Banking on the black bank movement. Black banks are nothing new. They have been around for years. As a matter of fact the first black, The True Reformers Bank was founded in 1888 and opened in April 1889. Since the opening of True Reformers Bank, many others have come and gone.
Then there is One United Bank, which specializes in online services and provides products to their customers across North America. It also sponsors financial literacy programs and it supports other initiatives that empowers its customers. Along with One United Bank there are other black owned banks that need the support of those from the African American community during the Banking on the Black Bank Movement.
When asked if Black banks are relevant, One United Bank’s President Terri Williams revealed to Ebony in 2015, “Black banks are relevant because we care more about urban communities and understand them better than other banks.”
Today there appears to be a resurgence of stressing the power of black spending and the Black Bank Movement is revealing this. After the police shooting deaths of Alton Sterling and Philando Castile, people around the country have organized to boycott banks and retailers that are not black owned in order to rally people into supporting black business. The idea is to strongly engage citizens as a way to elevate their voices to be heard through their spending power, which has accumulated to one trillion dollars.
Within the past few weeks social media is trending the idea of supporting black banks by putting “black banks in the black”. Will this movement grow beyond a simple hashtag or social media trend? The time is now to cause an economic Tsunami in the black community.