Brandon Comer’s Post

Did you know that out of approximately 4,500 banks in the U.S., only 18 are Black-owned? It's a stark reality that highlights the endangered status of Black banks. To tackle issues effectively, proximity is key. Black-owned banks uniquely understand and address the needs of Black-owned businesses and families. The closure of Black banks not only limits opportunities for people of color but also widens the racial wealth gap. However, positive change is on the horizon with the National Black Bank Foundation. Co-founders Brandon Comer and Ashley D. Bell are dedicated to revitalizing a network that supports and expands Black banks, bolstering communities of color. Their initiative includes partnerships with influential entities like the Atlanta Hawks and Major League Soccer. Building a more equitable financial system requires a powerful coalition. In this week’s episode of System Catalysts, explore how they’re teaming up to score impactful systems change. 🎧 https://lnkd.in/eXYy8cbu

“It isn’t that we have to continue to have a diminution in the number,” The Harbor Bank of Maryland CEO John Lewis says. “What we need are entrepreneurs and communities that say, ‘We need a bank that serves us in this way, and we will support that bank.’ You can easily be back up to 40 (Black banks) in a decade with a concerted effort and capital.” In 2024, there are 23 Black or African-American led banks in the U.S. down from 40 in 2001 via Federal Deposit Insurance Corporation (FDIC). Combined the 23 banks have $8 billion in assets. This pales in comparison to the 71 Asian-led Minority Deposit Institutions (MDIs) with assets of $187 billion and the 30 Hispanic-led financial institutions with assets of $143 billion. ICYMI: Had a chance to speak with John about the future of Black banks for ForbesBLK Road to Econimic Empowerment series for Black Business Month. https://lnkd.in/epxVx2U9

Happy Black History Month! To celebrate, we'll be sharing stories related to Black history in the financial sector. To start, we're going back to 1888 when the first Black-owned bank was founded. On March 2, 1888, Reverend William Washington Browne established the Savings Bank of the Grand Fountain United Order of True Reformers in Richmond, Virginia. This bank, which officially opened on April 3, 1889, became the first Black-owned bank in the U.S. However, the Capitol Savings Bank of Washington, D.C. holds the distinction of being the first Black-owned bank to actually begin operations, opening its doors on October 17, 1888. On its first day, the Savings Bank of the Grand Fountain United Order of True Reformers had deposits worth $1,269.28, equivalent to $42,317.80 in today's currency. The bank thrived and successfully withstood the financial crisis of 1893, being the only bank in Richmond to maintain full operation. After the turn of the century, the bank's prospects began to falter under its new leadership, and the bank closed on October 20, 1910. #BlackHistory #BlackHistoryMonth #History #UShistory #ScaleWithKnown #WealthManagement #InvestmentBanking #FamilyOffice #FutureProof #WealthGap #Finance #ImpactInvesting

Last week I posted about our Black Banks being unable to compete with the big White Money Center Bank unless they cooperate and leverage their resources and assets. Even though there were crickets in response, I’m not going to stop talking about the necessity of forming a Black Central Bank or Central Liquidity Fund. Each of our Black Banks are competing with each other to claim the biggest Black Bank crown! The sad thing is none of them win. The biggest Black Bank crown signifies failure of the Black Banking System to work together and share the crown together from a position of power! Think about this, wouldn’t it be a phenomenal accomplishment if Black Banks got together and fund a Centa Million dollar development and the Interest and fees and interest income came back to the Black Central Bank? How about if a Black Bank could setup a Black Mortgage Secondary Market, allowing the Multi-Billion dollars of Black Mortgages to flow back into our economic system. We as Black Folks keep complaining about the fact that our wealth is drained/flows out of our communities in an average of 6 hours. HOW LONG MUST WE ALLOW THIS TO CONTINUE, IF IT IS WITHIN OUR POWER TO CHANGE!!! AND YES, I going to keep writing about this issue until one of our so-called Black Leaders, Politicians, Churches or High Net Worth Blacks wakes up and is willing to put up a relatively few dollars to put an end to our perpetual economic abuse and suffering. Again, NOT ONE of our so-called Black Leaders, Politicians or High Net Worth Blacks is listening to me and the Black dilemma continues. WE NEED TO WAKE UP!!!!

What are the benefits of joining a black owned banks, outside of putting more money into wealthy blacks pockets? If they gave loans without regard to credit, there might be a benefit. If they gave business credit to black owned businesses without regard to their history there might be a benefit. Banks use to give loans on the basis of a business idea without all the red tape, so Caucasians that built American businesses got an opportunity to build their businesses with very little red tape. Are black owned banks willing to give that same consideration to blacks that want to start businesses? I doubt it! So once again, Why join a black owned bank? OneUnited Bank BLACKINVEST LIMITED BlackBusiness Diary Blacks in Technology Charlotte BlacksInHigherEducation.com

Today is the first day of Black Dollar Day! The goal is to support as many black owned businesses as possible. I suggest taking today to support a black financial advisor, because we as blacks have already mastered the game of being consumers, let’s start off by mastering the game of saving and investing. Contact Taylor Baloney of Edward Jones for all of your financial needs. #blackwomeninfinance #money #investing

Mission Prosperity: Strategies for Black Wealth & Financial Empowerment … Closing the racial wealth gap in America requires far more than just financial education—it takes action, in the form of consistent, disciplined investment over time. Black men play a critical role in making wealth creation and the acquisition of appreciating assets a cultural priority of Black families and communities. This session will charge attendees to lead by example toward the goal of building multigenerational wealth, including committing to homeownership, leveraging insurance, and investing in the stock market to grow Black net worth. Speakers - Jeffery Ferrell, Financial Educator, Wealth by Wisdom LLC - Devon Kennard, Former NFL Player, Real Estate Investor, Author Moderator - Chike Uzoka, FIC, CCA, Certified Family Office Financial Advisor, Get Clear with Wealth

Building Bridges, Not Barriers: Financial barriers shouldn't hold you back. Bank Black program breaks down barriers and creates opportunities for the Black community. Open an account, access resources, and watch your dreams take flight. #BreakDownBarriers #FinancialOpportunity #BankBlack #cannascapital

Building Bridges, Not Barriers: Financial barriers shouldn't hold you back. Bank Black program breaks down barriers and creates opportunities for the Black community. Open an account, access resources, and watch your dreams take flight. #BreakDownBarriers #FinancialOpportunity #BankBlack #cannascapital

#BlackLeadersInFinance: Joseph L. Searles III broke a 178-year-old barrier on Wall Street, becoming the first African American member and floor broker on the NYSE. This caused a steady increase of Black Americans to enter the financial industry, which founded the first two Black-owned member firms on NYSE: Daniels & Bell and First Harlem Securities. Talk about Black excellence! 👨🏽💻🤎💲 #BlackMenLead #FinancialIndustry #BlackMenInFinance #FinancialProfessionals