed the market, technology and constituency has changed dramatically since they first begun. A single unit bank with outdated technology is difficult to sustain in today's marketplace. Our capitalist system forces the strong to survive and the banking industry has tested national firms with multi-million dollar resources. Ideal may have just run its course. Nevertheless, a museum or some non-profit service might be a path they should follow to retain their historical legacy.