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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.
In his last public message the day before he was assassinated, Dr. Martin Luther King Jr. called on Black people in Memphis to support Black banks. “We’ve got to strengthen Black institutions. I call upon you to take your money out of the banks downtown and deposit your money in Tri-State Bank,” he said ...