#BlackMoneyMatters:Getting Black Money Into Black Banks

Teri Williams, president of OneUnited Bank, shares insight regarding the #BankBlack movement

- Stacey Tisdale

#BANKBLACK FEVER IS SWEEPING THE COUNTRY

The movement is aimed at empowering the black community by taking control of its wealth and investing it into the community through one of the 24 black-owned banks in the U.S. (see Money, this issue) It got national attention this month when rapper Killer Mike implored the black community to deploy a portion of its financial resources to make a tangible difference, on several media outlets.

In Atlanta alone, there were reports that at Citizens Trust Bank (No. 6 on the be banks list with $388.6 million in assets), 8,000 people took the challenge, bringing in about $800,000 in deposits to the institution in five days. Celebrities such as Solange, Jesse Williams, Alicia Keys, Beyoncé, Queen Latifah, Usher, and more have joined the conversation urging black Americans to move their money to black-owned banks.

OneUnited Bank, a community development financial institution (CDFI), the first black internet bank, and one of the nation’s largest black-owned banks (No. 2 on the be banks list with $648.6 million in assets), joined forces with #BlackMoneyMattersLA. On July 23, the bank hosted a first-time account-opening event at its Crenshaw branch in Los Angeles.