Indecorp Inc. said it acquired Drexel Holding...

Indecorp Inc. said it acquired Drexel Holding Co., creating the nation’s largest black-owned financial institution in the first purchase of a healthy white-owned bank by a black-owned banking firm. The purchase price was not disclosed. Indecorp, the holding company for Independence Bank of Chicago, said completion of the deal swells its assets to more than $227 million. Indecorp listed its assets before the acquisition at $117.5 million while Drexel’s were $109.8 million. “This purchase provides us opportunities to be an ever more important force in the development of black business here and nationally,” Indecorp President and Chief Executive Alvin Boutte said.