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by Victor Cook
Reacting to the most recent wave of shootings of Black men by police officers, thousands of African-American consumers across America are directing their dollars by opening checking and savings accounts in Black-owned banks.
A grassroots effort being called a “Spend Movement” found the nation’s Black banks receiving calls and on-line requests to open accounts.
According to National Bankers Association President Michael Grant, “This is a movement that began over 100 years ago but had become dormant as a consequence of racial integration. Thousands have been mobilized to protest with their spending power. Many African-American consumers are linking the shootings with a sense of powerlessness, feeling undervalued and disrespected.”
Many African-American bankers are hearing that Black lives do not seem to matter because less value is placed on the lives of Black people as a group in America.
Since Friday, July 8, literally thousands of checking and savings accounts have been opened at Black-owned banks.
Reacting to the most recent wave of shootings of Black men by police officers, thousands of African-American consumers across America are directing their dollars by opening checking and savings accounts in Black-owned banks.
“The Black lives matter movement is a complement to an emerging economic empowerment movement that is engulfing Black communities all over America,” stated Preston Pinkett, NBA chairman and CEO of City National Bank, headquartered in Newark, N.J.
Hoping to manage the expectations of its expanding customer base, Black bankers are encouraging some of their prospective customers who have lost their check-writing privileges to work with bank employees to correct the situation. But the banks are also cautioning customers not to become frustrated if the bank is unable to immediately extend check-writing privileges because of past mistakes by customers.
Grant also cautioned Black consumers to be mindful of the voluminous requests that the banks are receiving on-line, in person and by telephone. He stated: “This is a very positive development for Black banks. They have always provided a disproportionate share of the small business loans and consumer loans to African-Americans.
“Ironically, it seems that we have gone full circle back to where we were before desegregation. The Black community is turning inward and seeking to provide security for itself. And few would argue against the notion that nearly every major social issue plaguing Black people in America can find its roots in economic deprivation.”
The National Bankers Association, founded in 1927, is a consortium of African-American, Hispanic, Asian, Native American and women-owned banks. The organization is headquartered in Washington, D.C. The following is a listing of all Black-owned NBA banks:
Alabama
- Commonwealth National Bank, Mobile
- Liberty Bank and Trust, Montgomery
California
- OneUnited Bank, Los Angeles
District of Columbia
- Industrial Bank, Washington, D.C.
Florida
- OneUnited Bank, Miami
Georgia
- Citizens Trust Bank, Atlanta
- Carver State Bank, Savannah
Kansas
- Liberty Bank & Trust, Kansas City
Kentucky
- Metro Bank, Louisville
Illinois
- Liberty Bank & Trust Co., Chicago
- Seaway Bank & Trust Co., Chicago
Louisiana
- Liberty Bank & Trust Co., New Orleans
Maryland
- The Harbor Bank of Maryland, Baltimore
Massachusetts
- OneUnited Bank, Boston
Michigan
- First Independence Bank, Detroit
- Liberty Bank & Trust, Detroit
Mississippi
- Liberty Bank & Trust, Jackson
Missouri
- Liberty Bank & Trust, Kansas City
New Jersey
- City National Bank of New Jersey, Newark
New York
- City National Bank of New Jersey, New York City
North Carolina
- Mechanics & Farmers Bank, Durham
Pennsylvania
- United Bank of Philadelphia, Philadelphia
South Carolina
- South Carolina Community Bank, Columbia
Tennessee
- Citizens Bank, Nashville
- Tri-State Bank of Memphis, Memphis
Texas
- Unity National Bank, Houston
Virginia
- First State Bank, Danville
Wisconsin
- Seaway Bank & Trust Company, Chicago
Victor Cook can be reached at vcook@nationalbankers.org. This story was distributed by Trice Edney Communications.
OneUnited Bank partners with #BlackMoneyMatters LA to empower African-Americans to #BankBlack in response to national outcry
July 23, 2-5 p.m., over 1,000 people are expected to attend and move their money.
by Suzan McDowell
Los Angeles – OneUnited Bank, the nation’s largest Black-owned bank, first black internet bank, and FDIC insured, announces its partnership with #BlackMoneyMattersLA to empower the Black community in Los Angeles. The message of #BlackMoneyMattersLA is “one of non-violence, non-vitriol and responsible action to mobilize as a people and deposit money into Black-owned banks all across the nation, starting with OneUnited Bank.”
There has been a community awakening following recent tragic events, including a desire by many to do something positive. Many leaders involved in the movement have begun to advocate opening a bank account in a Black-owned bank to show solidarity and empower the community by recycling dollars within the Black community.
OneUnited Bank has generated $3 million in deposits from across the country in response to this call to action. Celebrities such as Beyonce, Queen Latifah, Solange, Killer Mike, Jessie Williams, Alicia Keys and more have joined the conversation urging Black Americans to move their money to Black-owned banks.
On Saturday, July 23, 2-5 p.m., OneUnited Bank will partner with #BlackMoneyMattersLA and other community organizations to host a first-time account opening event at the OneUnited Bank’s Crenshaw branch, 3683 Crenshaw Blvd., Los Angeles, CA 90016. With over 1,000 people expected to attend, the event is planned as a positive and exciting opportunity for Los Angeles’ urban community to participate in the nationwide push to #BankBlack.
The event will feature food trucks, free giveaways, a personal meet-and-greet with the owners of OneUnited Bank, Teri Williams and Kevin Cohee, and engaging fellowship around the #BlackMoneyMatters movement. The ask is just $100 deposited into OneUnited Bank to become a part of the #BlackMoneyMatters movement and an economic shift for Black America. The event is OPEN TO THE PUBLIC!
On Saturday, July 23, 2-5 p.m., OneUnited Bank will partner with #BlackMoneyMattersLA and other community organizations to host a first-time account opening event at the OneUnited Bank’s Crenshaw branch.
“It is critical for the Black community to utilize our $1.2 trillion in annual spending power to create jobs and build wealth in our community,” states Teri Williams, president and COO of OneUnited Bank. “Put simply, if 1 million people opened a $100 savings account in a Black-owned bank, we would move $100 million!”
OneUnited Bank stands in full support of the #BlackMoneyMatter movements with the goal to take control of our humanity and regain economic power in our communities. For 20 years, OneUnited Bank the nation’s largest Black-owned bank, with assets of $620 million, has been steeped in the financial literacy movement and touted Black economic empowerment.
Sadly, Black dollars circulate in the Black community for only 6 hours as compared to 28 days in Asian communities. As the leader in the Black banking industry, OneUnited takes the challenge to strengthen the Black community’s financial future very seriously. #BankingBlack results in better circulation of Black dollars with Black businesses, creates more jobs for the Black community, provides mortgage and small business loans, educates the urban community on financial literacy and the power of the Black dollar.
OneUnited Bank stands in full support of the #BlackMoneyMatter movements with the goal to take control of our humanity and regain economic power in our communities.
OneUnited Bank is the premier bank for urban communities with offices in California, Florida and Massachusetts. Its mission is to provide affordable financial services to support economic development in urban communities and maintain superior financial performance to maximize shareholder value.
For more information about OneUnited Bank and the July 23rd, 2016 event in Los Angeles, please visit www.oneunited.com/blackmoneymattersla or email lashannon@oneunited.com. Follow us on Facebook, at www.facebook.com/oneunitedbank, and Twitter, at @oneunited #BANKBLACK.
Suzan McDowell can be reached at suzan@circleofonemarketing.com.
