Black Owned Banks: The Safe Houses of Our Community Ms. Bels Tuesday, June 28, 2011 The Receipt, Your Money and You With the constant reminder that this economy is no better off now than it was several years ago, many people are reluctant to put their money in so-called “safe houses” for fear of it being taken away by government or the greedy banks. But whether a bank is owned and operated by mainstream or by African-Americans, does that lessen the fear? Not necessarily so. As an African-American, choosing to bank with a Black owned financial institution opens up the possibilities of obtaining more financial freedom. For years, many have experienced the woes of banking at most U.S. banks. From outrageous fees to non-approval of small business loans, minorities have been forced into this bubble in which opportunities are non-existent. Why is that? Has the “stereotypical” track record of us having bad credit and pitiful money management habits caused this? In the late 1800’s, there were more than 130 U.S. banks owned by African-Americans. By 1917, African-American owned and operated businesses, in general, were calculated to be about 50,000 located in the U.S. There were hundreds of all–Black communities that rose up from the Emancipation. These communities helped create well-oiled machine type neighborhoods where Blacks owned the houses, the storefronts, the schools, the land, etc. But by the 1970’s, those “entrepreneurial” days were over. The demise of well-off all-Black communities was probably brought on by several factors (i.e. drugs, crime, welfare, sociological and economic depression, etc). The lack of Black-owned banks was, and still is, definitely a critical factor. As of 2010, the Federal Reserve Board reports that there are approximately 30 U.S. banks owned by African Americans. That is a far cry from the hundred or so owned in the 1800’s. So, how do we make these financial institutions leaders in the banking industry? How do we help push the importance of banking at a Black bank? In order to bring Black banks to the forefront, people need to invest into their own. This is where it all starts. Investing in our own is the key to revitalizing our communities on our own terms. If we do not support and patronize our own businesses, our communities will continue to be overridden with other minority groups and mainstream business owners who can quickly obtain a small business loan from the conglomerate U.S banks (i.e. Wells Fargo, JP Morgan Chase, Bank of America, etc). To have a better chance at securing loans, being approved for credit, obtain low percentage rates, etc, we have to start by allowing Black-owned institutions to be our safe-houses. One thing people may stress is the lack of awareness. Where are the Black-owned banks located? Because they are small in size, the marketing budget may not be sufficient. There may be only one or two branches available. As they say, most people follow the crowd. If the crowd isn’t there, then of course this will make it difficult for someone to want to invest in the bank. But don’t allow this to deter you. If you understand the big picture and aren’t aware of any banks in your area, here’s a list of several located throughout the U.S. Carver Bancorp, Inc. Deborah Wright, President & CEO 75 West 125th Street New York, NY 10027 (212)876-4747 | FAX (212)426-6214 Independence Federal Savings Bank Donna Shuler, President & CEO 1229 Connecticut Avenue, NW Washington, D.C. 20036 (202)628-5500 | FAX (202)626-7106 Industrial Bank, N.A. Doyle Mitchell, President & CEO 4812 Georgia Avenue, NW Washington, DC 20011 (202)722-2000 | FAX (202)722-2040 Highland Community Bank George Bar, CEO 1701 W. 87th Street Chicago, IL 60620 (773)881-6800 | FAX (773)881-7567 Seaway National Bank of Chicago Walter E Grady, President & CEO 645 East 87th Street Chicago, IL 60619 (773)487-4800 | FAX (773)487-0452 Citizens Trust Bank of Atlanta James E Young, President & CEO 75 Piedmont Avenue Atlanta, GA 30303 (404)653-2800 | FAX (404)584-7766 Family Savings Bank, FSB Wayne-Kent A Bradshaw, President & CEO 3683 Crenshaw Blvd. Los Angeles, CA 90016 (213)295-3381 | FAX (213)296-6801 Liberty Bank and Trust Company Alden J McDonald, CEO P.O. Box 60131 New Orleans, LA 70160 (504)286-8861 | FAX (504)286-8866 City National Bank of New Jersey Louis E Prezeau, CEO 900 Broad Street Newark, NJ 07102 (973)624-0865 | FAX (973)624-4369 The Harbor Bank of Maryland Joseph Haskins, CEO 25 West Fayette Street Baltimore, MD 21201 (410)528-1800 | FAX (410)528-1420 Mechanics and Farmers Bank Lee Johnson, Jr, Chairman, President & CEO 116 West Parrish Street Durham, NC 27701 (919)683-1521 | FAX (919)687-7821 Broadway Federal Bank Paul C Hudson, President & CEO 4835 W. Venice Blvd. Los Angeles, CA 90019 (213)931-1886 | FAX (213)931-2272 Consolidated Bank and Trust Company Vernard W Henley, Chairman 320 North First Street Richmond, VA 23219 (804)771-5200 | FAX (804)771-5269 Illinois Service Federal S&L Association Thelma J Smith, President & CEO 4619 South King Drive Chicago, IL 60653 (773)624-2000 | FAX (773)624-5340 United Bank of Philadelphia Emma Chappell, Chairman, President & CEO 714 Market Street Philadelphia, PA 19106 (215)829-2265 | FAX (215)829-2269 Founders National Bank of Los Angeles John Kelly, President & CEO 3910 W. MLK, Jr. Blvd. Los Angeles, CA 90008 (213)290-4848 | FAX (213)290-3313 First Independence National Bank Donald Davis, Chairman 44 Michigan Avenue Detroit, MI 48226 (313)256-8400 | FAX (313)256-8811 Tri State Bank of Memphis Jesse H Turner, Chairman & President 180 South Main at Beale Memphis, TN 38103 (901)525-0384 | FAX (901)526-8608 Citizens Federal Savings Bank Bunny Stokes, CEO 1700 3rd Avenue North Birmingham, AL 35203 (205)328-2041 | FAX (205)214-3070 Dryades Savings Bank, FSB Virgil Robinson, President & CEO 231 Carondelet Street Suite 200 New Orleans, LA 70130 (504)581-5891 | FAX (504)598-7233 Boston Bank of Commerce Kevin Cohee, Chairman & CEO 133 Federal Street Boston, MA 02110 (617)457-4418 | FAX (617)457-4430 Douglass National Bank Ronald Wiley, President & CEO 1670 E. 63rd Street Kansas City, MO 64110 (913)321-7200 | FAX (913)321-7519 Mutual Community Savings Bank Inc., SSB William G. Smith, President & CEO 315 E. Chapel Hill Street Durham, NC 27701 (919)688-1308 | FAX (919)682-1380 First Tuskegee Bank James W Wright, Chairman & CEO 301 North Elm Street Tuskegee, AL 36083 (334)262-0800 | FAX (334)265-4333 Capitol City Bancshares Inc George Andrews, President 562 Lee Street S.W. Atlanta, GA 30310 (404) 752-6067 | FAX (404)752-5862 Consolidated Bank & Trust Company V. W. Henley, Chairman & CEO 320 North First Street P.O. Box 26823 Richmond, VA 23261-6823 (804)771-5200 | FAX (804)771-5244 Source 1, Source 2
