Black-owned banks didn't exist until more than a century after the Bank of North America first opened its doors. Prior to the chartering of the first Black-owned bank in 1888, Congress and President Lincoln established the Freedmen's Savings Bank in 1865. As part of the Freedmen's Bureau, this institution was designed to help newly freed African Americans navigate the U.S. financial system In 1874, after Fredrick Douglas invested $10,000 of his money bankrupt that same year.
In 1888, the first chartered Black Owned bank True Reformers Bank was formed by Rev. William Washington Browne. Between the years of 1888 and 1934 there were 134 Black-Owned banks located in southern states.
In 1988 there were only 35 left because of the savings and loan crisis. Fast forward currently the number of Black-Owned/Led banks are about 20 left. A number of reasons have affected the rise and fall of these banking institutions.
These banks begin with a noble reason in mind-Serve the black community with banking services such as checking/saving accounts, loans, building equity, and the fight to combat systemic racism in the financial world.
This podcast gives a brief overview of those reasons letting all of us know what we can do to save our Black Owned/Led Banks.
For more information check out Let's Put Our Money Together
For more information about the Host Anita R Johnson contact her at 916-253-6444, Facebook along with all Social Media platforms.
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