The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American financial institutions, announced today that Unity National Bank, the only African American owned bank in Texas, joined the Exchange. 

Dr. Richard L.  Sandor, Chairman and CEO of AFX, said,” We are honored and privileged to welcome Unity National Bank to the AFX family. Their history highlights the importance that these regional institutions have in job creation and maintaining strong communities.  A transaction-based rate such as AMERIBOR® can be an important tool to regional, mid-sized and community banks as they perform their vital social and economic function.” 

“As a minority-owned bank, Unity National Bank is acutely aware of the needs of our community.  We look forward to working with Dr. Sandor and AFX to provide our communities and local business with a transparent competitive rate on loans to support the businesses and create jobs,” said Dr. Kase Lawal, Chairman of the Board of Directors.

AFX has made a concerted effort to reach out, engage and include all minority depository institutions as classified by the Federal Deposit Insurance Corporate (FDIC). AFX members include African American, Asian-American, Hispanic (both non-Puerto Rico and Puerto Rico) and Native-American member banks., demonstrating these banks forward thinking nature and innovative spirit.  During this time of crisis their critical role in supporting local businesses through the Payroll Protection Plan (PPP) loan program has been recognized nationally. 

 Prominent minority-owned member banks are New York City-based Abacus Federal Savings Bank; Los Angeles-based Bank of Hope, East West Bank and Pacific City Bank (Asian-American); Lone Star National Bank of Texas and FirstBank of Puerto Rico (Hispanic); and Georgia-based Citizen’s Trust Bank and Texas-based Unity National Bank (African American) and Peoples Bank of Seneca Missouri (Native-American).

In October of 2019, the National Bankers Association (NBA), the leading minority-owned bank trade association in the US, endorsed AMERIBOR® as an approved rate to be used for loan documentation for its members.

AFX facilitates the determination of AMERIBOR®, a transaction-based interest rate benchmark for financial institutions via its electronic trading platform. AFX has transacted more than $980 billion cumulatively since it opened in December 2015. AFX’s 190 members have a presence in 50 states. 

For more information about AFX or AMERIBOR benchmark, or to request an interview, contact Laura LaBarbera at (312) 554-4904 or via email at llabarbera@theafex.com. Or log onto www.ameribor.net