CHATHAM – The old Illinois Service Federal Savings & Loan building is up for sale for $ 1.5 million.

Renamed GN Bank in 2016, the 8,293 square foot building at 347 E. 87th St. has been vacant since July after the owners decided to close the branch. The bank’s original branch in Bronzeville remains open.

The Chatham branch was built in 2000, according to a real estate listing.

Illinois Service Federal Savings & Loan was one of the first black-owned banks in the country, providing mortgages to African Americans at a time when white-owned banks were denying opportunities to black customers. On the verge of closure in the mid-2010s, Ghanaian politician Papa Kwesi Nduom bought the bank in 2016. It is the last black-owned bank in the city.

Real estate agent Bill Tuggle said he received calls from people interested in the 21-year-old building, and they said the space would be ideal for a cannabis dispensary or educational facility.

“It’s a beautiful building with such a great history attached to it,” Tuggle said. “The bank has helped generations of families and businesses.

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