City to deposit $20 million in Chicago's last black-owned bank

The last black-owned bank in Chicago is set to receive a $20 million deposit of city funds.

City Treasurer Kurt Summers on Monday announced the deposit into Illinois Service Federal Savings and Loan Association.

Founded in Chicago in 1934 to help give the black community better access to credit, ISF Bank is one of just more than 20 black-owned banks in the country, according to the Federal Deposit Insurance Corp.

The deposit is meant to help drive economic development in the city's neighborhoods, Summers said.

"It's about being a community bank," said Summers, noting that his office works to invest in the city's neighborhoods and institutions. "Community banks are a great opportunity for that because they are designed for the sole purpose of reinvesting in their local area."

On average, the city keeps between $300 million and $700 million on deposit in banks. In order to receive deposits of city funds, financial institutions must go through a special certification process.

The deposit at ISF Bank, which went through the certification process, is the first the city has made with the intent to bolster a community bank, Summers said.

Read more: City to deposit $20 million in Chicago's last black-owned bank

Some black business owners strain to sell to black consumers

When Terina McKinney displays her leather bags and belts at events attended primarily by black women, they are often interested in her designs, and in her experience as an African-American business owner. But she seldom makes sales.

“They all ooh and ahh and ask a ton of questions, but don’t necessarily make purchases,” says McKinney, whose Jypsea Leathergoods products range from $20 to $325. Instead, her customers tend to be white or Asian women. While calls have been increasing for black consumers to support black-owned businesses with their buying power estimated at more than $1.2 trillion a year, social media campaigns with momentum like (hash)buyblack are relatively new. And McKinney’s frustration is shared by some other black business owners who say they can find it hard to sell to black consumers.

The factors can be logistical or practical, such as being located farther away or having higher prices than big chain stories, retail experts and civic leaders say. Scarcity can be a reason: It can be hard to find businesses owned by African-Americans. But other considerations might be emotional, like wanting a trendy design everyone is wearing, or the perception that national brands are better.

“There’s a myth that’s been placed on our communities for many generations: White people’s ice is colder. White businesses are superior to black businesses,” says Ron Busby, president of the U.S. Black Chambers, a national business organization for black-owned companies. “We have to change that mentality. We have to be better, conscientious consumers.”

Read More: Some black business owners strain to sell to black consumers

#BankBlack: List of 23 Black Owned Banks

#BankBlack, a movement to get African Americans to put their money in their own banks and to invest in their own communities is gaining steam throughout the country. There are 23 black owned banks in the United States. If you are interested in opening an account at a Black-owned, FDIC-insured bank, here's the complete list below according to FederalReserve.gov:

ALABAMA

#1 - Alamerica Bank: This bank in Birmingham, Alabama provides a unique banking experience for underserved communities. Their staff of experienced bankers is committed to providing quality and personalized service, offering a full array of banking services, from deposit accounts to loans.

#2 - Commonwealth National Bank: At this bank in Mobile, Alabama, they believe that your business is unique and so your bank should be too. They offer free online banking with no minimum daily balance required, and a variety of business accounts designed to help you maximize your banking experience.

(Also see #11 - Liberty Bank, which has branch locations in Tuskegee and Montgomery, AL.)

CALIFORNIA

#3 - Broadway Federal Bank: Based in Los Angeles, California, this Black-owned bank aims to serve the real estate business and financial needs in underserved urban communities. They especially aim to meet the needs of minority consumers who want to take out conventional loans.

(Also see #13 - One United Bank, which has branch locations in Compton and Los Angeles, CA.)

DISTRICT OF COLUMBIA (WASHINGTON, DC)

#4 - Industrial Bank: Headquarted in Washington, DC with branch locations in Oxon Hill and Forestville, MD, this bank has delivered essential banking and financial services since 1934 that have contributed greatly to the growth and development of the local Black community.

FLORIDA

#5 - Axiom Bank: Headquartered in Central Florida with branches throughout the Jacksonville, Orlando, and Tampa areas, this federally-chartered community bank serves the financial needs of its customers through a wide range of financial products. They provide retail banking services, including checking, deposit, and money market accounts, through 20 branch locations, 19 of which are inside select Walmart Supercenters.

(Also see #13 - One United Bank, which has branch locations in Miami, FL.)

GEORGIA

#6 - Carver State Bank: Established in 1927 in Savannah, Georgia, this Black-owned bank has has remained a financial services leader for all sectors of the Savannah community throughout its 85 years and is the only bank in the area with an outstanding Community Reinvestment Act Rating.

#7 - Citizens Trust Bank: Since their beginning in 1921, this Atlanta, GA-based bank has responded to market shifts by expanding their electronic platform while still providing the personal touch service that makes them unique to their customers. Thanks to an online #BankBlack social media campaign in July 2016, more than 8,000 new accounts were opened at their branch in just one week.

ILLINOIS:

#8 - Illinois Service Federal Bank: Based in Chicago, this bank aims to be a viable, growing, community development financial services institution responding innovatively to their primarily underserved and minority constituency with superb customer service.

#9 - Seaway Bank & Trust Company: This Chicago-based community bank serves families, non-profits and businesses in diverse neighborhoods. It was established in 1965 to counter discriminatory lending practices and is now recognized as one of the nation's largest minority-owned banks, with more than $400 million in assets and 240 employees.

(Also, see #11 - Liberty Bank, which has branch locations in Chicago, IL.)

KANSAS:

(See #11 - Liberty Bank, which has branch locations in Kansas City, KS.)

KENTUCKY:

#10 - Metro Bank: Based in Louisville, Kentucky, this Black-owned bank works to provide opportunity where before there was none - whether it is their involvement in a multi-million dollar New Markets Tax Credit project, or a start-up business loan to an entrepreneur providing a much-needed service in an underserved neighborhood.

LOUISIANA:

#11 - Liberty Bank: Primarily based in New Orleans and Baton Rouge, Louisiana, this bank has a sincere focus on service, integrity and a sincere interest in community and business development. Over the past four decades, they have also expanded to more than 18 branches in six states - including Kansas, Mississippi, Michigan, Missouri, Alabama, and Illinois.

MARYLAND:

#12 - Harbor Bank of Maryland: Opening its doors in 1982, this bank primarily serves the Baltimore metropolitan area, and offers checking, savings, time deposits, credit cards, debit card, commercial real estate, personal, home improvement, automobile, and other installment and term loans. They also have a branch in Riverdale, MD, PG County.

(Also, see #4 - Industrial Bank, which has branch locations in Oxon Hill and Forestville, MD.)

MASSACHUSSETTS:

#13 - One United Bank: The first Black internet bank and the largest Black-owned bank in the country, with offices in Los Angeles, Boston and Miami. They were awarded the highest Bank Enterprise Award by the U.S. Department of Treasury for their community development lending ten times, and they are a designated Community Development Financial Institution (CDFI).

MICHIGAN:

#14 - First Independence Bank: Based in Detroit, this bank was established in the 1970's to serve the financial needs of the urban community, its businesses, and its citizens. They say that no line of financial services is beyond their charter as long as they are serving the financial needs of businesses and families in the Black community.

(Also, see #11 - Liberty Bank, which has branch locations in Detroit, MI.)

MISSISSIPPI:

(See #11 - Liberty Bank, which has branch locations in Jackson, MS.)

MISSOURI:

(See #11 - Liberty Bank, which has branch locations in St. Louis, MO.)

NEW JERSEY:

#15 - City National Bank: Primarily based in Newark, NJ with branch locations in Harlem and Brooklyn, NYC, this Black-owned bank plays a pivotal role in strengthening urban communities. They call themselves a forward-thinking financial institution whose mission is to build economic strength and improve the quality of life within urban communities by providing the highest quality financial services, including low-cost business loans.

NEW YORK:

(See #15 - City National Bank, which has branch locations in Harlem and Brooklyn, NY.)

NORTH CAROLINA:

#16 - Mechanics & Farmers Bank: Founded in 1907, this bank is the 2nd oldest minority-owned bank in the United States. They have branches in Winston-Salem, Durham, Raleigh, Greensboro, and Charlotte, and most of their deposits are recycled back into urban communities.

PENNSYLVANIA:

#17 - United Bank of Philadelphia: Based in the city of Philadelphia, this Black-owned bank says that all deposits stay right in the community in a cycle of community, inclusivity, and opportunity. They offer affordable banking services to individuals, families, small businesses, and non-profit organizations.

SOUTH CAROLINA:

#18 - South Carolina Community Bank: Based in Columbia, SC, this Black-controlled bank offers a select range of high priority personalized products and services to traditionally underserved communities, including small to medium sized businesses,

TENNESSEE:

#19 - Citizens Savings Bank and Trust Company: With branch locations in Nashville and Memphis, TN, this community bank provides friendly and personal service to both individuals and small businesses. They are an equal opportunity employer with 32 full-time employees, 3 convenient offices and approximately $100 million in total assets.

#20 - Tri-State Bank of Memphis: With three branch locations throughout the Memphis area, this a community bank has proudly served the urban community for over 65 years and have a history of leadership, concern and commitment.

TEXAS:

#21 - Unity National Bank: Based in Houston, Texas, with a branch also in Missouri City, this Black-owned bank creates opportunities to help people and businesses grow and enhance the quality of life. They do that through service and services that respect their time, make banking easier and keep them financially competitive.

VIRGINIA:

#22 - First State Bank: Chartered in 1919 in Danville, VA, this locally-owned and operated bank provides the personal touch to banking services. From checking and savings products to loans and other financial investments, they offer a variety of options to fit your needs.

WISCONSIN:

#23 - Columbia Savings & Loan Association: Based in Milwaukee, WI, this is the oldest Black-owned financial institution in the state, and they have been serving commercial and individual accounts to urban customers since 1924. They offer checking accounts, and consumer and business loans.

Thousands of new accounts opened at black-owned Citizens Trust Bank

A historic Atlanta bank is busy after influencers in the black community called for people to move their money into black-owned banks. In just five days, 8,000 people submitted applications to join the bank.

Citizens Trust Bank, founded in 1921 on Auburn Ave., is owned and operated by African Americans. After a week of protests following new officer-involved shootings, celebrities and influences started sharing blogs listing various black-owned banks throughout the country. Citizens Trust Bank was on that list.

In the days following the police shooting deaths of Philando Castile and Alton Sterling and in the midst of protests and rallies, national celebrities like Solange Knowles and local influences like Tiwa Works shared pictures and articles convincing people to open accounts and #BankBlack.

[SOURCE]

Republican congressman trying to block Harriet Tubman on the $20 bill

A Republican congressman is trying to block the Treasury from redesigning U.S. currency, a move that could prevent the government from replacing Andrew Jackson on the front of the $20 bill with abolitionist Harriet Tubman.

Rep. Steve King of Iowa has offered an amendment to a spending bill barring the use of funds to redesign any Federal Reserve note or coin.

Treasury Secretary Jacob Lew announced the changes in April. Tubman would become the first African-American on U.S. paper currency and the first woman on paper currency in a century.

Alexander Hamilton's portrait will remain on the front of the $10 bill. The back is to be redesigned to feature Susan B. Anthony.

It wasn't immediately clear why King opposed the redesign. His office did not immediately respond to messages.

SOURCE]

Black presence on U.S. boards shrinks, hedge funds cited by some

African-Americans have become a shrinking presence in the boardrooms of the biggest U.S. companies in recent years, setting back a push by pension funds for greater diversity.

African-Americans, who make up about 13 percent of the U.S. population, account for 8.6 percent of the directors on the boards of the largest 200 companies by revenue in the S&P 500 in 2015, down from 9.6 percent in 2010, according to the annual Board Index study by Spencer Stuart, one of the largest executive search firms. The figure was 9 percent in 2006, the first year the firm reported the measure.

Read more: Black presence on U.S. boards shrinks, hedge funds cited by some

CBC Message to America: African American-owned small businesses are vital to the economy

Congressional Black Caucus Message to America: African American-owned small businesses are vital to the success of our economy and the nation, delivered by Rep. Donald M. Payne, Jr. Watch the message below:

Racism stings at black-owned businesses

When Paulette Still left a career in banking to open Posy Flower Design and Event Decor, she expected to sacrifice a steady and hefty paycheck for the chance to be her own boss. She didn't expect the number of people who would challenge her entrepreneurship based strictly on her race.

After the doors of her storefront opened in 2010, a doctor buying flowers for his wife informed her that she couldn't be the owner because black people in Pittsburgh “owned wig stores and cleaning businesses.” When she switched to appointment-only hours, customers would book appointments based on the strength of her work featured online only to “turn on their heels” after seeing her in person.

“I had someone say, ‘You should have your picture on the website,'” she said. “I showed you my flowers and my work and you were excited but you met me and you weren't excited anymore.”

According to 2006 Census figures, black-owned businesses nationally have average annual sales of $74,018, compared to $439,579 in sales for white-owned firms. Black-owned businesses received 1.7 percent of $23.09 billion in Small Business Administration loans in the 2013 fiscal year, according to The Wall Street Journal.

Read more; Racism stings at black-owned businesses

Black women are the fastest-rising demographic in American business

A new report is showing that black women mean business – literally.

Since 1997, the number of companies owned by African-American females shot up by 322 percent, far outpacing the growth rate of women owned-businesses in general and making black women the fastest-growing group of entrepreneurs in the US today, according to the 2015 State of Women-Owned Businesses Report, commissioned by American Express Open.

“We attribute the growth in women-owned firms to the lack of fair pay, fair promotion, and family-friendly policies found in corporate America,” Margot Dorfman, CEO of the US Women’s Chamber of Commerce, told Fortune magazine.

“Women of color, when you look at the statistics, are impacted more significantly by all of the negative factors that women face,” she added. “It’s not surprising that they have chosen to invest in themselves.”

The result: Women now own 30 percent of all businesses in the US, or about 9.4 million companies, having grown by 74 percent since 1997. Together these firms generate about $1.5 trillion in revenue and employ nearly 8 million people, the report found.

African-American women own about 14 percent of those firms, accounting for 1.3 million businesses, or half of all businesses owned by African-Americans in the country. Latina women follow close behind them, comprising 12 percent of all women-owned firms, or about 1 million businesses.

Read more: The fastest-rising demographic in American business? Black women

Forbes top 10 cities for African American Economic Success

Here are the top 10 cities for African American economic success according to Forbes Magazine. One thing that jumps out at you immediately is the majority of the cities are in the southern region of the United States. Cities like Atlanta being #1, and Washington DC being on the top 10 list are no surprise but some of the other cities may actually surprise you.

1. Atlanta

2. Raleigh

3. Washington, D.C.

4. Baltimore (tie)

4. Charlotte (tie)

6. Virginia Beach-Norfolk, Va.

7. Orlando, Fla.

8. Miami (tie)

8. Richmond, Va. (tie)

8. San Antonio (tie)

MERRILL LYNCH TO SERVE AS SPONSOR OF INAUGURAL ARTEMIS MEDICAL SOCIETY CONFERENCE

DALLAS/FORT WORTH (August 27, 2014) – Artemis Medial Society announced today that Merrill Lynch has agreed to serve as the exclusive financial services sponsor of its inaugural conference in Dallas, Texas.  The conference will take place September 26 to 28, 2014 at the Westin Galleria Dallas hotel.  For the full conference itinerary visithttp://bit.ly/1tLXqLt.

“We are very excited that Merrill Lynch has agreed to become the exclusive financial services sponsor of our inaugural conference,” said Dr. Myiesha Taylor, President, Artemis Medical Society.  “They bring the trust, expertise and solutions our members are seeking in a financial services provider.  It is an honor to have their support for our inaugural conference.”

“We are delighted to sponsor this organization as part of our commitment to women, to diversity and to serving the needs of the medical profession,” said Jeff Markham, Managing Director, Merrill Lynch Greater Texas Market Executive.  “Physicians are a vital part of the communities in which we do business, and we are proud to be among this organization’s strongest supporters.”

“Merrill Lynch’s sponsorship demonstrates how non-profit organizations and corporations can work together to bring positive change to our society,” said Dr. Donna Hamilton, Vice President for Communications, Artemis Medical Society.  “Our membership greatly appreciates that Merrill Lynch was willing to learn about our organization, members and mission.  Having their support of Artemis’ inaugural conference will allow us to continue to work together in creating greater physician diversity that our society needs.”

Artemis Medical Society helps promote an environment in medicine where women of color from around the world can come together to support and learn from each other across all medical specialties. Since their formation they have worked diligently to create a supportive environment by fostering a strong sense of community among their membership. Artemis Medical Society believes women physicians of color are a vital part of an effective physician workforce that is responsive to, and aims to deliver quality healthcare to our increasingly diverse communities. Through mentoring, networking and advocacy, the organization is providing the foundation necessary to create a diverse physician workforce vital to our rapidly changing society.

NAACP TEAMS UP WITH DUNKIN’ BRANDS TO INCREASE MINORITY FRANCHISES

NAACP ANNOUNCES PARTNERSHIP WITH DUNKIN’ BRANDS

Dunkin’ Brands and NAACP Launch Initiative to Increase the Number of African-American Owned Franchise Businesses in the U.S.

Baltimore, MD- (July 23, 2014) – The National Association for the Advancement of Colored People (NAACP) announced today its partnership with Dunkin’ Brands Group, Inc. (Nasdaq: DNKN), the parent company of Dunkin’ Donuts and Baskin-Robbins, to create a Diversity Franchising Initiative to increase the number of African-American owned franchise businesses in the United States. Through the partnership, Dunkin’ Brands and the NAACP will collaborate to offer people of color in-depth franchising education and training as well as assistance in overcoming the financial challenges related to becoming a franchise owner. The partnership was announced at the NAACP’s 105th Annual Convention in Las Vegas.

“Franchising can be a powerful economic tool that further enables the African-American community and others to realize the American dream of business ownership,” said Cornell William Brooks, President and CEO of the NAACP. “We are excited to announce this unique partnership with Dunkin’ Brands and to improve opportunities for people of color in the franchising sector because of the substantial impact these agreements have on empowering and employing people of color.”

“The Dunkin’ Brands Diversity in Franchising Initiative will provide education, networking opportunities and information on critical topics including access to capital,” said Dedrick Muhammad, senior director of the NAACP Economic Department. “Ultimately, we hope this program helps to increase the number of African-American franchise business owners in the U.S in both the short and long term.”

This initiative is a part of Dunkin’ Brands’ ongoing efforts to provide resources to help qualified franchisee candidates overcome barriers associated with financing, including providing guidance on business plan development, facilitating access to capital, and forging relationships with local community lenders.

“We are proud to launch this partnership with the NAACP. Working together, our goal is to increase African American participation in the franchise industry, not just with Dunkin’ Donuts and Baskin-Robbins, but across a wide spectrum of franchising concepts available in the marketplace,” said Grant Benson, CFE, vice president of global franchising and business development, Dunkin’ Brands. “Additionally, we believe this partnership will enable Dunkin’ Brands to build a larger, more diverse pool of franchise candidates, accelerate our expansion in new and existing markets, and continue to build customer loyalty for our two brands across the country.”