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https://www.blackenterprise.com/from-tulsa-and-beyond-a-nation-of-black-wall-streets/
Tulsa’s Black Wall Street is often considered as the only legacy of Black wealth and economic empowerment. That is farther from the truth. There is a nation of Black Wall Streets beyond Oklahoma, nestled between the pasts of the Civil War and the end of Reconstruction.
Today is a new day to shed light on the ongoing efforts to preserve and advance the Black dollar. From Greenwood to Richmond, segregation and discrimination forced Blacks into a small world in which Blacks had open access to prosperity and generational wealth.
We want to acknowledge the freedman communities, individuals, and new-age initiatives that continue to breathe hope in a New Black Wall Street. For instance, former Wall Street analyst Claudia Walker dedicated her collection, The ABCs Of Black Wall Street books, to empowering educators, parents, and youth about the future for Black Wall Street. The Official Black Wall Street organization provides a platform and directory for Black-owned businesses across various sectors within the United States.
Ikechi Nwabuisi, founder & CEO of TRiBL, is also a true believer in the future of Black Wall Street. He introduced a strategic plan to lay the groundwork for a global digital wealth strategy built on community and e-commerce. In May, the Black Wall Street Legacy Festival hosted a series of community-led events, which included discussion panels, performances and guest appearances from artists, advocates and political leaders.
Greenwood in Tulsa, Oklahoma
After a long battle, the affluent Black-owned community Greenwood District, also known as Black Wall Street, graced the National Register of Historic Places last year.
Recognized as a freedom colony, Black Wall Street was a thriving mecca of black enterprises fueled by Oklahoma’s oil boom during that time. The entrepreneurs of Greenwood continued to work with other businesses to pour and circulate resources within the Black community until the Tulsa Race Massacre on May 31, 1921.
Launched in 2022, the Black Wall Street Business Center pays homage to the Tulsa Greenwood neighborhood. The 2,200-square-foot facility that aims to advance Black, indigenous, and minority businesses and entrepreneurship. Thee hub features three shared office spaces, 16 working desks, a seating area and a meeting room, free Wi-Fi and printing, and a kitchen.
Jackson Ward in Richmond, Virginia
Known as “the Harlem of the South,” the Jackson Ward district of Richmond was established in 1871. The Reconstruction era saw an influx of freed slaves move into the neighborhood. They created one of the most vibrant, active, and prominent centers of Black economic self-determination.
Among the District’s thriving entertainment included the famed Hippodrome theatre where the likes of Ella Fitzgerald, Duke Ellington, and Richmond’s own Bill “Bojangles” Robinson made appearances. The neighborhood housed large and well-known African-American churches, including the Sixth Mount Zion Baptist Church, founded by famous orator John Jasper. The retail and business community included the incomparable Maggie L. Walker, the first woman in America to found and lead a bank in the United States when she opened the St. Luke Penny Savings.
In the late 1950s, the Ward was divided by the Richmond-Petersburg Turnpike (now part of I-95). Many structures and businesses were torn down.
Tulsa’s Black Wall Street is often considered as the only legacy of Black wealth and economic empowerment. That is farther from the truth. There is a nation of Black Wall Streets beyond Oklahoma, nestled between the pasts of the Civil War and the end of Reconstruction.
Today is a new day to shed light on the ongoing efforts to preserve and advance the Black dollar. From Greenwood to Richmond, segregation and discrimination forced Blacks into a small world in which Blacks had open access to prosperity and generational wealth.
We want to acknowledge the freedman communities, individuals, and new-age initiatives that continue to breathe hope in a New Black Wall Street. For instance, former Wall Street analyst Claudia Walker dedicated her collection, The ABCs Of Black Wall Street books, to empowering educators, parents, and youth about the future for Black Wall Street. The Official Black Wall Street organization provides a platform and directory for Black-owned businesses across various sectors within the United States.
Ikechi Nwabuisi, founder & CEO of TRiBL, is also a true believer in the future of Black Wall Street. He introduced a strategic plan to lay the groundwork for a global digital wealth strategy built on community and e-commerce. In May, the Black Wall Street Legacy Festival hosted a series of community-led events, which included discussion panels, performances and guest appearances from artists, advocates and political leaders.
Greenwood in Tulsa, Oklahoma
After a long battle, the affluent Black-owned community Greenwood District, also known as Black Wall Street, graced the National Register of Historic Places last year.
Recognized as a freedom colony, Black Wall Street was a thriving mecca of black enterprises fueled by Oklahoma’s oil boom during that time. The entrepreneurs of Greenwood continued to work with other businesses to pour and circulate resources within the Black community until the Tulsa Race Massacre on May 31, 1921.
Launched in 2022, the Black Wall Street Business Center pays homage to the Tulsa Greenwood neighborhood. The 2,200-square-foot facility that aims to advance Black, indigenous, and minority businesses and entrepreneurship. Thee hub features three shared office spaces, 16 working desks, a seating area and a meeting room, free Wi-Fi and printing, and a kitchen.
Jackson Ward in Richmond, Virginia
Known as “the Harlem of the South,” the Jackson Ward district of Richmond was established in 1871. The Reconstruction era saw an influx of freed slaves move into the neighborhood. They created one of the most vibrant, active, and prominent centers of Black economic self-determination.
Among the District’s thriving entertainment included the famed Hippodrome theatre where the likes of Ella Fitzgerald, Duke Ellington, and Richmond’s own Bill “Bojangles” Robinson made appearances. The neighborhood housed large and well-known African-American churches, including the Sixth Mount Zion Baptist Church, founded by famous orator John Jasper. The retail and business community included the incomparable Maggie L. Walker, the first woman in America to found and lead a bank in the United States when she opened the St. Luke Penny Savings.
In the late 1950s, the Ward was divided by the Richmond-Petersburg Turnpike (now part of I-95). Many structures and businesses were torn down.
It’s been two weeks since I saw Spider-Man: Across the Spider-Verse, but there’s still so much to unpack. The movie is riddled with numerous themes, and the ones that stand out to me the most center around friendship and solidarity. I’m reminded of a quote from Samurai Jack where Jack’s father, The Emperor, tells him, “The decisions you make, and the actions that follow are a reflection of who you are. You cannot hide from yourself.” I’ve been thinking about that quote a lot in relation to the decisions of Hobie Brown and Spider-Byte and the actions of Gwen Stacy and Peter B. Parker towards Miles Morales. whether incidentally or on purpose, Across the Spider-Verse show us the convenience of white allyship compared against the choice of Black solidarity.
Spoilers if you haven’t seen the movie.
Those that have seen the movie might know where I am going with this. Given their history from Into the Spider-Verse, Gwen Stacy and Peter B. Parker are Miles’ day ones. They each gave Miles a piece of the puzzle to being Spider-Man then saw Miles put it together on his own. Which makes their choices and actions against Miles that much more hurtful when they side with Miguel O’Hara and the establishment that he’s built.
What About Your Friends
Before I start, I feel this needs to be said as an internet disclaimer before anyone asks, “Why you gotta bring race into it?” *Looks at the name of the site then stares into the camera like Mr. Eddie from Abbott Elementary* I’m just analyzing some layers of the film interpreted from a Black lens. There’s a lot of subtext within this film that gets added when you look at the race of the characters. We just doing some critical thinking. I ain’t saying any of these characters are bad or racist. We just looking at how the actions of certain characters come across in the film and the experiences I’ve had in the real world with the choices made by friends that aren’t Black or POC.
When Miguel O’Hara tells Miles Morales that a police captain in Spider-Man’s life dying is a canon event that can’t be stopped lest it unravels the entire Spider-Verse, our boy wasn’t taking this news well. Especially when he realizes that when he saved Pavitr’s (India Spider-Man) police captain Singh, Gwen was both trying and not trying to stop him from disrupting this canon event. Miles now realizes the situation that he is in after having a vision of his father being in danger. Miles’ father is going to die in two-days time, and Miguel is willing to physically restrain him from changing that canon event. Miguel will stop Miles from saving his own father, because it’s an event that must happen. If it doesn’t, then that means trillions of lives across the multiverse will be in danger if Miles intervenes in this.
It was wild seeing Peter and Gwen then having to tell Miles that this is the way things have to go. Peter calls him kid, and Miles “stop calling me kid.” response was all we needed to see to know, our guy was not with the shits at all. It’s especially wild when we later find out that they knew Miles was the original anomaly in the Spider-Verse (according to Miguel). This is like when you kicked out the group chat man. They been having a whole ass party without inviting ya boy for fear of what he is. Gwen and Peter just naturally fell in line with Miguel’s anomaly theory on Miles. These mutha fuckas didn’t have one question about that at all tho? Fantastic Frankey said it best, “In a room full of geniuses and no one challenged Miguel’s canon theory?” I understand Peter saw what happened when Miguel inserted himself into a world he didn’t belong, and it came crashing down…but Miles ain’t do that shit. Miles was bitten by a spider from another universe. He ain’t seek it out it happened to him. How is he an anomaly when he didn’t take the actions Miguel did? Gwen and Peter ain’t have any questions on that?
Let’s also be real. Gwen and Peter B Parker spent all that time in Into the Spider-Verse trying to get Miles to understand what it means to be Spider-Man. They celebrated Miles when he took that leap of faith. Now, he’s being told he is an anomaly, and that he wasn’t supposed to be. Are those words of encouragement from the previous film only situational? Y’all not standing on that anymore with this new info? That’s the shit that fucking gotta hurt Miles the worse. Also, Miles’ Spider-Man told him to get it out the mud before he died. That should be the only cosign ya boy needs, but Gwen and Peter seem to forget that because this new sexy mutha fucka Miguel O’Hara talking bout they boy crazy. It makes them look pretty fickle as friends. Folks come to Gwen and Peter’s defense by saying, “how do you tell someone that they are a mistake?” To which I say, you find a way.
Look, I’m a creative and when my creative friends send me poems, content, or ideas I gotta be honest with them when that shit ain’t up to par. Telling Miles, “Look man, some folks talking crazy about you. Boom boom boom, this is what it is, I don’t rock with that shit but I’ma spy on’em and see where this shit goes and come up with a plan. So be ready.” I’ve had that exact conversation in corporate America with a co-worker when them cuts were coming round. It’s a simple heads-up. Y’all done hyped this kid to put his life on the line in taking that leap of faith. Least you can do is give’em a heads up.
Will They Stand Their Ground?
A sign of good writing in a story is putting your characters in a catch 22; where they are damned if they do while damned if they don’t and then seeing the choices they make. We judge characters based on the choices that they make, especially when their back is against the wall. Gwen’s back was against the wall the entire film. Her cop daddy pulled a gun on her when she revealed she was Spider-Woman. Captain Stacy was ready to bring Gwen in for a crime she been trying to say she ain’t do. Your girl had to abandon home. I get it. She was goin through it, she’s a teenager, shit is crazy. None of these things absolve Gwen from the actions she took regarding Miles Morales. If Gwen did as she was told by Jessica Drew and did not go and see Miles, we wouldn’t be having this conversation. If she followed orders and just trailed The Spot, she and by association Peter B. Parker would not have been highlights on Spider-Verse twitter and TikTok. I repeat, “The choice you make and the actions that follow, are a reflection of who you are.”
Gwen knew Miles nature, no hero blaming but there’s no way Miles wouldn’t follow up on his friend. Especially when she coming to visit after all these months, being secretive, and is pretty clearly going through it. Miles dove into that portal for Gwen sure because he crushing, but at the heart of it, it’s because that’s his fucking friend and he wanted to help. That’s the action Miles made for Gwen when it came to their friendship. When Miguel had Miles imprisoned, Peter B. Parker and Gwen were telling Miguel he was wyling and that there was another way. That’s all she did tho. She ain’t take any actions to help free Miles (though you can say her saying Miguel was wyling to his face was advocating but that’s the bar being moved up to Barcelona instead of hell). Gwen’s action in going to see Miles set up the events to unfold. This isn’t me blaming her. I’m just stating the hero’s journey we saw taking place.
When Miles escapes, Gwen goes after him along with all the other Spider-Men/Women/People. We don’t know what action she will take in pursuit, but we know she is chasing him. Where Peter B. Parker chased Miles and was trying to talk to him (bad timing, Peter, ain’t nobody trying to hold May right now) and accidentally/intentionally lead everyone to Miles’ location, we saw Gwen launching Jessica Drew forward to capture Miles. Miles spun Jessica whole block after that but that’s here nor there. Miguel pursuit of Miles was getting drastic, and he literally put hands all over Miles. Gotta reiterate that he wouldn’t be in this position if not for Gwen coming to see him. After Miles escapes, Gwen is then essentially left to her own devices, kicked out, and sent back home. She sees her dad stepping down as police captain which means…*oh shit*…Miguel might be wrong about his anomaly theory.
Now, Gwen gets the band together to go find Miles and save him. Cool. Obviously, we’re seeing the hero correcting the mistakes they’ve made. We are going to see Gwen’s redemption. I’m just saying she gets to switch to Miles’ side after being kicked off the home team. Your girl was all with the status quo until she got kicked out. Gwen was doing a lot of fence sitting throughout this movie, and when we see her being an ally of Miles again, it’s convenient for her as she is now ousted by Miguel and Jessica Drew.
It’s so hard to not compare that to real world experience when white or non-Black POC come back to the side of someone being discriminated against when it’s easier for them or isn’t affecting their wallet. To me, a great example of allyship is Tommie Smith and John Carlos recalling how Peter Norman stood in solidarity with them at the 1968 Olympics during their Black power salute. Peter Norman was Australian and had his whole country turn against him for rocking with them Black men. Smith and Carlos talked about how Australia wanted Peter to take back his support of them. Peter Norman didn’t fucking budge. Norman spoke out about Australia’s racism toward indigenous people as well as Asian Immigrants. Even when he qualified for the 1972 Olympics and the Australian Olympic team didn’t select him, even when his life turned tragic. Mans didn’t fucking budge. Only after his death did Australia celebrate that man. Mans lived and died as an ally (Tommy Smith and John Carlos were his pallbearers) and remained so even when it wasn’t convenient. THAT’S WHAT THE FUCK I AM TALKING ABOUT!
Will They Let You Down?
Where Peter and Gwen let Miles down, Hobie Brown and Spider-Byte came the fuck through for the young dude. Hobie Brown upon meeting Miles did nothing but root for this guy. Whereas Miles was seeing Hobie at first as perhaps the person of interest for Gwen and perhaps feeling a way about that, Hobie was only ever looking out for Miles. If ya listen close, you can hear him refer to Miles as Peter Pan and Gwen as Gwendy. Hobie spends time trying to get Miles to not want to be apart of this Spider society. He knows how this shit is going to shake down, he sees that Miles wants to belong and be here, so he leaves it. However, Hobie not knowing Miles for more than 10 minutes does what Gwen failed to do. He warns Miles by saying, “Know the war you’re fighting before you enlist.” That phrase alone is ominous but when Miles hears how he has to let his father die and is then trapped in an energy prison by Miguel, he sees that this isn’t what he’s signing up for. Then Hobie, who hasn’t taken his eyes off Miles like everyone else, reminds him, just like he did before, that to drain the prison’s energy field that he is in he needs to use his palms as well. Hobie’s help secures Mile’s escape.
This feels like such a small moment, but it was loud as fuck for me in the theaters. Especially, seeing how Hobie was stealing parts while basically reiterating to Miles what his mother Rio had been telling him before he left. Hobie tells Miles he’s good on his own, made his own, and doesn’t need to be part of this system. Essentially, he is telling Miles that this thing you want to be apart of doesn’t value you as it should. This system underestimates you. We know that to be true when Miles leads all them Spider people on what seems to be a thoughtless chase but really he was leading them away from their headquarters so he could go back in in stealth mode to return home. Hobie ain’t doubt Miles and is the only one that wasn’t with Miguel’s anomaly theory. Where Gwen and Peter B. Parker were telling Miles that him being Spider-Man made him apart of something so much bigger than himself, Hobie looking out for Miles shows him that he shouldn’t forget who the fuck he is under the mask either. Fam, Hobie had so much foresight that he even made it possible for Gwen and her rescue team to come after Miles because he made separate multiverse watches for everyone from the parts he was taking earlier.
Even Margo (Spider-Byte) had Miles back and she knew him for less time than Hobie. Margo had one conversation with Miles and helped him out in the end. I ain’t pitting two women against each other, but the internet has. A lot of people have been very lenient toward Gwen. She doesn’t have a home due to the issue with her father and is a teenager, so her choices are a reflection of that. Sad story bro, but once again, it doesn’t excuse or absolve her of the actions she made. When it comes to Margo, there has been this confusion on how she helped Miles out or that she sent Miles to the wrong universe. Margo helped Miles but doesn’t get the credit for it, whereas Gwen didn’t help Miles out and folks are way more forgiving of her. We can clear this up right now, fam.
The machine that is used to send villains and anomalies back to their own time is attached to the person’s DNA. Since Miles was bitten by that spider from an alternate universe, it altered his DNA which is why he was sent to Universe-42 and not his own. Margo didn’t send him there. Miles is the one that was firing up the machine to send himself home. Margo was trying to shut it down, but Miles was stealthily too fast in trying getting the machine ready. Yes, Margo was trying to stop it until Miguel O’Hara kicked in the door waving the claws. Margo had the shutdown screen up to stop the machine and as GL2814_3 on Twitter said, “Miles looked at her with the Dwayne Wayne ‘Baby PLEASEEEE'” stare. Margo had the choice to stop the machine, but she did not. That was her contribution to Miles. Gwen’s actions led Miles to be in this predicament. Margo’s inaction led to Miles’ escape. Again, this feels like a small moment but seeing this as a Black person; this shit was Metro Boomin through the speakers.
Hobie and Margo’s moments combined remind me of an instance when I was younger. I was heading to the movies and saw a friend of mine from school working at the theater. I paid in exact cash, and she told me I was 10 cents short. I remembered instantly that I left my wallet in the car and had to walk a good distance back across the parking lot and then all the way back. I give her the ten cents and I go see the movie. A few weeks later my friend’s little sister was working at the same theater. I was surprised and gave her a twenty to see the movie. She did this motion with the twenty that was so quick and so fast with the register then slides me my money back. I notice it’s the same twenty. I…l was so confused cause it should have taken me less time to realized that she was doing me a solid. I was like oh shit, thank you after I realized what happened.
The friend my age was white, and my friend’s younger sister was Black. I’m telling that story because to being Black solidarity is not even having to ask or tell someone that you are looking out for them. I wasn’t asking her to do me the favor, but I also didn’t have to. Margo and Hobie didn’t know Miles, but they both did Miles a solid. However, Black people aren’t a monolith, and Jessica Drew ain’t do Miles Morales any fucking favors. Jessica was out here doing doughnuts and popping wheelies not giving one good god damn about Miles. The case can also be made that she knew Miguel more than Miles and was looking out for her own baby and universe, along with the rest of the multiverse that Miles was allegedly putting in jeopardy.
Or Will They Turn Their Backs on You?
Across The Spider-verse did a great job of putting heroes in hard positions and making tough calls due to circumstances as well as making actions based on their characters. There’s room for everyone to be redeemed for the choices they made. I mean, Miguel O’Hara was really wylin’ so it may take some time to forgive him for his mistakes. Man felt like he was seconds away from dropping a hard -r every so often. There are even more underlying layers in this movie as reflections on race, relationships, and dynamics. For me, at the heart of it, the friendships Miles had and the changes he experienced are at the center of this film. Again, (cause this is the internet) I don’t think Gwen and Peter are racist or problematic or anything. Their actions in this movie have to be held accountable. Despite what Gwen was going through at home, it doesn’t absolve her of the consequences of her actions.
Allyship and Black solidarity felt like glaring themes for me in this film as well. These are themes that impact friendships, and you can’t help but witnessed them when you are Black or POC. I mean when it really comes down to it (If you didn’t know by the headers) the question for Miles is about his friends. Are they goin be low down (Peter B Parker)? Will they ever be around (Hobie and Margo)? Or will they turn their backs on you (Gwen)?
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The post ‘Across the Spider-Verse’: Black Solidarity vs. The Convenience of Allyship appeared first on Black Nerd Problems.
“Banking on Self-Reliance” continues … with Black bankers and communities pushing forward in their quest for financial freedom after the Freedman’s Savings Bank folded. Get into the history of Black banks from 1930 to the present:
“Solid as the ‘Rock of Gibraltar’”
The resilience of the Black banking enterprise remained unbroken even in the face of the Freedman’s Bank’s failure and the Panic of 1873, which was felt for several years and contributed to the Long Depression, a period of economic stagnation in the United States and other parts of the world. Between 1882 and the Great Depression, there was a remarkable surge in the establishment and growth of Black banks in America.
In a climate where white-owned institutions withheld credit and capital from Black businesses, it was the Black churches, mutual aid societies, and fraternal organizations that emerged as the bedrock of Black communities, much as they had been for free Blacks in the North during the pre-Civil War era.
Utilizing assets such as real estate, buildings, and Sunday offerings, the churches not only fostered wealth for their own ministries, including schools, but also channeled capital into Black-owned banks, insurance companies, newspapers, and various other business ventures. This collective effort catered to the needs of Black communities and contributed to the flourishing of a vibrant economy. The first generation of Black bankers worked hard to demonstrate their incalculable worth to their communities.
“It has often been stated that not many depositors have suffered from the failing of a Negro bank in the United States,” The Nashville Globe reported in 1910 as it reflected on the fallout over the Freedman’s Bank. “Thus this first failure right in the door of the nation’s capital has served to strengthen the confidence as well as to educate the Negro in the financial world.”
The paper also noted, out of the scores of failures reported by the press during the Banker’s Panic of 1907, “not one was chalked up against the Negro Bank. Their annual statements, instead of showing a decrease in clearance, showed an increase.” Black banks were as “solid as the ‘Rock of Gibraltar.’”
Black banks emerged as a formidable presence in numerous thriving cities.
During the first decade of the 20th century, over 60 prosperous Black banks dotted the urban landscape of the South. Like ethereal mushrooms, these institutions seemed to sprout overnight, garnering attention from newspapers of all shades, whether Black or white. Maryland, Virginia, North Carolina, Georgia, Florida, Alabama, and Mississippi stood as the very backbone and sinew of the Black banking industry, with Virginia boasting an impressive 13 banks and Mississippi with 11. The Nashville Globe, in 1909, revealed that Mississippi’s Blank banks had witnessed a staggering increase in total assets, soaring from $50,000 in 1904 to an impressive $750,000 by 1908.
In their nascent days, these early Black banks bore names that evoked purpose and resilience: One Cent Savings Bank in Nashville, Solvent Savings in Memphis, People’s Investment in Birmingham, The Sons and Daughters of Peace, Penny,
Nickel and Dime Savings in Newport News, and the Star of Zion Banking and Loans Association in Salem, Virginia.
Banking and insurance, long revered as the pinnacle of business pursuits, have always commanded utmost diligence and financial acumen. As such, prevailing notions of Black intellectual inferiority and unfounded associations with criminality denied Black people the chance to acquire financial knowledge within the domain of white establishments. White banks limited the prospect of Black individuals to menial roles as janitors while withholding their patronage. In stark contrast, within the realm of Black banking institutions, the spectrum of stockholders spanned from tender two-year-old children to seasoned elders, fostering a remarkable inclusivity, and embracing the wisdom and aspirations of all generations.
From The Denver Star, May 1914: “How he has succeeded in mastering the banking and insurance businesses without opportunities to learn is almost a great wonder . . . That he has learned the banking and insurance businesses, has developed them, and is now conducting these branches of business with success constitutes one of the best possible answers to the statements by anti-race men that the Negro is an inferior race.”
During this era, a constellation of pioneering Black banks graced the financial landscape. Notable among them was the Capital Savings Bank, established in 1888 in the heart of Washington, D.C. It stood as a testament to Black excellence, being the first bank conceived and operated by African Americans. Within four years of opening, the bank’s deposits burgeoned to surpass the remarkable sum of $300,000.
That same year, the True Reformers Bank of Richmond was established under the visionary leadership of Rev. William Washington Browne, a former slave and Union Army officer from Georgia. Born from the inspiration of the Grand Fountain United Order of True Reformers, a revered Black fraternal organization founded by Browne, this financial institution emerged as a response to an arduous challenge.
The initial intent had been to establish a local branch of the fraternal organization in Virginia, and its savings were entrusted to the care of a white storekeeper. But the scourge of racial tensions, stoked by a lynching in Charlotte County, aroused suspicions among local whites regarding the organization’s intentions with the funds. Determined to safeguard their finances from white scrutiny, Browne made
the pivotal decision to open a bank catering exclusively to Black clientele in Richmond. The bank flourished and expanded its reach across more than 20 states, an enduring testament to its legacy.
In 1889, the Mutual Bank and Trust Company of Chattanooga took its place among these venerated institutions, followed shortly thereafter by the establishment of the Alabama Penny Savings Bank of Birmingham in 1890. Another notable addition to this illustrious roster was the North Carolina Mutual Life Insurance Company, which found its footing in 1898 and swiftly amassed a remarkable quarter of a million dollars in revenue by 1910. Today, it proudly stands as one of the oldest and most distinguished Black-owned insurance companies in the United States.
The Mutual Bank and Trust Company of Chattanooga was established in 1889, followed by the Alabama Penny Savings Bank of Birmingham in 1890. Drawing inspiration from the biblical tale of the virtuous servant who returned with ten talents after being entrusted with five, William Rueben Pettiford established the Alabama Penny Savings Bank. When he established his bank, incredulous white men did not regard it as serious enough to last and many Black folks regarded it with distrust. By 1914, his magnificent building at 310 18th Street North was the home of over $500,000 in resources and regular annual dividends paid, attesting to its wise and prudent management. Inspired by the success of this bank, others sprung into existence in other states.
The North Carolina Mutual Life Insurance Company, which was established in 1898, grossed a quarter of a million dollars by 1910 and stood as one of the oldest and most prominent Black-owned insurance companies in the US until 2022 when it came to an end.
The year 1900 bore witness to the founding of The National Negro Business League by the visionary Booker T. Washington. It 1966, it would be reborn as The National Business League, leaving an indelible mark on the landscape of Black entrepreneurship. This influential league provided unwavering support to Black visionaries, nurturing the growth and prosperity of their enterprises. Its impact resonated across the nation, with an impressive network of 600 chapters established throughout the United States.
“The Negro Yearbook,” a diligent chronicler of Black banks, revealed a captivating glimpse into their ascendancy. By 1912, 64 Black banks were thriving, collectively doing annual business of about $20 million as these institutions
increasingly earned community trust. Meanwhile, the National Negro Bankers Association, established in 1924 by Richard Wright, Sr. and Charles C. Spaulding, held annual meetings of Black bankers to discuss cooperation and to exchange information on how to foster cooperation between Black business and banks.
The Colorado Statesman newspaper said, “The Negro banker is about the safest banker on earth. He knows that strong forces are against him, not because he’s a Negro, but because he is a competitor in the sanctum sanctorum of modern power; he knows, too, that the world is watching him and that he has to depend for business on a people many of whom would rather for their money to gown in the crash of a white bank than to be safe in a Negro bank. In other words, the negro banker has more to gain by being straight and more to lose by crookedness than any other class of bankers in the world.”
“Let us put our moneys together.”
The early decades of the 20th century embodied a period of experimentation and a “golden era of Black banking.” Within the pages of Black newspapers, resounded the resolute calls for a Negro Banking Directory, a symbol of unity that aimed to retain Black wealth within Black institutions and communities. These newspapers urged Black banks to join hands with the media, weaving a tapestry of advertisement to showcase their invaluable services within Black communities.
From The Nashville Globe: “The Negro is handling many thousands of dollars monthly that could be passed through Negro banks in their various communities. They are handling hundreds and thousands of dollars annually that go through post office money orders and by registered mail that could easily be transferred by exchange checks from Negro banks if the public knew that such institutions were in existence and were doing a general banking business.”
In a 1910 interview with The Colorado Statesman, Rev. Pettiford, the president of the Alabama Penny Savings Bank of Birmingham, said that “the greatest problem of the banking institutions conducted by the race was to educate our people to know the purpose and appreciate the value of these institutions.”
Collaboration was deemed indispensable for all Black individuals involved in the field of banking, as emphasized by early leaders. As the Great Depression loomed closer, the urgency of these calls for unity grew louder. Richard Wright, Sr. foresaw that without such a collective alliance, the Black banking sector would struggle to rebound from the impending financial devastation.
“We must unite all the Negro banks in the country to restore confidence in our business. No bank can stand alone,” Wright wrote in 1932.
In the captivating history of Black banking, where the narratives of Black men have often taken center stage, the vital contributions of Black women emerge as a beacon of empowerment, resilience, and defiance against racial and gender discrimination.
One notable figure in this history is Maggie Lena Walker, who became the first female bank president. In 1903, she founded the St. Luke Penny Savings Bank in Richmond, Virginia.
With a resounding call to action, Walker urged, “Let us use our moneys; let us put our moneys out at usury among ourselves and reap the benefit ourselves. Let us have a bank that will take the nickels and turn them into dollars.”
Eliza Allen, a former slave, co-founded the True Reformers Bank in Richmond. Her remarkable leadership extended to creating secret societies of enslaved women, providing vital mutual aid. She holds the distinction of being the sole woman named on the charter of the first Black-owned bank in the United States, the True Reformers Savings Bank.
Mabel Z. Mollison was the first African American female cashier of the Lincoln Savings Bank in Vicksburg, Mississippi, from 1892 to 1908, where she was responsible for all the bank’s financial transactions and served as its public spokesperson.
The Nashville Globe lauded Walker’s astuteness, portraying her as a formidable force capable of navigating any challenge that might arise. Walker “has proven by her wise manipulations in the money market to be equal to any and every emergency that should or could arrive.” Meanwhile, it described Mollison the “moving spirit” in the Lincoln Savings Bank, a testament to her influential role in shaping its success.
Lillian H. Payne, dubbed “the Banker’s Banker,” co-founded the People’s Savings Bank in Kansas City in 1904 and helped it become one of the largest Black-owned banks in the country at that time.
The Depression of the 1930s and its painful global economic impact hindered the progress of many Black banks and led to the closure of several institutions. However, this period of adversity proved to be a transformative moment for Black businesses, as they gleaned a crucial lesson: the importance of financial strategies such as mergers, cost reduction, cooperative collaboration, resource pooling and more scientific management practices.
“Deposit your money in a Black bank”
Calls to entrust wealth to Black banks echoed during the transformative era of the Great Migration when millions of Black people left the South in search of better lives in cities of the North and Midwest. It was in these urban landscapes where racial barriers enforced by white-dominated financial institutions propelled Black banks to the forefront, catering to an expansive market of migrants seeking avenues to acquire homes and establish enterprises.
Fast forward to the resounding voices of the 1960s and 1970s, when the Civil Rights movement spurred an impassioned rallying cry for support of Black banks. Rev. Martin Luther King, Jr., in his powerful orations, urged communities to redirect their financial allegiance from white banks to Black-owned institutions. “Take your money out of the banks downtown and deposit your money in a Black bank,” he preached.
“Take your money out of the banks downtown and deposit your money in a Black bank.” -Rev. Dr Martin Luther King Jr.
Malcolm X, with penetrating clarity, questioned why outsiders should dictate the financial destiny of Black communities, “Why should white people be running the banks in our community?” Meanwhile, the Black Panthers rallied communities behind black businesses that nutured and fortified their neighborhoods:
“Support the businesses that support our communities.”
By the late 1970s, a tapestry of over 50 Black-owned banks were in operation in the United States. Although their numbers endured the tumult of the 1980s savings and loan crisis and the subsequent trials of the Great Recession, which inflicted immense hardships on Black households through foreclosures and equity losses, those that persevered emerged as crucial anchors in their communities, deploying resources with a profound understanding of the unique needs of Black businesses, homeowners and nonprofit organizations.
This rich and enduring history of Black banking teaches us a profound truth as we celebrate Juneteenth: in the absence of Black banks, the essential needs of our communities remain unmet, as they often represent the sole source of equitable and compassionate financial support. Embracing the philosophy of relationship banking, these institutions delve beyond mere credit scores, embracing a holistic comprehension of their customers’ financial circumstances, thereby serving as a vital and irreplaceable lifeline for individuals and Black enterprise in America.
Celebrate Juneteenth 2023 with BLACK ENTERPRISE with month-long content that explores the history of prosperity and banking, and the future of investing and financial literacy for Black communities.
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