About Us
37 years of putting customers first
Founded in 1987 on Park Avenue with a simple belief: a bank should work for its customers, not the other way around. That principle has guided every decision we've made for 37 years — through booms, busts, and everything in between.
$186B
Total Assets
2.4M+
Customers
520+
Branches
37 Years
In Business
Our mission
To provide every American — regardless of their net worth — with access to honest, transparent, and competitively priced financial services. We believe banking is a relationship, not a transaction. We believe fees should be fair and disclosed upfront. We believe that when our communities thrive, our bank thrives. That's not marketing. That's who we are.
Our history
1987
Founded in New York
Thomas R. Whitfield and Margaret Liu open the first IOU National branch on Park Avenue with $12 million in initial capital.
1994
Expanded to 50 Branches
Rapid growth across the Northeast. Launched first business banking division.
2001
National Charter
Received national bank charter from the OCC. Expanded into the Midwest and Southeast.
2008
Weathered the Crisis
One of few mid-size banks to remain profitable through the financial crisis. Zero government bailout funds accepted.
2014
Digital Banking Launch
Launched online and mobile banking platform. Reached 1 million customer accounts.
2019
West Coast Expansion
Opened regional headquarters in Los Angeles. Crossed 400 branches and $100B in assets.
2023
Wealth Management Division
Launched IOU Wealth Management with $20B in assets under management. Hired 120 CFP professionals.
2026
Today
$186 billion in assets. 2.4 million customers. 520+ branches in 38 states. 8,400 employees nationwide.
Leadership team
Our executive team brings decades of experience in banking, technology, risk management, and financial services.
Thomas R. Whitfield II
Chairman & CEO
Second-generation leader. Harvard MBA. 22 years at IOU National. Previously SVP at Goldman Sachs.
Patricia Morales
President & COO
Oversees all banking operations. Wharton MBA. Former regional president at Wells Fargo.
James Okafor
Chief Financial Officer
Manages $186B balance sheet. CPA. Previously CFO at Signature Bank.
Dr. Linda Chen
Chief Technology Officer
Leads digital banking and infrastructure. PhD MIT. Former VP Engineering at Square.
Robert Hernandez
Chief Risk Officer
Oversees credit, market, and operational risk. 25 years in banking risk management.
Sarah Goldstein
Chief Compliance Officer
BSA/AML, fair lending, and regulatory compliance. Former OCC examiner.
David Washington
Head of Wealth Management
Leads $32B AUM wealth division. CFP, CFA. Previously MD at Morgan Stanley.
Maria Santos
Chief Marketing Officer
Brand strategy and customer acquisition. Previously CMO at Ally Financial.
Want to be part of the story?
We're always looking for talented people who share our commitment to honest banking and community service.