Black Money Business Jobs : Black-Owned Banks Struggling to Stay Out of the Red

peace

I remember years ago we had a Carver bank open up in my old neighborhood and it only lasted there for about 6 - 8 months. The people simply refused to bank with them.. It was almost as if they didn't see this black owned bank as ligitimate or something.

On the other hand, the advertising of the bank was by word of mouth only. They did little to no advertising except if you happened to pass by it and they would have someone outside the bank handing out pamphlets...

Man,

You hit on something.

What happened that we can trust 'us'?
 
Man,

You hit on something.

What happened that we can trust 'us'?

peace

'White' people.....

We don't trust us because we have been conditioned to think that way. We don't think dead white presidents belong buried in a black bank. When we see that a black bank, or any other institution owned by 'us' we sub-conciously think of 'family' and that thought, imho, immediately triggers those old sayings in our minds:

'you can never do business with family'
'family will be the first one to stab you in the back'
'if you lend money to family you will never get it back' (i think this one tops the list)

So instead of trusting our money with 'family', we'd rather give it to our open enemy. Why? Because he gives us nothing in return.
 
This how we been programed to not trust in anything black or we'll be taken or beat
As a black business owner i've seen all this first hand at it's best and that will kill any
hope / many black banks are crashing / folding under because we turn our heads and
head to the HARRIS / CITCORP/and other places to habor our Dollars.

We really need to back these black businesses and show a strong support
you have to give to recieve they can help you if you help them , if we bank
with them then black families can get loans .
they can't give what they don't have !
 
A trillion dollars we're pumping into the economy yet black-owned banks and investment firms struggle. What's wrong with that picture??? In any event, how does that happen???

Since folks aren't using them as a resource, they have less to work with and they can't offer you the same services a big bank can offer. Also, frank ignorance in our communities that they even exist. There is no reason why we can't put small amounts or club accounts
 
Black-Owned Banks Struggle To Stay Out Of The Red

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Trymaine Lee
After more than a century of delivering financial resources to underserved communities, black-owned banks are struggling to remain relevant -- and solvent -- in an economic environment full of pitfalls.
Their traditional customer base -- lower and middle class blacks, small business owners and churches -- has been disproportionately affected by high unemployment, leaving customers with less money to deposit and, in turn, leaving many of these smaller financial institutions with less capital to reinvest in their communities. As customers have fallen on hard times or fallen behind in their loan repayments or mortgages, home foreclosures have become a nagging issue, hamstringing banks' portfolios with toxic loans. Meanwhile, many customers with big savings and healthy checking accounts opt for the flexibility of larger banks, which offer more branches and a wider variety of services.
"This minority bank community is really catching hell," said Michael Grant, the president of the National Banker's Association, an 84-year-old trade group that represents minority-owned banks. "They have survived everything, including world wars and Jim Crow, but this has been one of the most difficult periods of all."
Black banks have functioned mainly as "mission-based" institutions, born not long after slavery to help build black wealth. (The first African-American-owned and -operated bank was Capital Savings Bank in Washington, D.C., established in 1888. It spurred a boom in black businesses and offered blacks a resource they had been previously denied.) They are traditionally conservative, with close ties to local churches, families and businesses. When the community suffers, it's felt more acutely, with little wiggle room for mistakes.
"If the community is struggling financially, with unemployment rates as high as 20 to 25 percent in some places, what does that do to its overall financial health?" Grant asked. "If people don't have work or they are underemployed, if they are losing their jobs, it affects how much they can put into their bills or into their church, and the churches have the big loans and it affects their payments."

READ MORE: http://www.huffingtonpost.com/2011/08/22/black-owned-banks-struggl_n_933216.html?ir=Business

In the Spirit of Sankofa,

.......Being black-owned is called into question in view of diversified funding (TARP), hiring and accounts; not to mention these 28 banks possess >51% ownership rather than 100% ownership.

Carver Federal Savings Bank, sister bank to Carver State Bank, one of the oldest, is <51% ownership. Nevertheless, at their inception, they were black owned, operated and funded solely by us, but in order to survive, the need of diversity set in; diversity is code for allowing white folks and other non-blacks into the Frey.

Minority Depository Institutions Program

Count Minority Status
28 1 - Black or African American
33 2 - Hispanic American
86 3 - Asian or Pacific Islander American
19 4 - Native American or Alaskan Native American
1 5 - Multi-racial American
6 6 - Minority Board and Serving African American Community
8 7 - Minority Board and Serving Hispanic Community
8 8 - Minority Board and Serving Asian or Pacific Islander Community
0 9 - Minority Board and Serving Native American or Alaskan Native American Community
3 10 - Minority Board and Serving Multi-Racial Community
http://fdic.gov/regulations/resources/minority/minority1q2011_status.html

Peace In,
 

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