...
www.yahoo.com
What happened: Back then, before the Federal Reserve or the FDIC, Binga and other Chicago bankers paid for memberships in the Chicago Clearinghouse, a cooperative of bankers who provided funds to ensure members had access to liquidity in a crisis.
Emily Peck
...
The rise and fall of a Black banking icon
The rise and fall of a Black banking icon
On this last day of Black history month, we'd like to take a break from the news and tell you the story of Jesse Binga, a titan of banking in the early 20th century. The Binga State bank, which he founded in 1908 in Chicago, was one of two pre-eminent Black-owned financial institutions in the...
- That was Binga's downfall. When the Depression hit, he turned to the Clearinghouse — where he'd paid dues for more than a decade. They didn't even acknowledge he was a member, Hayner said.
Emily Peck
...
