HOUSTON, Aug. 31 - Today, the Stewart companies are making a $2 million deposit with Citizens Savings Bank & Trust Co., the oldest continuously operating minority-owned bank in the nation and the first minority-owned bank in Tennessee.
Citizens Bank has served African-American families for more than 100 years.
This deposit will serve as a model to be used nationally to help minorities achieve the American dream of homeownership and assist in the growth of small-business opportunities.
"The significance of this deposit is tremendous," notes Larry S. Bullock, vice president mid-America emergent market development for Stewart Title. "It marks the merging of two legacies, two pioneers - a small black-owned bank that started with pennies and nickels and has grown into a facilitator of community growth, and a small title company that has grown into an internationally recognized leader."
Malcolm S. Morris, chairman of Stewart Information Services Corp., along with Bullock, a recent recipient of the James E. Haynes Sr. Democracy in Housing Award from the National Association of Real Estate Brokers (NAREB(R)), will make the deposit. Bullock has worked tirelessly to educate minorities on homeownership and wealth accumulation.
To commemorate the historic deposit, executives from Citizens Bank and Stewart Title as well as state and community leaders will gather as an oversized deposit slip is presented in the amount of $2 million. The celebration will take place Wednesday, Aug. 31 at 10 a.m. in the lobby of Citizens Bank at 2013 Jefferson St., Nashville, Tenn.
"This is the beginning of a relationship with Citizens Bank, our growing community and Stewart Title," said Dr. T. B. Boyd, III, Citizens Bank chairman of the board of directors. "More than a deposit, this is an investment in a relationship. The leverage-power of this deposit will touch new homeowners and growing businesses in minority communities across the country."
"Stewart Title is committed to developing opportunities to increase minority homeownership in America," said Morris. "We are very proud to work with Citizens Bank to make a direct impact in the communities we serve."
About Citizens Bank
Citizens Savings Bank & Trust Company (Citizens Bank) began operations in 1904 through the vision of three prominent Nashvillians: R. H. Boyd, Preston Taylor and J.C. Napier. As a community-minded bank, Citizens Bank provides personal service to individuals and businesses in Davidson County. It is an equal opportunity employer with 26 full-time employees, four branch locations and approximately $55 million in total assets. Citizens Bank is a privately owned company with more than 200 stockholders.
Stewart Title is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE: STC), a technology driven, strategically competitive, real estate information and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 8,000 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com .