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
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
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
GN BANK (Formerly Illinois Savings and Federal)
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!