Black History Culture : History of Jesse Binga da Rise and Fall

Discussion in 'Black History - Culture - Panafricanism' started by $$RICH$$, Feb 9, 2013.

  1. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    A little Black Chicago History for you.
    Peace, power and patience.
    Once nearly the richest Black man in Chicago ( by some accounts he was) Jesse Binga was born in Detroit, Michigan in 1865. He moved to Chicago to start a bank in 1908. The bank was made primarily for African-Americans, since during that tim...e many banks would not allow African-Americans in. The Great Migration came, and Binga State Bank grew more popular. Jesse Binga grew to be a rich man and eventually he and his wife bought a house at 5922 South Park Avenue, which is now known as King Drive, which was a strictly white neighborhood. His house was bombed five different times by racist neighbors.

    In 1929 the Great Depression hit, and Binga Bank was forced to close. Then bank examiners said that Binga State Bank was run illegally and Jesse Binga was sent to jail on a ten year sentence. After a few years Binga was released thanks to many protests and petitions. Binga was given a $15 a week job as a janitor at St. Anselm's Church. He died at age 85.

    Jesse Binga was once one of the richest men of his time, but when the depression hit he lost everything and died as a poor man in June 1950.

    Binga was an honorary member of Alpha Phi Alpha fraternity.
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  2. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    The Binga Bank and Arcade Office Bldg, 35th and State.
    The Binga Bank and the Arcade Building next to it, both built by African-American entrepreneur Jesse Binga
    in the 1920s, were purchased by Armour Research Foundation and IIT in 1952. The IIT Research Tower
    at 35th and State Sts. now stands on the site.

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