by G. Brown
First a shout out to one of our regular supporters who gave us the idea for this story through one of his regular (and always insightful) comments–“NBA is Fixed” as always we appreciate you and your support.
Yesterday, TRN ran a blurb about #BankBlack..the economic movement that rose up following the shootings of Alton Sterling and Philando Castile urging the community to unite and make their economic voice heard and prove that Black money matters. The campaign is motivating Blacks to abandon traditional banks and move their money to Black owned banks or credit union. Celebrities like Beyonce, Solange, Rapper Killer Mike, Jessie Williams, Alicia Keys and Queen Latifah have joined the movement and are urging Blacks to #BankBlack.
The largest Black owned bank in the country, OneUnited Bank says since the movement started, they’ve see over $3million dollars deposited into accounts. OneUnited Bank President Teri Williams says “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.” If you want to participate or learn more go to oneunited.com or oneunitedbank on Facebook.
But OneUnitedBank isn’t the only Black owned bank. Back in the early 90’s, there were about 54 Black owned banks according to the FDIC. But recessions and economic woes caused many of them to fail. It’s hard to say exactly how many Black banks exist currently because Google apparently isn’t up on that vital info, because they were busy researching vital questions like “what would a chair look like if your knees bent the other way”. Estimates list anywhere from 21 to almost 40 African American owned financial institutions.
Anyway, after checking several sites, we’ve comprised a list of 15 Black owned banks and credit union that you might want to check out if you’re interested in taking part in the #BankBlack campaign. Just click on the bank’s name to check out their website.
1–ALAMERICA BANK Location: Birmingham, Alabama Founded: January 28, 2000
2-BROADWAY FEDERAL BANK FSB Location: Los Angeles, California | Inglewood, CA Founded: February 26, 1947
3-CITIZENS TRUST BANK Location: Atlanta, Georgia Founded: June 18, 1921
4-CITY NB OF NEW JERSEY Location: Newark, New Jersey Founded: June 11, 1973
5-CREDIT UNION OF ATLANTA Location: Atlanta, Ga Founded 1928
6-COVENANT BANK Location: Chicago, Illinois Founded: June 20, 1977
7-FIRST INDEPENDENCE BANK Location: Detroit, Michigan Founded: May 14, 1970
8-FIRST STATE BANK Location: Danville, Virginia Founded: September 08, 1919
9-FIRST TUSKEGEE BANK Location:Tuskegee, Alabama Founded: October 11, 1991
10-INDUSTRIAL BANK Location: Washington, DC Founded: August 18, 1934
11-LIBERTY BANK & TRUST COMPANY Locations: New Orleans, Louisiana | Baton Rouge-Louisiana | Kansas City, Missouri | Dallas, Texas Founded: November 16, 1972
12-MECHANICS & FARMERS BANK Location: Durham, North Carolina Founded: March 01, 1908
13-NORTH MILWAUKEE STATE BANK Location: Milwaukee, Wisconsin Founded: February 12, 1971
14-UNITED BANK OF PHILADELPHIA Location: Philadelphia, Pennsylvania Founded: March 23, 1992
15-UNITY NB OF HOUSTON Location: Houston, Texas Founded: August 01, 1985
If you didn’t find a bank near you on our list, click here for a complete list. You can also check watchtheyard.com for a another list of banks and credit unions. Blackout.com is another great resource whwere you click on your state in the map and get redirected to a bank near you.
Let us know if you know of other institutions….and also, let us know if you plan to take part in the #BankBlack campaign.