ATLANTA, GA - To preserve the long-term health of the institution, Spelman College is reducing its operating budget to mitigate the loss of endowment income and offset the impact of lost enrollment due to rising unemployment and tight credit markets affecting students and their families.

WASHINGTON (blackchipstocks.com) Independence Federal Savings Bank (Nasdaq:IFSB) clarified that it's stats as a African-American institution following its pending merger transaction with ColomboBank. A majority of the directors of Independence Federal following the merger will be people of color, and it is expected that ColomboBank President and Chief Executive Officer Lester W. Johnson, who is African-American, will serve as the CEO for Independence Federal following the merger.

This is welcome news to many in the African-American business community after Independence Federal Savings Bank made national headlines in 2007 when a White investor named Morton A. Bender executed a hostile takeover of the Bank.