Development Bank Continues to Back Dairy

The Los Angeles Community Development Bank’s board of directors voted to continue its support of a South Central dairy that recently teetered on the brink of default on its $10-million loan. The federally funded bank has kept the dairy afloat for several months with small loans. Copeland Beverage Group President and CEO Robert W. Townsend said he was notified that the dairy will receive further backing, but he declined to reveal the amount. The dairy’s board in August ousted the company’s original president and chief executive, Kevin Copeland, the first African American owner of a full-service dairy. Copeland alleged that the bank had micro-managed the dairy, charges the bank has denied.