Why Harlemites Should Bank Black

By Keydra Manns

Police brutality is still an issue that plagues Black Americans more than any other demographic. Recently it feels like every week a new headline appears informing the public that another unarmed black man has been killed at the hands of a police officer. What makes matters even more infuriating is that many of these officers are barley getting a slap on the wrist or facing any consequences for their actions.

The Black vs. Blue saga is far too familiar in American history. Black Americans have been battling for equal treatment in America since the countries inception. Thanks to successful initiatives in the past, the Black community has flourished to what it is today, but there is still work that needs to be done to improve the quality of life for the Black community.

Black Americans and even celebrities are trying to figure out a way to give back to the community that goes beyond protesting in the streets. Supporting Black businesses are a great way to support the community especially investing in a Black owned bank. Singer Solange Knowles is the latest celebrity to publicly announce that she will be transferring her funds to a Black owned financial institution.

“While I realize this is a very personal decision and thing to share,” says Knowles. “I’m proud to say I made that step today, time to literally put my money where my mouth is.”

If you want to support the Black community but aren’t into protesting or haven’t been to the latest #BlackLivesMatter meet up Harlem Focus has you covered. There are about 21 Black owned banks and credit unions in the country, but only two of them serve the New York/New Jersey area. Luckily for us Harlemites, the largest Black owned bank is right here in our community. Below you will find the black owned banks close by ready to serve your banking needs.

Carver Bank

Carver Bank was founded in 1948 to serve African Americans who had limited access to larger banking institutions. Carvers headquarters is in Harlem and is the largest African American bank in the country. You will find the majority of their branches in low to moderate income neighborhoods. Carver currently holds approximately $640 million in assets.

City National Bank

City National Bank of New Jersey opened its doors in 1971 and is managed and owned by minorities. The company prides itself in providing trust worthy partnerships and can be found in New York State and New Jersey. It holds about $340,000 in assets.

Investing in Black businesses may seem minuscule but could potentially make a big difference. If we don’t put money back into our own communities we will always be controlled and dictated by those who do.