Monday, August 10, 2015

Going back into the vault for a moment...

[VIDEO] During the early days of this blog, we shared a video from a blogger based in Atlanta. The gist was basically was save money and do business with a Black-owned financial institution. He even showed us that he was putting his money where his mouth is and made a deposit at this bank.

Capitol City Bank & Trust had a branch not too far away from the campus of the Atlanta University Center home of Morehouse College, Spelman College, and Clark-Atlanta University. How many students pass this branch and never think to open an account there.

Anyway I found our recently that Capitol City failed earlier this year. This only brings to mind the dwindling number of Black-owned financial institutions in the nation. It's probably not much different that how many other banks in the country failed in the midst of the financial crisis.

Unfortunately just like the fate of a Chicago based Black-owned bank Highland Community Bank, the assets of the Highland and Capitol City are now owned by majority-owned institutions. Highland is now owned by a bank based in Indiana and Capitol City is now owned by a North Carolina based bank.

Also consider in recent months that another locally owned Black-owned bank - Illinois Service Federal - is looking to go from a depositor owned spendthrift to a shareholder owned institution. They are seeking an infusion of capital for its survival.

No comments:

Post a Comment

PLEASE READ FIRST!!!! Comment Moderating and Anonymous Comment Policy

While anonymous comments are not prohibited we do encourage you to help readers identify you so that other commenters may respond to you. Either read the moderating policy for how or leave an identifier (which could be a nickname for example) at the end of the comment.

Also note that this blog is NOT associated with any public or political officials including Alderman Roderick T. Sawyer!