(ThyBlackMan.com) If 1 million [Black] people start a $100 account with any Black-owned bank. The result: it gives these small banks the ability to give out small home and business loans for areas that are being gentrified, so Black families don’t get pushed out and their businesses can thrive. _ Killer Mike
The Top Largest and oldest running banks in the United Stated are:
JPMorgan Chase
Bank of America
Wells Fargo
Citigroup
Goldman Sachs
Wells Fargo is number one in the world and Chase is number 3.
How many of us have any financial assets in the banks listed here? Most of us! Not one of them is Black owned!
You always hear people talking about investing in the community and letting money circulate as a way to strengthen neighborhoods but did you know that doing this isn’t actually that hard? It turns out that there are already over 35 African-American owned banks and credit unions in the United States where you can put your money if you find these type of efforts for financial stability and 
reinvestment in the black community important. Currently African American owned banks have assets totaling over $4 billion or approximately 0.43 percent of African America’s $1.1 trillion in buying power.
Historically, Black-owned banks were important institutions in the African-American community that provided loans and services to Blacks when white institutions refused. Black banks allowed African-Americans to progress economically by allowing them to obtain loans to purchase homes and start businesses. Today, these banks remain relevant for many of the same reasons, but have been edged out by fierce competition from corporate rivals and economic losses brought on by the recession. Here are four imperative reasons why Black Banks are relevant:
Jobs – Creates more jobs for African-Americans. We need black financial planners and bankers who can understand our needs and help our people in making smarter financial decisions.
Growth of Black Business – Doing business with black banks keeps black businesses alive. With more black banks opened more loans can be issued to fund black businesses.
Accountability – Creates financial accountability and awareness. We need to utilize one another in regards to saving and spending habits.
Generational Wealth – It helps build wealth in the community.
Despite the challenges facing Black financial institutions, there is room for growth, which makes the future for Black banks optimistic. Teri Williams, CEO of OneUnited, the largest Black owned bank in the U.S states, “As a community we need to invest in technology, which OneUnited has done, and the importance of technology is not just a Black bank issue, it is a community bank issue. Integration became an issue for Black banks 20 years ago. Today it is a different issue. There are opportunities and challenges today.
OneUnited is attracting black customers from across the country. You can open an account with us anywhere in the 50 states. We have customers all over, because we have the technology where you can open an account wherever you are. You can even pay people by text,” the bank president noted. “Really for us what is happening today is fueling our growth, but if you are a small bank and you don’t have that technology–and that’s Black or white–then you’re losing business. Black people just happen to have more of those small banks.”
For a list of Black Banks owed in your area click the link http://blackoutcoalition.org/black-u-s-banks/
Staff Writer; Amber Ogden
One may also view more of her work over at; AmberOgden.com.
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