The #BankBlack challenge gains momentum; we’re worth billions

Photo Credit: George DeLoache
Photo Credit: George DeLoache

In just one day, OneUnited Bank, the nation’s largest Black-owned bank, first black internet bank, and FDIC insured, opened hundreds of new accounts during the “First-time Account Opening” event this past Saturday, July 23, 2016, at the OneUnited Bank Crenshaw Branch located at 3683 Crenshaw Blvd. in Los Angeles in partnership with #BlackMoneyMattersLA. The message of #BlackMoneyMattersLA is “one of non-violence, non-vitriol, and responsible action, to mobilize as a people and deposit money into Black-owned banks all across the nation, starting with OneUnited Bank”.

OneUnited recently launched the national #BankBlack Challenge, designed to harness the economic power of the Black community, focused on one clear financial message that #BlackMoneyMatters. The challenge: Participate in the #BankBlack Challenge by opening a OneUnited Bank $100 UNITY Savings account online from anywhere in America at and challenging 20 friends to the same. Since the challenge was issued OneUnited Bank has opened 1,000 accounts per day.

Photo Credit: George DeLoache
Photo Credit: George DeLoache

From community organizations and residents to celebrity socialites, a dynamic group of people attended the event to support an economic shift in Black America. Before the event began, hundreds of excited attendees lined up to open a new savings or checking account and take the #BankBlack Challenge. The event featured food provided by two of LA’s popular black-owned food trucks –Wings N Waffles and B & R Burgers– free giveaways, music by a live band, entertainment by Miki Howard, and personal meet-and-greets with the owners of OneUnited Bank, Teri Williams and Kevin Cohee. Celebrity guests included Darius McCrary, Claudia Jordan, Margeaux Simms, V. Bozeman and others.

Teri Williams, president & COO of OneUnited Bank was thrilled at the attendance and said “I’d like to thank the LA community and #BlackMoneyMattersLA for your support. This is the most exciting money movement we’ve seen in our community in 20 years! We’re looking forward to the #BankBlackMiami event on July 30th and #BankBlackBoston in August.”

For 20 years, OneUnited Bank the nation’s largest Black-owned bank, with assets of $620 million, has been steeped in the financial literacy movement and touted Black economic empowerment. Sadly, Black dollars circulate in the Black community for only six hours as compared to 28 days in Asian communities. As the leader in the Black banking industry, OneUnited takes the challenge to strengthen the Black community’s financial future very seriously. #BankingBlack results in better circulation of Black dollars with Black businesses, creates more jobs for the Black community, provides mortgage and small business loans, educates the urban community on financial literacy, and the power of the Black dollar.

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