There has been a community awakening following recent tragic events, including a desire by many to do something positive. Many leaders involved in the movement have begun to advocate #BankBlack by opening a bank account in a Black-owned bank to show solidarity and empower the community by recycling dollars within the Black community. OneUnited Bank has generated $3 million in deposits from across the country in response to this call to action. Celebrities such as Beyonce, Queen Latifah, Solange, Killer Mike, Jessie Williams, Alicia Keys and more have joined the conversation urging Black Americans to move their money to Black-owned banks.
Dallas does not have any Black-owned banks, but Unity National Bank is based in Houston. Reports of this movement across the country is showing progress, with Atlanta’s Citizens Trust Bank reportedly seeing a spike in new accounts. They thanked Killer Mike for his call to encourage those upset about recent events to put their money where their mouth is. Citizen’s has reported at least 8,000 new accounts opened with a minimum balance of $100 this week.
Thr Bank of Americas and Chases will likely not fret over this yet, unless this trend continues to grow. The biggest roadblock to their success is probably the fact these Black-owned banks are not national – yet.
On Saturday, July 23 from 2 p.m. – 5 p.m., OneUnited Bank will partner with #BlackMoneyMattersLA, and other community organizations, to host a first-time account opening event at the OneUnited Bank’s Crenshaw branch (3683 Crenshaw Blvd., Los Angeles, CA 90016). With over 1,000 people expected to attend, the event is planned as an opportunity for Los Angeles’ urban community to participate in the nationwide push to #BankBlack. The ask is just $100 deposited into OneUnited Bank to become a part of the #BlackMoneyMatters movement and an economic shift for Black America.
“It is critical for the Black community to utilize our $1.2 trillion in annual spending power to create jobs and build wealth in our community,” states Teri Williams, President & COO of OneUnited Bank. “Put simply, if 1 million people opened a $100 savings account in a Black-owned bank, we would move $100 million!”
For 20 years, OneUnited Bank the nation’s largest Black-owned bank, with assets of $620 million, has been steeped in the financial literacy movement and touted Black economic empowerment. Sadly, Black dollars circulate in the Black community for only 6 hours as compared to 28 days in Asian communities. OneUnited takes the challenge to strengthen the Black community’s financial future very seriously. #BankingBlack results in better circulation of Black dollars with Black businesses, creates more jobs for the Black community, provides mortgage and small business loans, educates the urban community on financial literacy, and the power of the Black dollar.
For more information about OneUnited Bank and the July 23 event in Los Angeles, visit www.oneunited.com/blackmoneymattersla or email lashannon@oneunited.com.  Their social channels include Facebook: www.facebook.com/oneunitedbank and Twitter: @oneunited #BANKBLACK
