In the wake of the back-to-back police killings early this month of two African-American men, Alton Sterling (7/5) and Philando Castile (7/6) and others that have followed, there has been a call among the African-American people and communities throughout the U.S. to demonstrate their 100% dissatisfaction with this blatant disregard for Black lives by police and show that they matter and will no longer stand by idly in the face of this brutal injustice. This has taken the form of a call for Black economic empowerment and has quickly manifested into a movement where Blacks have called for Blacks nationwide to boycott and stop spending their Black dollars at large big box retailers as well as move their money from large mainstream banking institutions to Black owned community banks. As this Black financial and economic dynamic continues to take hold and grow, this month alone in the course of over a couple of weeks, over $5 million has been transferred to Black owned banks, most notably:
OneUnited Bank (the largest Black owned bank in the U.S., Boston, MA), over $3 million in new accounts.
Citizens Trust Bank (Atlanta, GA), over $1 million in new accounts.
Mechanics & Farmers Bank (the second oldest Black owned bank in the U.S., Durham, NC), over $1 million in new accounts.
We at BLAK Group and BLAK Financial Technology are fully behind and support this Black financial and economic empowerment revolution and movement. That’s why we’ve created BEEM (BLAK Economic Empowerment Movememt) to assist in bringing awareness about and supporting the financial and economic empowerment of African-Americans in the U.S. as a whole. We know that Black dollars matter, so should you.
Here are some facts to consider relative to the African-American financial and economic state in the U.S.
· There are over 44 million African-Americans in the U.S. with a total spending power of over $1 trillion.
· There are over 9 million African-American U.S. households that are either Unbanked or Underbanked.
· That equates to over 25 million African-Americans that are either Unbanked or Underbanked.
· That means that more than 50% of the total population of African-Americans in the U.S. are either Unbanked or Underbanked.
Here are some facts to consider relative to the African-American Owned Banks (AAOBs) in the U.S.
· AAOBs are in 17 states and territories. Key states absent are Florida, Mississippi, New York, and Ohio.
· Alabama, Georgia, Illinois, Tennessee, and Wisconsin each have two AAOBs.
· 2016 Median AAOBs Assets: $107 551 000 ($113 470 000)*
· 2016 Average AAOBs Assets: $210 292 000 ($233 583 000)*
· African-American bank assets saw a 1.2 percent decrease or net loss of approximately $57 million in assets in 2015.
· AAOBs control 0.03 percent of America’s $15.7 trillion Bank Owned Assets.
· AAOBs control 2.3 percent of FDIC designated Minority-Owned Bank Assets, which is down from 2.6 percent in 2015.
· There has not been an AAOB started in 16 years.
· Only 8 of 2016’s 22 AAOBs saw increases in assets.
· For comparison, Asian American Owned Banks have approximately $46.1 billion in assets spread over 68 institutions. They control 6.0 percent of Asian America’s buying power.
*Previous year in parentheses
Here is a list of all the 22 African-American owned banks by state throughout the U.S.
ALABAMA
ALAMERICA BANK
Website: www.alamericabank.com
Location: Birmingham, Alabama
Founded: January 28, 2000
FDIC Region: Atlanta
Assets: $35,476,000.
COMMONWEALTH NATIONAL BANK
Website: www.ecommonwealthbank.com
Location: Mobile, Alabama
Founded: February 19, 1976
FDIC Region: Atlanta
Assets: $56,501,000.
CALIFORNIA
BROADWAY FEDERAL BANK FSB
Website: www.broadwayfederalbank.com
Location: Los Angeles, California
Founded: February 26, 1947
FDIC Region: San Francisco
Assets: $402,902,000.
DISTRICT OF COLUMBIA
INDUSTRIAL BANK
Website: www.industrial-bank.com
Location: Washington, DC
Founded: August 18, 1934
FDIC Region: New York
Assets: $388,951,000.
GEORGIA
CARVER STATE BANK
Website: www.carverstatebank.com
Location: Savannah, Georgia
Founded: January 1, 1927
FDIC Region: Atlanta
Assets: $42,174,000.
CITIZENS TRUST BANK
Website: www.ctbconnect.com
Location: Atlanta, Georgia
Founded: June 18, 1921
FDIC Region: Atlanta
Assets: $387,897,000.
ILLINOIS
ILLINOIS SERVICE FEDERAL SAVINGS & LOAN
Website: www.isfbank.com
Location: Chicago, Illinois
Founded: January 01, 1934
FDIC Region: Chicago
Assets: $101,291,000.
SEAWAY BANK & TRUST COMPANY
Website: www.seawaybank.us
Location: Chicago, Illinois
Founded: January 02, 1965
FDIC Region: Chicago
Assets: $369,544,000.
LOUISIANA
LIBERTY BANK & TRUST COMPANY
Website: www.libertybank.net
Location: New Orleans, Louisiana
Founded: November 16, 1972
FDIC Region: Dallas
Assets: $604,163,000.
MARYLAND
HARBOR BANK OF MARYLAND
Website: www.theharborbank.com
Location: Baltimore, Maryland
Founded: September 13, 1982
FDIC Region: New York
Assets: $285,246,000.
MASSACHUSETTS
ONEUNITED BANK
Website: www.oneunited.com
Location: Boston, Massachusetts
Founded: August 02, 1982
FDIC Region: New York
Assets: $648,615,000.
MICHIGAN
FIRST INDEPENDENCE BANK
Website: www.firstindependence.com
Location: Detroit, Michigan
Founded: May 14, 1970
FDIC Region: Chicago
Assets: $216,821,000.
NEW JERSEY
CITY NB OF NEW JERSEY
Website: www.citynatbank.com
Location: Newark, New Jersey
Founded: June 11, 1973
FDIC Region: New York
Assets: $250,095,000.
NORTH CAROLINA
MECHANICS & FARMERS BANK
Website: www.mfbonline.com
Location: Durham, North Carolina
Founded: March 01, 1907
FDIC Region: Atlanta
Assets: $298,014,000.
PENNSYLVANIA
UNITED BANK OF PHILADELPHIA
Website: www.ubphila.com
Location: Philadelphia, Pennsylvania
Founded: March 23, 1992
FDIC Region: New York
Assets: $59,001,000.
SOUTH CAROLINA
SOUTH CAROLINA COMMUNITY BANK
Website: www.sccommunitybank.net
Location: Columbia, South Carolina
Founded: March 26, 1999
FDIC Region: Atlanta
Assets: $52,995,000.
TENNESSEE
CITIZENS SAVINGS B&T COMPANY
Website: www.bankcbn.com
Location: Nashville, Tennessee
Founded: January 4, 1904
FDIC Region: Dallas
Assets: $104,060,000.
TRI-STATE BANK OF MEMPHIS
Website: www.tristatebank.com
Location: Memphis, Tennessee
Founded: December 16, 1946
FDIC Region: Dallas
Assets: $111,042,000.
TEXAS
UNITY NB OF HOUSTON
Website: www.unitybanktexas.com
Location: Houston, Texas
Founded: August 01, 1985
FDIC Region: Dallas
Assets: $83,327,000.
VIRGINIA
FIRST STATE BANK
Websitte: www.efirststatebank.com
Location: Danville, Virginia
Founded: September 08, 1919
FDIC Region: Atlanta
Assets: $37,612,000.
WISCONSIN
COLUMBIA SAVINGS & LOAN ASSOCIATION
Website: www.columbiasavingsandloans.com
Location: Milwaukee, Wisconsin
Founded: January 1, 1924
FDIC Region: Chicago
Assets: $23,684,000.
NORTH MILWAUKEE STATE BANK
Website: www.nmsbank.com
Location: Milwaukee, Wisconsin
Founded: February 12, 1971
FDIC Region: Chicago
Assets: $67,115,000.
To learn more about the BLAK Card as a forthcoming financial and wealth creation, building and management tool for African-American financial and economic empowerment and/or to become a part of BEEM (BLAK Economic Empowerment Movement) please visit www.theblakcard.com and sign-up via e-mail.
Otherwise, please assist us in spreading the awareness and showing support of BEEM by sharing this post among your network.
