Urban Trust Bank Set to Open Branch at Md. Wal-Mart

Robert L. Johnson is scheduled to unveil the first of a new line of branches for his Urban Trust Bank next week at the Landover Hills Wal-Mart.

Johnson's federally charted savings bank plans to open a series of branches in the mega-retailer's stores, offering offer a full suite of banking products and services, including financial education. According to a statement from Johnson and Wal-Mart, the bank will focus on bringing banking services to underserved urban and minority communities.

"Our alliance will allow Urban Trust Bank to reach its target market, provide more convenient locations to our customers, and grow our customer base," Johnson said in an earlier release.

Johnson, who founded BET and then sold it to Viacom for nearly $3 billion, launched the Bethesda-based Urban Trust Bank in 2006. The bank has a high-profile branch office in Washington, just blocks from the White House, and another in Orlando, Fla.

His RLJ Companies' strategy is to invest in such diverse businesses as financial services, real estate, hospitality/restaurant, professional sports, film production, and entertainment.

Johnson's core companies include the NBA Charlotte Bobcats and Charlotte Arena Operations; RLJ Development, a privately held hotel real estate investment company, and the RLJ Urban Lodging Funds I and II which together have more than $3 billion in assets under management; RLJ Hedge Fund of Funds, a joint venture with Deutsche Bank; RLJ Equity Partners, a joint venture with the Carlyle Group; Rollover Systems, a financial services company providing retirement plan rollover services; Caribbean Gaming and Entertainment (C.A.G.E.) a gaming operation headquartered in Puerto Rico.
-- Anita Huslin

By Mike Shepard  |  October 26, 2007; 7:30 PM ET  | Category:  Finance
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