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The Commonwealth National Bank is the second largest black-owned full-service bank in Alabama. In February 2009, the Mobile-based bank named Tyrone Fenderson Jr. as its president and chief executive officer. Fenderson, who has more than 20 years banking experience, formerly served as executive vice president and chief operating officer of First Tuskegee Bank (No. 21 on the BE Banks list with $78.3 million in assets).
In 2008, the banks assets were in excess of $73.6 million—up 11.3% from the previous year.