Marathon International Bank enters first phase of launch process

Marathon International Bank, the first Ethio-American community bank in the United States of America, has announced that it has entered the final stage of its launch process. The bank is going to open its first branch in the capital city, Washington D.C, a city with an extensive Ethiopian community.

According to the United States Census Bureau, Ethiopian immigrants are one of the most educated and affluent African immigrant groups in the United States.

American Banker, the organization that received the application for Marathon International, reports that the bank is going to provide loan and deposit services to individuals and small to midsize businesses with a particular emphasis on serving the banking needs of US residents of Ethiopian origin.

The report also identifies Zekarias Tamrat, who previously worked with PNC and Bank of America, as the president-elect. Other prominent Ethio-American bankers and financial experts are expected to make up the remainder of the board of directors of the bank. 

Zekarias Tamrat says the mission of the bank is to transform the Ethio-American community into a more economically engaged entity in the American socio-economic fabric. To this end, Marathon International also intends to provide educational programs to underserved sections of the Ethio-American community.

Investors expect to raise from 22 to 25 million USD through common stock options, according to the American Banker report.

Satenaw

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