Today, I had the opportunity to attend the Freedman’s Bank Naming Ceremony at the U.S. Department of the Treasury. The National headquarters of the bank was in the location on Pennsylvania Avenue across from The White House and Treasury Department. Not until last year did I even know what the Freedman’s Bank was. If you too need a quick history lesson on Freeman’s Savings feel free to read more about it here on the National Archives blog. At the event there were remarks from Ambassador Andrew Young, Treasury Secretary Jack Lew, and Banker Aleda McDonald Jr.
Each of them impressed the need for minority banking institutions in America in order to achieve financial inclusion. Mr. McDonald has been a black banker in the industry for 50 years and stated that in 2016, there are only 23 black owned banks remaining
After listening to their remarks, it made me want to do my part immediately. I will be opening an account by the end of January at the Harbor Bank of Maryland -- the only remaining black owned bank in Baltimore. According to the FDIC website’s Minority Depository Institutions - Third Quarter 2015 report, these 23 banks have $4.8 billion in assets.
Yet, black buying power is estimated to be $1.1 trillion. LESS THAN HALF OF A PERCENT OF OUR BUYING POWER IS HOUSED BY BLACK OWNED BANKS! Naw son!
Here is the list of black owned banks in America below:
- ALAMERICA BANK, BIRMINGHAM, AL
- BROADWAY FEDERAL BANK FSB, LOS ANGELES, CA
- CARVER STATE BANK, SAVANNAH, GA
- CITIZENS SAVINGS B&T CO, NASHVILLE, TN
- CITIZENS TRUST BANK, ATLANTA, GA
- CITY NB OF NEW JERSEY, NEWARK, NJ
- COLUMBIA SAVINGS&LOAN ASSN, MILWAUKEE, WI
- COMMONWEALTH NATIONAL BANK, MOBILE, AL
- FIRST INDEPENDENCE BANK, DETROIT, MI
- FIRST STATE BANK, DANVILLE, VA
- HARBOR BANK OF MARYLAND, BALTIMORE, MD
- ILLINOIS-SERVICE FS&LA, CHICAGO, IL
- INDUSTRIAL BANK WASHINGTON, DC
- LIBERTY BANK&TRUST CO, NEW ORLEANS, LA
- MECHANICS&FARMERS BANK, DURHAM, NC
- NORTH MILWAUKEE STATE BANK, MILWAUKEE, WI
- ONEUNITED BANK, BOSTON, MA
- SEAWAY BANK&TRUST CO, CHICAGO, IL
- SOUTH CAROLINA CMTY BANK, COLUMBIA, SC
- TRI-STATE BANK OF MEMPHIS, MEMPHIS, TN
- UNITED BANK OF PHILADELPHIA, PHILADELPHIA, PA
- UNITY NB OF HOUSTON, HOUSTON, TX
I sincerely hope some of you join me in supporting Black banks and open a new account by the end of the month! Let me know below if you are in for Boonie’s Black Bank Challenge!!!