Excerpt from Amos Wilson:
“It is encouraging to note that of the Black-owned banks which survived the Great Depression, five are still operating today. These include Consolidated Bank and Trust Co. of Richmond, Virginia (1903); Citizens Savings Bank and Trust Co. of Nashville, Tennessee (1904); Mechanics and Farmers Bank of Durham, North Carolina (1908); First State Bank of Danville, Virginia (1919); and Citizens Trust Bank of Atlanta, Georgia (1921). It should also be kept in mind that the failure of many Black-owned banks were paralleled by the failure of many White-owned banks at the same time and much later.”
The future of financial institutions serving Black folks have grown tremendously in the years following the death of Dr. Martin Luther King, Jr. In his last years, he modified and broadened his civil rights strategy to combat structural economic discrimination. Today’s firms face the challenge of building wealth for owners, while providing a bridge in terms of resources and/or investments for those still facing an uphill climb.
Larger Black institutional leaders often express the importance of building intergenerational wealth: the kind that can be protected and grown. That type of wealth requires financial education. What do you have? What do you know?