Citizens Trust Bank stands on the shoulders of giants who created a legacy that has stood the test of time. Jessie B “J.B.” Blayton was one of those giants.
We had the honor of hosting the Blayton family as we shared the history of the Bank and Jesse Blayton’s dynamic contribution. Mr. Blayton was the first Black CPA in Georgia, fourth in the U.S., an entrepreneur and radio station owner. He served on Citizens Trust Company Board of Directors in the 1940s alongside M.L King Sr., B.E. Mays, and C.R. Yates.
#wearectb#strongertogether#legacy#blackcpa#atlantahistory#blackhistory#history
Podcast Co-Host | Philanthropist | Systems Change Enthusiast | Board Member | Co-Author | 🎧 Listen to System Catalysts, where we crack the code on making the world a better place.
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
Podcast Co-Host | Philanthropist | Systems Change Enthusiast | Board Member | Co-Author | 🎧 Listen to System Catalysts, where we crack the code on making the world a better place.
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
🏦 Owner,Chairman,U.S. Bank Minneapolis
✨(UHNWI)CEO,Trustee,Terrence Smith Private Wealth Trust Estate, SP., at U.S. Bank
(🌎👉🏾📱TLABS Force-Touch POS™️,TLABS Electronics, Software & Data™️,TLABS Telecom Ecosystems™️)
Congratulations to Scott Ford EVP President, U.S. Bank Wealth Management with our team in wealth management at U.S. Bank.
In reference to black wealth, my cotrustee Robert F. Smith publishes he’s now a billionare seeming that he has decided to accept an opportunity to join me personally as one of the wealthiest Americans.
However, he’s not presented me with a timeline for providing closure documenting how I’ve helped him accomplish such things with him due diligently finding deals in private equity for our enterprise software businesses at Vista Equity Partners.
From the begiinning, I was the wealthiest individual in America with Warren Buffet when I started investing at Terrence Smith Private Wealth & Financial, SP.
Now, my portfolio of assets within my U.S. Bank personal wealth trust ledger are being reviewed pending me generating an internal report of the total value of my U.S. Bank personal wealth trust’s collection of assets, that I’m sure has my personal wealth trust has my personal networth now valued in the $ Trillions of dollars.
For example:
As Trustee, CEO at Terrence Smith Private Wealth & Financial, SP., my sole proprietor business is now a majority owner equity shareholder as an individual investor in the businesses that has created 9 out of the top 10 wealthiest individuals in the world according to Forbes list as of 2024.
Forbes AdvisorOffice of the Comptroller of the CurrencyJohn SternKira ReouttScott FordGunjan Kedia
EVP President, U.S. Bank Wealth Management, at U.S. Bank
When I was in Milwaukee a few weeks ago, I had the honor of sitting down with MKE Connect host Denise Callaway to discuss how U.S. Bank is working to address the racial wealth gap, from homeownership to wealth management. Thanks to Nina V.A. Johnson, MBA for the opportunity! https://lnkd.in/e4ZNt9Nx
Founder, Chairman and CEO at Vista Equity Partners
The difficulties Black Americans have faced accessing financial services has perpetuated inequities for decades. And because of this, some Minority Depository Institutions (MDIs) are taking action to help address this crisis within underrepresented communities and helping to close the #racialwealthgap with backing from JPMorgan Chase & Co. This partnership ensures that JPMorgan Chase’s $30 billion racial equity pledge supports inclusive growth for these MDIs and the communities they serve.
The investment by JPMorgan Chase can help impact underserved communities through equity investment and access to financial resources. With JPMorgan Chase taking on more MDIs as clients, MDIs will have the resources they need to drive growth in disenfranchised communities where it’s needed most.
This serves as an example of how financial institutions in underserved communities can be supported and stresses the need for other individuals and companies to become involved in supporting the work of MDIs. As a founding member of the Economic Opportunity Coalition, Vista Equity Partners, for instance, reinforced its commitment in 2022 to address economic disparities by shifting 2% of the Firm’s cash balances into Community Development Financial Institutions (CDFIs) and MDIs.
Learn more about the JPMorgan Chase partnership with MDIs from Black Enterprise Magazine. https://lnkd.in/gCePtvhY
This post sheds light on a crucial issue, highlighting the ongoing struggles Black Americans face in accessing financial services and the long-standing inequities they’ve endured. It’s commendable to see initiatives like the partnership between JPMorgan Chase and Minority Depository Institutions (MDIs) aiming to address this crisis and contribute to closing the #racialwealthgap.
While such partnerships are a step in the right direction, the question brings attention to a poignant reality. The cannabis industry, where Black Americans have faced disproportionate impact due to the war on drugs, presents a unique opportunity for companies to provide meaningful support. These individuals, twice hit by the repercussions of historical injustices, often find themselves told to bootstrap businesses while living in poverty and lacking access to funds.
Your call for unwavering support resonates deeply. Empowering Black and brown communities in the cannabis industry is not just a business opportunity; it’s a chance to right historical wrongs, uplift families, and heal communities. The persecutions faced by these individuals demand a proactive commitment from companies to contribute to generational sustainable wealth.
As we applaud initiatives like the JPMorgan Chase partnership, it’s essential to expand these efforts into the cannabis space. Companies must recognize the potential impact they can have in fostering true inclusivity and economic empowerment. Let’s advocate for a comprehensive approach that ensures everyone, especially those disproportionately affected, has equal opportunities to thrive and build a better future.
Founder, Chairman and CEO at Vista Equity Partners
The difficulties Black Americans have faced accessing financial services has perpetuated inequities for decades. And because of this, some Minority Depository Institutions (MDIs) are taking action to help address this crisis within underrepresented communities and helping to close the #racialwealthgap with backing from JPMorgan Chase & Co. This partnership ensures that JPMorgan Chase’s $30 billion racial equity pledge supports inclusive growth for these MDIs and the communities they serve.
The investment by JPMorgan Chase can help impact underserved communities through equity investment and access to financial resources. With JPMorgan Chase taking on more MDIs as clients, MDIs will have the resources they need to drive growth in disenfranchised communities where it’s needed most.
This serves as an example of how financial institutions in underserved communities can be supported and stresses the need for other individuals and companies to become involved in supporting the work of MDIs. As a founding member of the Economic Opportunity Coalition, Vista Equity Partners, for instance, reinforced its commitment in 2022 to address economic disparities by shifting 2% of the Firm’s cash balances into Community Development Financial Institutions (CDFIs) and MDIs.
Learn more about the JPMorgan Chase partnership with MDIs from Black Enterprise Magazine. https://lnkd.in/gCePtvhY
“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
