Alden McDonald, Jr., CEO of Liberty Bank Named To Fortune Magazine's "Portraits of Power" List; Others Include Warren Buffett, Bill and Melinda Gates, Condoleezza Rice
Alden J. McDonald, President & CEO, Liberty Bank & Trust Company is one of two African Americans named to Fortune Magazine's highly regarded "Portraits of Power" list for 2006.
New Orleans, LA (BlackNews.com) - New Orleans' Alden J. McDonald, Jr. is one of two African Americans named to Fortune Magazine's highly regarded "Portraits of Power" list for 2006. Fortune Magazine profiles some of the most powerful people in business for 2006 and their impact on the global market.
President and CEO of Liberty Bank and Trust Company since 1972, one of the five largest African-American owned financial institutions in the United States, McDonald is nationally recognized as a dynamic catalyst in the movement of minority businesses into the mainstream economy. As both a business leader and a community leader, he has devoted his life to community development through promoting entrepreneurship, supporting civic organizations and empowering businesses and individuals.
As chairman of the New Orleans Chamber of Commerce, McDonald has helped lead the post-Katrina rebuilding effort by example: Liberty, the city's largest black-owned bank, is enjoying its most profitable year ever, despite having lost half its branches as a result of the devastation caused to the Gulf Coast by hurricane Katrina.
According to Fortune Magazine, "Power is highly mutable. Take the world's two richest men, a couple of bridge-playing buddies named Bill (Gates) and Warren (Buffett).
They've been immensely wealthy for years, sure. But now, by combining their fortunes in a single philanthropic organization, they, along with Bill's wife, Melinda, just might wipe out deadly infectious diseases.
In part because of the ever-shifting value of influence in the business world, this year we decided to eliminate rankings from our annual study of the subject and instead provide, literally, snapshots of power: In the gallery that follows are 25 portraits, photographed by Albert Watson, of the characters who had the most impact on 2006.
Buffett's decision to give most of his then-$44 billion fortune to the Gateses' foundation supercharged the world's largest philanthropy."
The others named to the twenty-five slots are Steve Jobs, CEO of Apple Computer; Larry Sonsini, Chairman of Wilson Sonsini Goodrich & Rosati; Henry Kravis, Founding partner, Kohlberg Kravis Roberts; Lakshmi Mittal, CEO of Arcelor Mittal; Ben Bernanke, Chairman of the Federal Reserve; Henry Paulson Jr., Secretary of the Treasury; John Hueston, Sean Berkowitz, and Kathy Ruemmler, Enron prosecutors; Hector Ruiz, CEO of Advanced Micro Devices; Al Gore, Environmental evangelist; Eric Schmidt, CEO of Google; Steve Chen and Chad Hurley, Co-founders of YouTube; Katsuaki Watanabe, President of Toyota Motor; Mark Hurd,
CEO of Hewlett-Packard; Rupert Murdoch, CEO of News Corp.; Chris DeWolfe and Tom Anderson, Co-founders of MySpace; Lee Scott, CEO of Wal-Mart Stores; Patricia Woertz, CEO of Archer Daniels Midland; John Thain, CEO of the New York Stock Exchange; Bob Iger, CEO of Walt Disney Co.; Eddie Lampert, Founder of ESL Investments; Steve Schwarzman, CEO of Blackstone Group; Rex Tillerson,
CEO of Exxon Mobil; and Condoleezza Rice, Secretary of State.
A graduate of the LSU School of Banking and of Columbia University's Commercial Banking Management Program, Mr. McDonald began his career at International City Bank in New Orleans in 1996, rising to the position of Vice-President for Consumer Lending. In 1972, he left to take the reins of the newly formed Liberty Bank and Trust Company; as President and CEO since its inception, he is the longest-tenured African-American financial executive in the country.
As the first African-American owned commercial bank in Louisiana and now in Mississippi, Liberty was founded to provide economic opportunity to a community largely lacking in financial services and resources. Under Mr. McDonald's stewardship, Liberty has grown to more than $350 million in assets, realized consistent profitability and national recognition and leadership. After six successful acquisitions, Liberty Bank now serves three cities in two states with thirteen branch offices as well as an insurance division, a national leasing company and a mortgage division.
McDonald has also served on the boards of numerous local, regional, and national institutions and agencies, including FannieMae, the American Bankers Association, the National Bankers Association, and the Louisiana Bankers Association. Mr. McDonald has also provided his business acumen and expertise to other industries, serving on many corporate boards including Stewart Enterprises, Inc. (STEI), Entergy New Orleans Advisory Board, Chairman of the New Orleans Chamber of Commerce, Chairman of the Lindy Boggs Medical Center, Minority Alliance Capital, the Ernest N. Morial Convention Center, and the Port Authority of New Orleans, just to name a few.
Widely recognized both locally and nationally for his many endeavors, a few of Mr. McDonald's awards and honors are A. G. Gaston Lifetime Achievement Award from Black Enterprise, May 2005; the R.R. Wright Presidential Award from the National Banker's Association; the Whitney Young Award from the Urban League of Greater New Orleans; the Civil Rights Award from the National Dental Association; the Minority Suppliers Award from J.C. Penney; and the Business Hall of Fame from Junior Achievement. In 2001, he received the Loving Cup from New Orleans' major newspaper, the Times Picayune that is awarded annually for over 100 years; this is considered the highest honor in the metropolitan area.
In 1987, Mr. McDonald played a central role in the establishment of the Black Economic Development Council (BEDC). BEDC has become the driving force behind Black economic development in the region, and has helped many minority businesses to secure public and private contracts for goods and services. The organization is currently recognized as a leading voice in the African-American community and a potent political force on issues that impact the quality of life in New Orleans.
Mr. McDonald's commitment to community service is further typified by his service on the Archdiocese of New Orleans Finance Council (including confirmation by the Vatican), the Southern University at New Orleans Advisory Council, the Board of Tulane University School of Medicine, the Loyola University Board of Trustees, the United Negro College Fund, the 100 Black Men of Metro New Orleans, and the Committee for a Better New Orleans/Metropolitan Area Committee, along with numerous other civic organizations. In fact, it is fair to say that he has served on every major business and civic board in the city of New Orleans.
Married to the former Rhesa Ortique, Mr. McDonald is the father of three children, Heidi, Alden III, and Todd.
CONTACT:
Vincent Sylvain / THE NEW ORLEANS AGENDA www.theNewOrleansAgenda.com
Email: Vincent@SylvainSolutions.com
Phone: 504-232-3499
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