Spotlight: Citicorp Invests $250,000 in Founders Bank

Citicorp invested $250,000 in Founders National Bank of Los Angeles, the largest black-owned bank in the Western U.S. Founders, which has four branches in South-Central L.A., funds housing and small-business loans. Citicorp’s Citibank unit, which has 80 branches in California, will hold preferred stock in the closely held company. Founders said the investment will provide seed capital for its housing-related lending programs. Founders has about 20,000 customers and $105 million in assets.