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Carolina Trust Federal Credit Union

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Whatever happen to banks being the mainstay on main street? A pillar in the community? A bastion of trust and integrity? Since 1962 Charlotte ...

CCU's Annual Economic Growth and Real Estate Summit Provides Insight into Coastal Economy and Real Estate Market

*Existing-home sales nationally are expected to be around 5.60 million this year (up roughly 3 percent from 2016); home prices are up 5.0 percent

Yun’s comments were supported by both Pat Mason and Dr. Robert Salvino who addressed the regional economic forecast concentrating on the Carolinas.

“North and South Carolina have always attracted a large share of retirees, and research shows that second-home buyers of all ages are flocking to the Carolinas. Many have businesses that will follow them,” said Mason.

“These positive effects on the housing market within the coastal region will lead to an increase in property values, a healthier job market and an overall improved economy. The outlook for the coastal region is extremely positive,” concluded Rob Salvino of Coastal Carolina University.

The Summit, hosted by the Grant Center for Real Estate and Economic Development at Coastal Carolina University, was sponsored in part by the Myrtle Beach Area Chamber of Commerce, Coastal Carolinas Association of Realtors, Horry County Government, Burroughs & Chapin, Sutton Park Estates Corporation and Carolina Trust Federal Credit Union.

City to deposit $20 million in Chicago's last black-owned bank

On average, the city keeps between $300 million and $700 million on deposit in banks. In order to receive deposits of city funds, financial institutions must go through a special certification process.

The deposit at ISF Bank, which went through the certification process, is the first the city has made with the intent to bolster a community bank, Summers said.

This newest deposit will strengthen the bank's financial foundation, Chairman Papa Kwesi Nduom said in a news release.

It will ensure "that we can strengthen the economic base of our communities and help people fulfill their dreams," he said.

The push to invest in black-owned banks and by extension the community is nothing new. The idea is that with money on hand, institutions can improve surrounding communities with loans to individuals and small-business owners.

One of ISF's competitors, Seaway Bank and Trust, ran a local version of a national campaign known as Bank Black that encouraged people to bank at black-owned institutions. Some industry experts, however, have questioned whether opening new accounts at black-owned banks would turn around neighborhoods affected by lack of investment and jobs.