Minority Depository Institutions (MDI’s) service some of the most challenging markets in the nation. Often in urban communities that may not otherwise have access to traditional mainstream banking institutions.Hispanics or Latinos, who represent 16.9 percent of the general U.S. population, control 15 banks, according to the government. The statistics given to Black Westchester by Brother Joseph Muhammed on People Before Politics on what our dollar is actually spent towards caused the entire room to gasp. The jackpot question of the day is, how can we have over a trillion dollars in spending annually, but only keep $4.7 billion dollars of this in our own MDI’s?I’m still trying to figure it out and I’m sure you are also!
In 1994, we went from 54 African-American owned banks to less than 20 years later, only 21 remain. Analyst report the mortgage crisis hugely contributed to the demise of many of these institutions. Between 2001 and 2013, the failure rate for MDIs was nearly three times higher than it was for the entire industry. Despite our strong spending power, our financial institutions have been declining exponentially.
This is a list of the largest banks in the United States by total assets as of December 31, 2013.
| Rank | Bank name | Location | Total assets (US$ Trillion) |
|---|---|---|---|
| 1 | JPMorgan Chase | New York City, NY | $2.6 |
| 2 | Bank of America | Charlotte, North Carolina | $2.10 |
| 3 | Citigroup | New York City, NY | $1.89 |
| 4 | Wells Fargo | San Francisco, California | $1.69 |
| 5 | The Bank of New York Mellon | New York City, NY | $0.374 |
| 6 | U.S. Bancorp | Minneapolis, Minnesota | $0.364 |
| 7 | HSBC Bank USA | New York City, NY | $0.321 |
| 8 | PNC Financial Services | Pittsburgh, Pennsylvania | $0.302 |
| 9 | Capital One | McLean, Virginia | $0.297 |
| 10 | State Street Corporation | Boston, Massachusetts | $0.243 |
| 11 | TD Bank, N.A. | Portland, Maine | $0.204 |
| 12 | BB&T | Winston-Salem, North Carolina | $0.183 |
| 13 | SunTrust Banks | Atlanta, Georgia | $0.175 |
| 14 | American Express | New York City, NY | $0.153 |
| 15 | Ally Financial | Detroit, Michigan | $0.151 |
There are many issues that plague the minority community and the institutions that serve us.
Financial education being close to the top of that list. Living check to check and historical lack of wealth amongst african Americans has been a huge factor as well, while some argue the lack of African-Americans supporting minority owned business and the disaggregated nature of the industry is to blame. Others say the root of it starts at home, we simply do not teach our families to reinvest in our communities. There’s an unspoken fear of not being able to afford to save, which is simply untrue. Financial responsibility isn’t taught early on in school even though it is the first thing you must manage once school is over. Although the internet gives us access to a plethora of information, most minority communities are not even aware of the resources available to them from these institutions, let alone know that they exist.
Location: Birmingham, Alabama
Founded: January 28, 2000
FDIC Region: Atlanta
Assets: $35 404 000
Location: Los Angeles, California
Founded: February 26, 1947
FDIC Region: San Francisco
Assets: $385 055 000
CAPITAL CITY BANK & TRUST COMPANY
Location: Atlanta, Georgia
Founded: October 3, 1994
FDIC Region: Atlanta
Assets: $294 572 000
Location: Savannah, Georgia
Founded: January 1, 1927
FDIC Region: Atlanta
Assets: $41 573 000
Location: Atlanta, Georgia
Founded: June 18, 1921
FDIC Region: Atlanta
Assets: $392 286 000
Location: Newark, New Jersey
Founded: June 11, 1973
FDIC Region: New York
Assets: $340 301 000
Location: Mobile, Alabama
Founded: February 19, 1976
FDIC Region: Atlanta
Assets: $63 244 000
Location: Chicago, Illinois
Founded: June 20, 1977
FDIC Region: Chicago
Assets: $59 842 000
Location: Detroit, Michigan
Founded: May 14, 1970
FDIC Region: Chicago
Assets: $215 924 000
Location: Danville, Virginia
Founded: September 08, 1919
FDIC Region: Atlanta
Assets: $38 882 000
Location:Tuskegee, Alabama
Founded: October 11, 1991
FDIC Region: Atlanta
Assets: $63 127 000
Location: Chicago, Illinois
Founded: November 09, 1970
FDIC Region: Chicago
Assets: $84 948 000
ILLINOIS SERVICE FEDERAL SAVINGS & LOAN
Location: Chicago, Illinois
Founded: January 01, 1934
FDIC Region: Chicago
Assets: $140 148 000
Location: Washington, DC
Founded: August 18, 1934
FDIC Region: New York
Assets: $342 524 000
Location: New Orleans, Louisiana
Founded: November 16, 1972
FDIC Region: Dallas
Assets: $545 019 000
Location: Durham, North Carolina
Founded: March 01, 1908
FDIC Region: Atlanta
Assets: $304 809 000
Location: Milwaukee, Wisconsin
Founded: February 12, 1971
FDIC Region: Chicago
Assets: $91 490 000
Location: Boston, Massachusetts
Founded: August 02, 1982
FDIC Region: New York
Assets: $590 624 000
Location: Chicago, Illinois
Founded: January 02, 1965
FDIC Region: Chicago
Assets: $573 168 000
Location: Philadelphia, Pennsylvania
Founded: March 23, 1992
FDIC Region: New York
Assets: $67 930 000
Location: Houston, Texas
Founded: August 01, 1985
FDIC Region: Dallas
Assets: $68 125 000
Source: FDIC
AJ Woodson
AJ Woodson is the Editor-In-Chief of Black Westchester and Co-Owner of Urban Soul Media Group, the parent company, Host & Producer of the People Before Politics Radio Show. AJ is a Father, Brother, An Author, Journalism Fellow (Craig Newmark Graduate School of Journalism), Hip-Hop Artist - one third of the legendary underground rap group JVC FORCE known for the single Strong Island, Radio Personality, Hip-Hop Historian, Documentarian, Activist, Criminal Justice Advocate and Freelance Journalist whose byline has appeared in several print publications and online sites including The Source, Vibe, the Village Voice, Upscale, Sonicnet.com, Launch.com, Rolling Out Newspaper, Daily Challenge Newspaper, Spiritual Minded Magazine, Word Up! Magazine, On The Go Magazine and several others.
1 comment
Thank you for composing this article. I’ve been looking to invest my money in black owned banks. There are several that are 2hrs away and 1 that is about 40min.
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