If you have been following the #buyblack movement, then you are probably also aware of #Bankblack. What you may not know is that the movement has taken on a whole new dynamic with the national protests over the shooting deaths of Black men by the police
Michael Grant, the president of the National Bankers Association – a trade association representing America’s women and minority-owned banks believes “These killings released a sense of hopelessness and frustration, and this volcanic eruption happened for us to do something positive, to put our energies into something that can help solve problems.” According to Grant, the positive action is the drive for Black Americans to put their money in minority-owned financial institutions. “The African-American community is turning inward out of frustration…I think the shootings really were a spark, a catalyst that unleashed an energy, a yearning that was bubbling up,” he added.
NBA Chairman and CEO of the minority-owned City National Bank of New Jersey, Preston Pinkett III, agrees. He was quoted in the Philadelphia Tribune, saying, “The Black lives matter movement is a complement to an emerging economic empowerment movement that is engulfing Black communities all over America.”
The message was not lost on a number of Houston rappers who joined the growing number of celebrities moving their money into Black-owned banks. The artists opened accounts at Unity Bank, the only black-owned bank in Houston. In response, Killermike tweeted:
“These are my friends and fellow rappers being the change that those who down talk them accuse them of not being. I salute the Rappers in H Town. Thanks for the call Paul Wall. Salutes Johnny Dang for being an ally to the community that u make money with. Special salutes to Brother Deric (Salaam Black man) & Willie D for using the moment to lead our dollars where there shud be. #BankBlackBankSmallBankLocal salutes H Town. Salutes TIP for showing cross south love like we always have & will do! #RIPPimpC”
Earlier in the month, Solange Knowles said she was moving her money into a Black-owned bank as a result of the police killings of Alton Sterling and Philando Castile. She posted her thoughts on social media. “While I realize this is a very personal decision and thing to share, I’m proud to say I made that step today. Time to literally put my money where my mouth is.”
According to Madame Noire, the banks could use the help. In 2014, it was stated “Last year, 60 percent of Black-owned banks lost money…And from 2001 to 2015, the number of Black banks decreased dramatically from 48 to 25.” Now, in 2016, the number of black banks has decreased yet again. The number is down to 19.
Teri Williams is the President and COO of the nation’s largest Black-owned bank, OneUnited Bank. She believes that Black banks still have a purpose. “We stand on a history and a foundation of great leaders and civil rights leaders who underscored the importance of Black people harnessing their spending power…what we are is a barometer of the community’s financial strength.”
Courtesy
Courtesy
Eze Afrika
