Banking While Black: It’s a Necessity

As this is the last day of Black History Month, I must encourage everyone to keep this momentum throughout the year. Between Beyoncé and Kendrick unapologetically black performances, Black History Month 2016 has been one for the books. The Diva couldn’t celebrate Black History Month without informing, reminding, and encouraging my fellow DIVAS AND DIVOS about the importance of patronizing Black-Owned Banks.

How many Banks are in the US?    6,799

How many Black-owned Banks are in US?  19

Yep, you read it right… 19 Black-Owned Banks left in America.

UPDATE: Seaway Bank and Trust Company closed on January 27, 2017.

We cannot talk about “Buy Black” without saying “Bank Black”. It is imperative that we support our Black-Owned Banks. We must support black-banks in order to do the following: strengthen the brown economy, community, and dollar. African-Americans are a $1 Trillion Dollar Buying Power. Reports have stated if African-Americans stop shopping for a week; we could really put a bad dent in the American economy. WOW! That is a lot of untapped power that we possess. The Brown Economy is a very powerful force that we as a people have yet to harness.  Most if not all of Black-Owned Banks are in urban areas (where most of US live). When you open an account at a bank, you are helping the community that the bank is in. The reason is banks are mostly likely lending to people and organizations in the area. That means that your money will be distributed in your community.  According to the Nielsen Report “State of the African-American Consumer” ; the black dollar is only redistributed in our community for 6 hours.  6 HOURS?!!?  The dollar in the Asian community is redistributed for about 20 days. We gots to do better.  Most of them are in the south but they are a few in the Midwest and West Coast.  I’m sure that you have seen the article about Usher and Killer Mike opening accounts at Columbia State Bank (link- http://financialjuneteenth.com/usher-jermaine-dupri-killer-mike-support-black-owned-bank-by-opening-accounts/). That was a great start to Black History Month!

We can take that same enthusiasm and open an account ourselves with the following 19 Black-Owned Banks. I have created a chart for you to help aid in your decision-making:

ALAMERICA BANK

Location: Birmingham, Alabama

Founded: January 28, 2000

FDIC Region: Atlanta

Assets: $35 404 000

BROADWAY FEDERAL BANK FSB

Location: Los Angeles, California

Founded: February 26, 1947

FDIC Region: San Francisco

Assets: $385 055 000

CAPITAL CITY BANK & TRUST COMPANY

Location: Atlanta, Georgia

Founded: October 3, 1994

FDIC Region: Atlanta

Assets: $294 572 000

CARVER STATE BANK

Location: Savannah, Georgia

Founded: January 1, 1927

FDIC Region: Atlanta

Assets: $41 573 000

CITIZENS TRUST BANK

Location: Atlanta, Georgia

Founded: June 18, 1921

FDIC Region: Atlanta

Assets: $392 286 000

CITY NB OF NEW JERSEY

Location: Newark, New Jersey

Founded: June 11, 1973

FDIC Region: New York

Assets: $340 301 000

COMMONWEALTH NATIONAL BANK

Location: Mobile, Alabama

Founded: February 19, 1976

FDIC Region: Atlanta

Assets: $63 244 000

FIRST INDEPENDENCE BANK

Location: Detroit, Michigan

Founded: May 14, 1970

FDIC Region: Chicago

Assets: $215 924 000

FIRST STATE BANK

Location: Danville, Virginia

Founded: September 08, 1919

FDIC Region: Atlanta

Assets: $38 882 000

FIRST TUSKEGEE BANK

Location:Tuskegee, Alabama

Founded: October 11, 1991

FDIC Region: Atlanta

Assets: $63 127 000

ILLINOIS SERVICE FEDERAL SAVINGS & LOAN

Location: Chicago, Illinois

Founded: January 01, 1934

FDIC Region: Chicago

Assets: $140 148 000

INDUSTRIAL BANK

Location: Washington, DC

Founded: August 18, 1934

FDIC Region: New York

Assets: $342 524 000

LIBERTY BANK & TRUST COMPANY

Location: New Orleans, Louisiana

Founded: November 16, 1972

FDIC Region: Dallas

Assets: $545 019 000

MECHANICS & FARMERS BANK

Location: Durham, North Carolina

Founded: March 01, 1908

FDIC Region: Atlanta

Assets: $304 809 000

NORTH MILWAUKEE STATE BANK

Location: Milwaukee, Wisconsin

Founded: February 12, 1971

FDIC Region: Chicago

Assets: $91 490 000

ONEUNITED BANK

Location: Boston, Massachusetts

Founded: August 02, 1982

FDIC Region: New York

Assets: $590 624 000

UNITED BANK OF PHILADELPHIA

Location: Philadelphia, Pennsylvania

Founded: March 23, 1992

FDIC Region: New York

Assets: $67 930 000

UNITY NB OF HOUSTON

Location: Houston, Texas

Founded: August 01, 1985

FDIC Region: Dallas

Assets: $68 125 000

Source: FDIC

We must take ownership of our community. Instead of speaking with your mouths; use your money to speak. Make the switch! Bank Black!

 

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One thought on “Banking While Black: It’s a Necessity

  1. Pingback: Money Talk over Dope Beats: The 4:44 Album through my Diva Dollars lens | Miss Diva Dollars

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