Surviving the 21st century isn't fun so no...Are we serious about surviving the 21st century?
As Black-Owned Banks Struggle, Community Sounds Alarm
- Thread starter The Amerikkkan Idol
- Start date
Breh, stop it. I've put in major work in the community over the years with a variety of organizations.
The simple fact remains: these churches are hauling in money on Sundays and depositing in white banks on Mondays.
Those same white banks then get on their
and will not lend out that same money to our people for home loans or business loans.Let's keep it real. If Black churches were depositing that money in Black banks, the capitalization problem wouldn't likely exist.
The Black church is by far the largest financial institution in the Black community.
And it has failed us in that regard.
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Real N Quotes
East Is In The House OMG
Yes it is. We just have to stop making excuses brehs.
I have an account with OneUnited on 79th
Along with my main credit union account
If the black banks fold because of inactivity I don't even wanna hear another nikka talk to me about black economics ever again
My grandpa use to work at OneUnited..he told me(bless his soul) a lot of the people who used these Black banks back in the day moved to the burbs and started using Chase,Bank Of America, etc
MajorVitaman
Superstar
Breh, stop it. I've put in major work in the community over the years with a variety of organizations.
The simple fact remains: these churches are hauling in money on Sundays and depositing in white banks on Mondays.
Those same white banks then get on their
Let's keep it real. If Black churches were depositing that money in Black banks, the capitalization problem wouldn't likely exist.
The Black church is by far the largest financial institution in the Black community.
Those same white banks use our black dollars to help pay for developers to gentrify us
When you follow the money long enough we finance our own genocide in more ways than we usually realize
Ol’Otis
The Picasso of the Ghetto
BushidoBrown
Superstar
Thats part of it. I also feel like the government should do their part in "bailing out" these black banks same way they did for all the other
financial institutionsI dont see why the black banks cant also get some
Sidenote - this def the type of thread that should be in the Root
why the need for all caps breh @MR. SNIFLES
Woman of god
Banned
He's right. Many ppl overlook the good work black churches r doing in their communities
DrunkenNovice
Superstar
Why don't they just merge with each other and consolidate
Instead of having two dozen small to mid tier banks, aim for 3 or 4 big ones. We don't need that many choices.
Every industry has mergers and consolidations when they're in trouble (think about the banks during the recession or media/communication companies in recent years). This seems to be obvious solution, especially since both the target customers served by these banks as well as employees all have the same background.
A lot of buyouts/consolidation is expected in the industry again too.
We could get squeezed out
feelosofer
#ninergang
I wonder if some those banks merged, would it save them?
southern.girl
Superstar
I don't think Liberty joined or consolidated with other banks. They were simply supported enough to place various banks across the southeast region.
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Those same white banks use our black dollars to help pay for developers to gentrify us
When you follow the money long enough we finance our own genocide in more ways than we usually realize
Right!
That's what I want breh to see! If you follow the money, the Black Church has failed us as a financial institution.
No person in his or her right mind can prove otherwise.
The Black Church is the leading financial institution in the Black community, even more so than the Black banks.
southern.girl
Superstar
Quoting fo emphasis. We will remain an underclass if we don't have the tools to build.
I also wonder what the percentage of the loans requested were honored. For instance, if a bank only approves me for a partial loan amount, does that amount reflect 80% of my requested loan or 40%? I'm sure that the negative implications are even greater than what I'm processing at the moment.
Black churchers should form credit unions. Black churches deposit their money in the same banks that will buy out the church for pennies and tear it down to gentrify the neighborhood and displace the congregation from their homes.
I think either Ebenezer or Big Bethal in ATL have a church credit union but idk how they are doing.
No reason why the AME, COGIC, A group of black baptist churhes, etc havent made officail credit unions and those serve as the governing bodies to build infrastructure in the community and give congregation access to capital which in turn makes the credit union money via interest paid.