It’s been 49 years, and some months, since Martin Luther King encouraged blacks (and all Americans) to move more of their assets into black-owned and -operated community banks.
Sadly, Dr. King’s cri de couer has not yet been fully realized — and, indeed, over the last generation, has been reversed. As we’ve noted elsewhere, minority banks across the board continue a steep decline; there are now only 20 black-owned banks in the country.
As we’ve noted elsewhere, regulatory solutions seem to have failed both the minority banking and inter-related community banking sectors. Growth — and voluntary action like the program Bank Black USA is suggesting — may be the answer.