Banks Owned by Blacks Seeing Many New Depositors

An Atlanta bank owned by blacks is experiencing a surge of new deposits thanks to a campaign that is aimed at helping financial institutions that are black owned after the multiple police killings that increased the awareness of institutional inequality.

The Citizens Trust Bank located in metro Atlanta and Columbus Georgia, as well as Birmingham and Eutaw, Alabama said it received close to 8,000 new deposit applications the past few days.

One catalyst Killer Mike a rapper called BET and MTV during a town hall meeting July 8 to insist the black community deploy part of its financial resources to make a big difference.

Killer Mike wants one million people to make deposits of $100 per person in small banks and or credit unions that are owned by blacks, believing those institutions would be more apt than others to make loans to black businesses and citizens and more apt to treat them generally fairer.

The rapper continued during his call in saying that blacks cannot take the streets and start shooting, bombing and killing. He said he did not encourage anyone to take part in violent acts that would cause additional peril to the black community.

Other supporters posted remarks that were similar on Facebook. Instagram and Twitter that urged people to move their money to institutions that were black owned.

Citizens Trust Bank a bank that is 95 years old has been the biggest benefactor. Killer Mike has specifically promoted this bank across his social media.

The National Bankers Association in Washington, D.C., which promotes financial institutions that are minority owned, said through a statement from their president Michael Grant that CEO of banks owned by banks are calling him to say they are getting big volume that they find unbelievable.

The association said it was not taking place in just one area but across the nation.

The U.S. as of the end of March had 23 banks, savings and loans or credit unions owned by blacks according to data released by the Federal Reserve.

Citizens Trust Bank has over $328 million as of December 31 in deposits, which was down over 3.5% from the previous year.

Some reports around the country said that other banks that are black owned were receiving a spike in deposits of late. For example, one bank in Texas call Unity National bank has opened over 350 new accounts in the past week.

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