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Since the death of George Floyd, Black-owned banks have received an estimated $150 million in equity capital and are pouring the funds back into Black communities.
Black-owned banks are booming, and they’re pouring money back into their communities
An estimated $150 million in equity capital has been invested in Black-owned banks since George Floyd was murdered last year, according to the National Bankers Association, a trade group that represents 24 of the country’s minority-owned financial institutions.
Those funds have put the nation’s Black banking community in a stronger position today than it was a year ago, according to the group’s board Chairman Robert E. James II.
“Our banks can now leverage that into $1.5 billion to serve minority communities,” James told CNN Business.
The cultural movement to support Black-owned banks along with other African American businesses received a major boost in the aftermath of Floyd’s murder on May 25, 2020, as many corporate leaders and everyday Americans sought ways to address longstanding socioeconomic disparities between Black and White America.
Building generational wealth has always been a hard feat for the average Black person due to the wealth gap. The difference between Black and white income in America, according to Pew Research Center, was 61% of the median Black household income to the white household in 2018.
These statistics, along with countless other disparities, are pushing more Black Americans to bank Black. The civil unrest following the killing of George Floyd was a catalyst toward banking Black, said nationally known financial expert Lynette Khalfani-Cox.
This is happening despite what Cox refers to as economic violence existing long before the killing of Floyd.
OneUnited Bank, Largest Black Owned Bank And Visa Launch OneTransaction Campaign
Focusing on Closing the Racial Wealth Gap
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LOS ANGELES, Feb. 2, 2021 /PRNewswire/ OneUnited Bank, the largest Black owned bank and first and only Black owned digital bank in the country and Visa are proud to announce for Black History Month the
OneTransaction Campaign to close the racial wealth gap. The Campaign includes a state-of-the-art, free virtual financial conference on Juneteenth (June 19, 2021).
OneUnited Bank, in partnership with Visa, launches the OneTransaction Campaign & Conference during Black History Month to close the racial wealth gap.