banking | Miss Diva Dollars

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? 14

Yep, you read it right… 14 Black-Owned Banks left in America.

UPDATE: Seaway Bank and Trust Company closed on January 27, 2017. City National Bank of New Jersey was closed on November 1, 2019 and bought by Industrial Bank (Black-Owned Bank). First Tuskegee Bank merged with Liberty Bank (Black-Owned Bank). North Milwaukee State Bank was closed in March 2016.

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 14 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

CARVER STATE BANK

Location: Savannah, Georgia