Alvin J. Boutte facts for kids

Alvin J. Boutte, Sr. (born October 10, 1929 – died April 1, 2012) was an important African American banker and businessman from Chicago, Illinois. He helped start and led Independence Bank. In the 1970s, this bank became the largest Black-owned bank in the United States. Later, its parent company, Indecorp, Inc., held that title again in the 1990s. It managed over $200 million.

Alvin Boutte worked with many famous civil rights leaders. These included Martin Luther King Jr., Jesse Jackson, and Harold Washington. The Chicago Tribune newspaper once called him a "moderate militant." This meant he was strong in his beliefs but also willing to work with others.

Early Life and Business Start

Alvin Boutte was born and grew up in Lake Charles, Louisiana. He was the youngest of 10 children in a Louisiana Creole family. His parents were Arthur Hyacinthe Boutte, Sr., and Adorea Darensbourg. His father worked hard at different jobs.

Growing up, Alvin's family faced racism and unfair treatment because of "Jim Crow" laws. These laws kept Black and white people separate and treated Black people as less equal. Boutte remembered his father trying to vote but being turned away. Despite this, he said he was not bitter.

Alvin went to Sacred Heart Catholic High School. He then attended Xavier University of Louisiana on a basketball scholarship. He earned a degree in pharmacy in 1951. One of his classmates was Ernest Nathan Morial, who later became the first Black mayor of New Orleans.

After college, Boutte joined the U.S. Army. He became an officer and finished second in his class. He was honorably discharged in 1954 as a captain, after serving in Germany.

He moved to Chicago's South Side, a Black middle-class area called Chatham-Avalon. He started working at Lakeside Pharmacy. A year later, he bought the store with a $28,000 loan. Soon, he opened three more stores called Independent Drug Stores. He quickly became a leader among Black business owners in Chicago.

Building Independence Bank

In 1964, Alvin Boutte and other Black businessmen in Chicago started Independence Bank. A key partner was George E. Johnson Sr., who founded Johnson Products, a cosmetics company. Both men knew how hard it was for Black business owners to get loans from white-owned banks.

At first, the bank had a tough start. So, in 1969, Boutte sold his pharmacy stores. He became the bank's president. In just three years, Independence Bank's money grew from $16 million to $55 million. By 1973, it was the biggest Black-owned bank in the United States. In 1977, it opened a new $4 million main office in Chicago.

Independence Bank also helped other smaller Black-owned banks that were struggling. In 1979, the government asked it to take over two banks, Gateway National and Guaranty Bank and Trust. Boutte also helped arrange a huge loan of $12 million for an auto-parts company. This was the largest loan ever made by minority-owned banks at that time. He brought together 80 Black- and women-owned banks to do it. In 1981, Boutte became the bank's chairman.

In 1988, Independence Bank, now part of Boutte's company Indecorp, bought Drexel National Bank. This was a big deal because it was the first time a Black-owned bank bought a healthy white-owned bank. Together, Independence and Drexel had $227 million. This made Indecorp the largest Black-owned banking company again. Boutte also expanded the banks' services, like handling foreign money exchange at O'Hare International Airport.

However, new banking rules made it hard for Indecorp to compete with very large white banks. In 1995, Indecorp was bought by another company called ShoreBank. This ended its 31 years as a Black-owned bank. When it was sold, Indecorp had about $279 million.

Activism and Politics

Alvin Boutte strongly supported the civil rights movement and the interests of African Americans. In the 1960s, he led a group of Chicago businessmen. They raised $55,000 to support Martin Luther King Jr. and his work with the Southern Christian Leadership Conference.

In 1972, he helped organize the National Black Political Convention in Gary, Indiana. About 8,000 people attended this event. It was a major moment for the "Black Power" movement. The convention called for Black Americans to work together and create their own political power.

He was a long-time friend and supporter of Rev. Jesse Jackson. Boutte served on the first board of Jackson's organization, Operation PUSH, and later became its chairman. He was also vice president of the Chicago Urban League. He helped raise money for the Chicago NAACP.

In 1977, Boutte helped form the Committee for a Black Mayor. This group wanted to find the best Black candidate for mayor of Chicago. This happened after the death of Mayor Richard J. Daley. Many Black people felt that an African American leader, Wilson Frost, was unfairly denied the chance to be acting mayor. Boutte was considered a possible choice for mayor himself, but he decided not to run. The committee chose Harold Washington, who later ran for Congress and won.

After Washington was re-elected to Congress in 1982, Boutte was the first person asked to help fund Washington's run for mayor. Boutte promised to raise $50,000. Washington announced his candidacy a few days later. Boutte was very important to Washington's campaign, which led to him becoming Chicago's first Black mayor.

In 1993, Boutte was part of a group that brought Nelson Mandela to Chicago. Mandela, who had just been freed from prison in South Africa, came to raise money for the African National Congress.

Boutte was also a member of the Chicago Board of Education from 1969 to 1974. The Chicago Tribune called him a "moderate militant" who cared deeply about improving education for Black children in Chicago.

Civic and Business Activities

Alvin Boutte was involved in many important groups in Chicago. He served on the boards of the Chicago Symphony Orchestra and the YMCA of Metropolitan Chicago. He was also vice chairman of the city's Better Business Bureau. In business, he was a board member for Johnson Products Company and Chicago Metropolitan Mutual Assurance, both Black-owned businesses in Chicago. He also served on the boards of Midway Airlines and Blue Cross Blue Shield Illinois. Boutte was part of a group of Black businessmen who invested in Stellar Continental Cable, an early cable television system.

Personal Life

Alvin Boutte married Barbara Gonzaque, whom he met at Xavier University. They had four children: daughters Janice and Jeanette, and sons Gregory and Alvin, Jr.

Alvin Boutte passed away on April 1, 2012, at his home in Hazel Crest, Illinois. He was 82 years old. His wife, Barbara, died in 2017.