Foster Bank

Foster Bank of Chicago opened its doors for the first time in February 1989. The Bank was organized by Korean-American businessmen whose desire was to better serve the banking needs of the Korean-American community in the Chicago-Metro area. Within the first two years of operation, Foster Bank grew rapidly to over $50 million in assets, and in 1992 successfully bid and acquired the Mayfair Bank (another Korean-operated institution located on the far north side of Chicago) out of FDIC receivership, adding an additional $20 million in assets. Since that time, Foster Bank has enjoyed strong growth and earnings, and in fact is considered the top performing minority-owned institution in the Chicago-Metro area. Located on the far north side of Chicago, Foster Bank's main facility is located in the heart of the "Little Seoul" area, and enjoys an 85% Korean-American clientele. In addition to the MAIN and Mayfair (now known as "Devon") facilities, Foster Bank now has branches in Arlington Heights, Niles, Naperville and H-Mart. These expansions have enabled the Bank to grow to over $400 million in assets. As Korean markets have continued to expand throughout the country Foster Bank recognized growth potential and opened a Loan Production Office in Atlanta, GA in May, Foster Bank is committed to serving the needs of the Korean-American community and the needs of small businesses by further expansion of Midwest markets. Foster Bank has traditionally allied itself with small retail businesses, and in order to better facilitate the needs of this customer base, maintains Preferred Lender status with the Small Business Administration (SBA). SBA annual reports for the past several years show that the Bank has consistently been graded as one of the top SBA lenders in the State of Illinois, the fifth largest dollar producer overall and the largest SBA lender to Asian-American small businesses.