National Call to Invest In Black Owned Banks on Sept. 4th
Last month, “Leading syndicated radio host, Warren Ballentine issued a call to action, deeming September 4, 2009 National Community Reinvestment Day”
The national plan urges individuals from all across America to open an account with Black-owned banks, in their communities, on the same day (September 4th). Ballentine announced that the mission of the campaign is to galvanize consumers, businesses, community leaders and individuals to support black owned banks, who have traditionally been known to invest in the communities they serve.”
Oh really? First, there are only 44 so-called Black-owned banks in the 50 states. Good luck finding one in “your” community. And of the 'one' such bank in my hometown, Houston, TX, I know the top brass personally. But to make it clear, it's 'foreign-owned' -- by a Black Nigerian; NOT a Black American. Secondly, the CEO is Caucasian who hired a Caucasian lady as Vice President-Marketing -- you know, the person who's actually in charge of the bank's 'image'. That's hugely important for obvious reasons. But let me make it plain -- they spend 90% of their advertising budget in conservative-type media. Two years ago, while listening to a sports call-in radio program, I noticed some radio spots. Then I picked up the local Houston Business Journal [HBJ] only to find one full page ad and another half page ad. If you know advertising rates in a market the size of Houston, then you'll know that their investment was HUGE. HUGER than HUGE!
So, as a publisher -- and one whose enjoyed their business for more than a year -- I put our relationship on the line and called them out on it. My approach was not to whine about 'you coulda spent that money wit us'; rather to point out some very obvious misguided expenses. At the time, the bank had two branches, and both were located in heavily populated Black, inner-city neighborhoods. The only ATM machines I eve saw around town were attached to their buildings. And get this -- in the 21st Century -- they had NO online banking! Why is that important? Because, they were 'banking' on the hope that white-collar businessmen would drive through Black neighborhoods to make deposits and/or withdrawals. Yeah, right.
I'm a Chase customer myself. I wouldn't mind banking w/a Black-owned bank -- in fact, I'd prefer it -- but I'm a convenience enthusiast. I rarely ever leave my home office to do any banking if I can help it. I know I wouldn't drive way across town to do business w/this bank -- AND I'M BLACK! So, I know the readers of the conservative HBJ weren't going to.
I recommended that they reach out to the Black community and 'remind' them/us that they'd like to strengthen our relationships. Among other things, of course.
But, let's put it in proper perspective. I understand a bank wanting to be a great bank that just happens to be Black-owned instead of being a Black bank. But, as a publisher I pick up most publications around the area and know that they were spending as close to 0 as they could get away with.
Add to the fact that they even hired a White advertising agency to do their marketing. So, if any Blacks in Houston ran out to deposit their money on Sept. 4th I hope the security guard at least gave them a hug.
What's even more saddening is we have many Black millionaires in this city and can't even come together to own at least ONE bank! When an Asian associate of mine [who came to this country as an immigrant 40 plus years ago], Mr. Wea Lee, owns 10 across the country w/4 branches right here in Houston. Good grief, people ... we need to wake the [you know what] up!
Posted By: Craig Amos
Tuesday, October 13th 2009 at 8:40PM
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