The #BankBlack revolution has already began. Thousands of African Americans across the country are transferring their money to Black-owned banks that invest in urban communities and businesses. Initiated by several celebrities like Solange and rapper Killer Mike, the initiative is in response to years of police brutality, discrimination, and other racial problems that have long existed in America.
African Americans collectively have an annual buying power of almost $1 trillion dollars, and so the idea is to circulate and re-circulate Black dollars within Black communities.
If you are interested in opening an account at a Black-owned, FDIC-insured bank, here’s the complete list below according to FederalReserve.gov:
#1 – Alamerica Bank: This bank in Birmingham, Alabama provides a unique banking experience for underserved communities. Their staff of experienced bankers is committed to providing quality and personalized service, offering a full array of banking services, from deposit accounts to loans.
#2 – Commonwealth National Bank: At this bank in Mobile, Alabama, they believe that your business is unique and so your bank should be too. They offer free online banking with no minimum daily balance required, and a variety of business accounts designed to help you maximize your banking experience.
(Also see #11 – Liberty Bank, which has branch locations in Tuskegee and Montgomery, AL.)
#3 – Broadway Federal Bank: Based in Los Angeles, California, this Black-owned bank aims to serve the real estate business and financial needs in underserved urban communities. They especially aim to meet the needs of minority consumers who want to take out conventional loans.
(Also see #13 – One United Bank, which has branch locations in Compton and Los Angeles, CA.)
DISTRICT OF COLUMBIA (WASHINGTON, DC)
#4 – Industrial Bank: Headquarted in Washington, DC with branch locations in Oxon Hill and Forestville, MD, this bank has delivered essential banking and financial services since 1934 that have contributed greatly to the growth and development of the local Black community.
#5 – Axiom Bank: Headquartered in Central Florida with branches throughout the Jacksonville, Orlando, and Tampa areas, this federally-chartered community bank serves the financial needs of its customers through a wide range of financial products. They provide retail banking services, including checking, deposit, and money market accounts, through 20 branch locations, 19 of which are inside select Walmart Supercenters. (Note: This bank was Black-owned for many years as Urban Trust Bank, and even earlier as Metro Savings Bank. Although they are no longer Black-owned, they are a solid, growing community bank that supports urban communities.)
(Also see #13 – One United Bank, which has branch locations in Miami, FL.)
#6 – Carver State Bank: Established in 1927 in Savannah, Georgia, this Black-owned bank has has remained a financial services leader for all sectors of the Savannah community throughout its 85 years and is the only bank in the area with an outstanding Community Reinvestment Act Rating.
#7 – Citizens Trust Bank: Since their beginning in 1921, this Atlanta, GA-based bank has responded to market shifts by expanding their electronic platform while still providing the personal touch service that makes them unique to their customers. Thanks to an online #BankBlack social media campaign in July 2016, more than 8,000 new accounts were opened at their branch in just one week.
#8 – Illinois Service Federal Bank: Based in Chicago, this bank aims to be a viable, growing, community development financial services institution responding innovatively to their primarily underserved and minority constituency with superb customer service.
#9 – Seaway Bank & Trust Company: This Chicago-based community bank serves families, non-profits and businesses in diverse neighborhoods. It was established in 1965 to counter discriminatory lending practices and is now recognized as one of the nation’s largest minority-owned banks, with more than $400 million in assets and 240 employees.
(Also, see #11 – Liberty Bank, which has branch locations in Chicago, IL.)
(See #11 – Liberty Bank, which has branch locations in Kansas City, KS.)
#10 – Metro Bank: Based in Louisville, Kentucky, this Black-owned bank works to provide opportunity where before there was none – whether it is their involvement in a multi-million dollar New Markets Tax Credit project, or a start-up business loan to an entrepreneur providing a much-needed service in an underserved neighborhood.
#11 – Liberty Bank: Primarily based in New Orleans and Baton Rouge, Louisiana, this bank has a sincere focus on service, integrity and a sincere interest in community and business development. Over the past four decades, they have also expanded to more than 18 branches in six states – including Kansas, Mississippi, Michigan, Missouri, Alabama, and Illinois.
#12 – Harbor Bank of Maryland: Opening its doors in 1982, this bank primarily serves the Baltimore metropolitan area, and offers checking, savings, time deposits, credit cards, debit card, commercial real estate, personal, home improvement, automobile, and other installment and term loans. They also have a branch in Riverdale, MD, PG County.
(Also, see #4 – Industrial Bank, which has branch locations in Oxon Hill and Forestville, MD.)
#13 – One United Bank: The first Black internet bank and the largest Black-owned bank in the country, with offices in Los Angeles, Boston and Miami. They were awarded the highest Bank Enterprise Award by the U.S. Department of Treasury for their community development lending ten times, and they are a designated Community Development Financial Institution (CDFI).
#14 – First Independence Bank: Based in Detroit, this bank was established in the 1970’s to serve the financial needs of the urban community, its businesses, and its citizens. They say that no line of financial services is beyond their charter as long as they are serving the financial needs of businesses and families in the Black community.
(Also, see #11 – Liberty Bank, which has branch locations in Detroit, MI.)
(See #11 – Liberty Bank, which has branch locations in Jackson, MS.)
(See #11 – Liberty Bank, which has branch locations in St. Louis, MO.)
#15 – City National Bank: Primarily based in Newark, NJ with branch locations in Harlem and Brooklyn, NYC, this Black-owned bank plays a pivotal role in strengthening urban communities. They call themselves a forward-thinking financial institution whose mission is to build economic strength and improve the quality of life within urban communities by providing the highest quality financial services, including low-cost business loans.
(See #15 – City National Bank, which has branch locations in Harlem and Brooklyn, NY.)
#16 – Mechanics & Farmers Bank: Founded in 1907, this bank is the 2nd oldest minority-owned bank in the United States. They have branches in Winston-Salem, Durham, Raleigh, Greensboro, and Charlotte, and most of their deposits are recycled back into urban communities.
#17 – United Bank of Philadelphia: Based in the city of Philadelphia, this Black-owned bank says that all deposits stay right in the community in a cycle of community, inclusivity, and opportunity. They offer affordable banking services to individuals, families, small businesses, and non-profit organizations.
#18 – South Carolina Community Bank: Based in Columbia, SC, this Black-controlled bank offers a select range of high priority personalized products and services to traditionally underserved communities, including small to medium sized businesses,
#19 – Citizens Savings Bank and Trust Company: With branch locations in Nashville and Memphis, TN, this community bank provides friendly and personal service to both individuals and small businesses. They are an equal opportunity employer with 32 full-time employees, 3 convenient offices and approximately $100 million in total assets.
#20 – Tri-State Bank of Memphis: With three branch locations throughout the Memphis area, this a community bank has proudly served the urban community for over 65 years and have a history of leadership, concern and commitment.
#21 – Unity National Bank: Based in Houston, Texas, with a branch also in Missouri City, this Black-owned bank creates opportunities to help people and businesses grow and enhance the quality of life. They do that through service and services that respect their time, make banking easier and keep them financially competitive.
#22 – First State Bank: Chartered in 1919 in Danville, VA, this locally-owned and operated bank provides the personal touch to banking services. From checking and savings products to loans and other financial investments, they offer a variety of options to fit your needs.
#23 – Columbia Savings & Loan Association: Based in Milwaukee, WI, this is the oldest Black-owned financial institution in the state, and they have been serving commercial and individual accounts to urban customers since 1924. They offer checking accounts, and consumer and business loans.
Typically, we don’t give much thought to who is the owner of the companies that produce the products we use. From toothpaste to mouthwash, soap to laundry detergent, bathroom products, and all the other products we use on a daily basis, all are made by companies that were started by entrepreneurs with an idea to solve a problem or make life a little easier. And guess what? Some of these entrepreneurs are African American.
#1 – Toilet Paper
Freedom Paper Company – headquartered in Baltimore, Maryland, this Black-owned manufacturer and distributor produces economical bathroom tissue for both residential and commercial use. Privately owned and founded by CEO Kamose Muhammad, they also produce economical paper towels, paper products and dispensers.
#2 – Mouthwash
Garner’s Garden – Based in Fort Washington, MD, this Black-owned company makes 100 percent all natural body care products, including mouthwash and lip balm, organic hand soap and body wash, hand and foot creams, hair care products, and facial cleansers and oils. Their extensive product line can be ordered online.
#3 – Laundry Detergent
The True Products – Based in Atlanta, Georgia-based, this company is owned by 3 African American founders who are all experienced entrepreneurs. Their unique, eco-friendly laundry detergent can be purchased online or through distributors located across Georgia and several other states.
“Time For An Awakening” for Sunday 3/01/2020 at 7:00 PM (EST) our guest was Attorney, Author, National Spokesperson for Minister Louis Farrakhan, Dr. Ava Muhammad. “THE CASE FOR SEPARATION“, along with related subjects was topics for discussion with our guest, Dr. Ava Muhammad.
“Time For An Awakening” for Sunday 3/08/2020 at 7:00 PM our guest was Author, Financial Educator, CEO of Good Steward LLC, Shawn D. Rochester. “The Black Tax: The Cost Of Being Black In America”, and related topics was the discussion with our guest, Mr. Shawn Rochester.
by Selena Hill
June 26, 2019
The BE financial services companies include the largest black banks, investment banks, asset managers, and private equity firms. These companies manage trillions of assets as they diversify the capital markets and serve the needs of individual and institutional clients from Wall Street to Silicon Valley.
|2||Liberty Bank and Trust Co.||591.541|
|3||Carver Bancorp Inc. (Carver Federal Savings Bank) *||590.000|
|5||Citizens Bancshares Corp. (Citizens Trust Bank) *||411.073|
|6||Broadway Financial Corp. (Broadway Federal Bank) *||407.170|
|7||Harbor Bankshares Corp. (The Harbor Bank of Maryland)||282.599|
|8||First Independence Bank||257.244|
|9||M&F Bancorp Inc. (Mechanics & Farmers Bank)||257.200|
|10||City National Bank of New Jersey||167.570|
|12||Citizens Savings Bank & Trust Co.||103.080|
|13||Unity National Bank||93.832|
|14||Tri-State Bank of Memphis||82.336|
|15||Commonwealth National Bank||47.261|
READ MORE AT: https://www.blackenterprise.com/be100s/financialservices/
135 years ago today, European leaders sat around a horseshoe-shaped table to set the rules for Africa’s colonisation.
By Patrick Gathara
On the afternoon of Saturday, November 15, 1884, an international conference was opened by the chancellor of the newly-created German Empire at his official residence on Wilhelmstrasse, in Berlin. Sat around a horseshoe-shaped table in a room overlooking the garden with representatives from every European country, apart from Switzerland, as well as those from the United States and the Ottoman Empire. The only clue as to the purpose of the November gathering of white men was hung on the wall – a large map of Africa “drooping down like a question mark” as Nigerian historian, Professor Godfrey Uzoigwe, would comment.
Including a short break for Christmas and the New Year, the West African Conference of Berlin would last 104 days, ending on February 26, 1885. In the 135 years since, the conference has come to represent the late 19th-century European Scramble and Partition of the continent. In the popular imagination, the delegates are hunched over a map, armed with rulers and pencils, sketching out national borders on the continent with no idea of what existed on the ground they were parcelling out. Yet this is mistaken. The Berlin Conference did not begin the scramble. That was well under way. Neither did it partition the continent. Only one state, the short-lived horror that was the Congo Free State, came out of it – though strictly speaking it was not actually a creation of the conference.
It did something much worse, though, with consequences that would reverberate across the years and be felt until today. It established the rules for the conquest and partition of Africa, in the process legitimising the ideas of Africa as a playground for outsiders, its mineral wealth as a resource for the outside world not for Africans and its fate as a matter not to be left to Africans.
From the very start, the conference laid out the order of priorities. “The Powers are in the presence of three interests: That of the commercial and industrial nations, which a common necessity compels to the research of new outlets. That of the States and of the Powers summoned to exercise over the regions of the Congo an authority which will have burdens corresponding to their rights. And, lastly, that which some generous voices have already commended to your solicitude – the interests of the native populations.” It also resolutely refused to consider the question of sovereignty, and the legitimacy of laying claim to someone else’s land and resources.
Uzoigwe notes that: “Bismarck … stated in his opening remarks that delegates had not been assembled to discuss matters of sovereignty either of African states or of the European powers in Africa.” It was no accident that there were no Africans at the table – their opinions were not considered necessary. The efforts of the Sultan of Zanzibar to get himself invited to the party were summarily laughed off by the British.
American journalist Daniel De Leon described the conference as “an event unique in the history of political science … Diplomatic in form, it was economic in fact.” And it is true that while it was dressed up as a humanitarian summit to look at the welfare of locals, its agenda was almost purely economic. Few on the continent or in the African diaspora were fooled. A week before it closed, the Lagos Observer declared that “the world had, perhaps, never witnessed a robbery on so large a scale.” Six years later, another editor of a Lagos newspaper comparing the legacy conference to the slave trade said: “A forcible possession of our land has taken the place of a forcible possession of our person.” Theodore Holly, the first black Protestant Episcopal Bishop in the US, condemned the delegates as having “come together to enact into law, national rapine, robbery and murder”.
The outcome of the conference was the General Act signed and ratified by all but one of the 14 nations at the table, the US being the sole exception. Some of its main features were the establishment of a regime of free trade stretching across the middle of Africa, the development of which became the rationale for the recognition of the Congo Free State and its subsequent 13-year horror, the abolition of the overland slave trade as well as the principle of “effective occupation”.
Though the attempt to create a free trade area in Africa and therefore keep the continent from becoming both a spark for, and a theatre of conflict between the European powers, was ultimately doomed. The principle of “effective occupation” was to become the catalyst for military conquest of the African continent with far-reaching consequences for its inhabitants.
At the time of the conference, 80 percent of Africa remained under traditional and local control. The Europeans only had influence on the coast. Following it, they started grabbing chunks of land inland, ultimately creating a hodgepodge of geometric boundaries that was superimposed over indigenous cultures and regions of Africa. However, to get their claims over African land accepted, European states had to demonstrate that they could actually administer the area.
Often, military victory proved to be the easy part. To govern, they found they had to contend with a confusing milieu of fluid identities and cultures and languages. The Europeans thus set about reorganising Africans into units they could understand and control. As Professor Terence Ranger noted, the colonial period was marked “by systematic inventions of African traditions – ethnicity, customary law, ‘traditional’ religion. Before colonialism Africa was characterised by pluralism, flexibility, multiple identity; after it, African identities of ‘tribe’, gender and generation were all bounded by the rigidities of invented tradition.”
That first-ever international conference on Africa established a template for how the world deals with the continent. Today, Africa is still seen primarily as a source for raw materials for the outside world and an arena for them to compete over. Conferences about the continent are rarely held on the continent itself and rarely care about the views of ordinary Africans.
The sight of African heads of state assembling in foreign capitals to beg for favours is a re-enactment of the Sultan of Zanzibar’s pleading to attend a conference where he would be the main course.
Despite achieving independence for the most part in the 1950s and 1960s, many African countries have continued along the destructive path laid out in Berlin. Former Tanzanian President Julius Nyerere declared: “We have artificial ‘nations’ carved out at the Berlin Conference in 1884, and today we are struggling to build these nations into stable units of human society… we are in danger of becoming the most Balkanised continent of the world.” Ethnicity and tribalism continue to be the bane of African politics. “The Berlin Conference was Africa’s undoing in more ways than one,” wrote Jan Nijman, Peter Muller and Harm de Blij in their book, Geography: Realms, Regions, and Concepts. “The colonial powers superimposed their domains on the African continent. By the time independence returned to Africa… the realm had acquired a legacy of political fragmentation that could neither be eliminated nor made to operate satisfactorily.”
Now, 135 years after Berlin, it is perhaps time for introspection. While it is impossible to turn back the clock, Africans would do well to reflect on what has happened since. Teaching the real history of the subjugation of the continent would help counter the myths of “ancient hatreds” that are said to fuel the conflicts on the continent. And Africans could decide to get together on the continent to debate and decide on the relationship they want with the rest of the world rather than always having that dictated to them from abroad.
Patrick Gathara is a communications consultant, writer, and award-winning political cartoonist based in Nairobi.