#BankBlack Movement: Industrial Bank Earns $2.7 Million In New Deposit

“At this critical time, we believe that we must band together and leverage our resources to support African-American banks that are more inclined to lend to small businesses in our communities,” Waikinya Clanton, spokesperson for #DivertToInvest movement told the Black financial website.

Yet another Black-owned bank, Industrial Bank has seen an unprecedented rise in its deposits following the call on Black people to patronize banks owned by Black people. The Washington D.C based bank saw an influx of about 1500 new customers which made a total deposit of $2.7 million.

Industrial bank shared the success story with the world on its twitter page. It wrote “This will have a HUGE impact in our community! Thanks for choosing Industrial & for inspiring others to do the same!”

According to the Black Enterprise, the increase in the bank’s customer base was as a result of the efforts of the activist who initiated the # DivestToInvest in D.C. this move motivated Black-Americans to assist banks owned by Black people.

The spokesperson of the movement, Waikinya Clanton speaking to the Black financial website said; “At this critical time, we believe that we must band together and leverage our resources to support African-American banks that are more inclined to lend to small businesses in our communities.”

Clanton’s call seems to back the national call on all Blacks to patronize Black-owned banks. In the past few months, some Black celebrities have heeded to the call and moved their accounts to some Black-owned banks. According to the Atlanta black Star, Solange Knowles moved her income to a Black bank in July.

This milestone achieved by the Industrial Bank followed united Bank’s $10 million transfers in less than four weeks.

Teri Williams, OneUnited president and the chief operating officer explained the #BankBlack movement by saying; “is about more than us moving our money, It is about us moving our minds or just sort of opening up our minds to appreciating the power of our $1.2 trillion in spending power.”

This is a highly recommendable act by the Black community. It is obvious that the country is in no position to support them but yet wants to benefit from them. It is a step in the right direction for Black people to empower each other. We are proud that Black people have a possibility to promote their own. So, we should invest more in those institutions which we can trust. This will perk up our households’ economy.

Source: Atlanta Black Star

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