Liberty Bank’s McDonald named to inaugural Forbes BLK 50 list

By Fritz Esker
Contributing Writer

Forbes magazine recently published its inaugural ForbesBLK 50 to celebrate leading Black entrepreneurs around the world. One of the honorees was Liberty Bank President Todd McDonald.

Liberty Bank, founded in a trailer in New Orleans in 1972, is the largest Black-owned bank in the U.S. The 43-year-old McDonald took over the company from its founder, his father Alden, in 2022. Liberty receives approximately $1 billion in deposits in its 19 branches across 11 states, including Illinois, Louisiana, Michigan, Tennessee and Texas. McDonald is in charge of the bank’s $1 billion in assets.

McDonald is in prestigious company on the list, alongside luminaries like Beyoncé Carter Knowles, Magic Johnson, Jay-Z, Dr. Dre, Michael Jordan, Shonda Rhimes, Tyler Perry, Serena Williams and Oprah Winfrey.

Forbes’ website said it evaluated candidates through the core pillars of wealth, power and impact.

“The launch of the inaugural ForbesBLK 50 list follows the continued growth and success of our ForbesBLK community, spotlighting exceptional leaders, entrepreneurs and creators of color,” said Jabari Young, editor of ForbesBLK. “When we launched ForbesBLK, we set out to create a national platform to amplify diverse voices and drive a new culture of change. Today, this list not only celebrates the accomplishments among influential leaders in the Black community, but also underscores the impact they are making across business industries and breaking down barriers for future generations.”

McDonald expressed his gratitude for the selection.

“I am truly honored to receive this recognition from Forbes,” McDonald said. “I look forward to collaborating with the publication to further promote Liberty Bank and our mission across the U.S.”

McDonald graduated from Morehouse College then earned his MBA from Northwestern University in 2013. After his tenure at Northwestern, he joined his father at Liberty and worked in a variety of roles, including vice president of corporate strategy.

“When I started to understand you can make money, you can help people, you can educate people, you can be someone who is an advocate for change, and you can do it all within one job…then banking became a passion,” McDonald said in a 2024 interview with the FDIC Channel.

He told Forbes he hopes to expand Liberty into every state and bring the total number of branches to 200.

“I want to get rid of denials,” McDonald told Forbes. He said the bank hopes to set conditions to every request so the bank can “start reestablishing confidence” in banks in the Black community.

During his tenure as Liberty’s president, McDonald has overseen a partnership with JPMorganChase and scored a contract with the U.S. Treasury Department to assist distribution of federal benefits and services.

This article originally published in the January 6, 2025 print edition of The Louisiana Weekly newspaper.