A new Black-owned financial institution could emerge west of Texas. The Sacramento Observer reports that the Black-led investment group Redemption Holding Co. (RHC), led by former White House Policy Advisor Ashley D. Bell, wants to acquire Holladay Bank & Trust in Holladay, UT. If planning is approved, the Utah financial institution will be renamed Redemption Bank , per the outlet . What’s more, it would become Black-owned and serve as the only Minority Depository Institution, which offers financial services to underserved populations, west of Texas. As CEO of Black-owned fintech startup Ready Life , Bell helps underserved communities start on the path to homeownership. “All of us require a bank to operate, and the reality was there was no Black-owned bank that we could sit on top of to operate with the way we’re currently constructed,” he told The Sacramento Observer. He continued, “Therefore, we are dependent on other communities and banks to allow us to do that service. So the...

Having adequate resources is vital to the success of Black-owned businesses across the nation, and ChannelAdvisor wants to make sure Black-owned business owners have them. PR Newswire reports that ChannelAdvisor has pledged a commitment of $3 million to M&F Bank, the nation’s second-oldest Black-owned bank located in Durham, NC. According to the company website, the state-chartered commercial bank was organized in 1907 to fulfill a dream that the nine founders had for their community — to build generational wealth and betterment for the people of the residential district in Durham. Today that commitment continues, thanks to the deposit made by ChannelAdvisor, t he leading provider of cloud-based e-commerce solutions who share the bank’s commitment to supporting the growth of local minority-owned businesses. “We’re committed to doing our part to support and increase economic opportunity in the communities around us, especially underserved entrepreneurs and business owners ,” said...

The National Black Bank Foundation (NBBF) is adding some heavy hitters to its board. According to Business Wire , NBBF is a racial justice nonprofit committed to ensuring the communities of color have access to capital in order to build wealth through the Black banking sector. Just last week the board appointed King Center CEO Dr. Bernice A. King and actor Hill Harper to its board of dynamic leaders. Harper and King will join a board of directors that includes ESPN analyst and Super Bowl XLIII winner Ryan Clark, National Bankers Association Chairman Robert James II, Aspen Institute Fellow Yolanda Daniel, and founder and CEO of Calliope Advisors Lauren McCann. “Black banks help Black families escape the continuum of poverty by building real wealth , which is why the work of uplifting these community anchors is so urgent,” said NBBF Board Chair and St. Louis Mayor Tishaura Jones. “We’re deeply honored that Dr. King and Hill have invested themselves in our mission.” Today there are...

Last year, Wells Fargo announced a $50 million investment into Black-owned Minority Depository Institutions (MDIs) to improve the lending ecosystems of underserved communities. This week, the financial services company shares news that it plans to invest in five additional Black-owned banks in an effort to uphold its initial commitment. “The country’s MDIs are vital to minority communities, but over the last two decades, many have declined or have closed,” William Daley — vice chairman of Public Affairs at Wells Fargo — shared in a company statement. “The capital investment we are announcing is important, but it’s our relationship approach that will make the difference in their futures. We want to be a partner to these important institutions and, in turn, have a positive effect on local communities.” Wells Fargo shares that its latest round of investments include the following Black-owned institutions: Carver State Bank in Savannah, Georgia Citizens Trust Bank in Atlanta, Georgia...

Wells Fargo is finally putting its money where its mouth is. The financial institution has announced investments in six-African American Minority Depository Institutions (MDIs) to support its pledge made in March 2020 to invest up to $50 million in Black-owned banks. Banks will have access to a dedicated Wells Fargo relationship team that will provide product development, technological, and financial expertise in order to help each institution enhance and benefit their local community. “These investments are designed to help the banks become stronger and more impactful to the minority communities they serve, which leads to economic revitalization and job opportunities,” said vice-chairman of Public Affairs at Wells Fargo, Bill Daley. “So many communities have suffered over the past year. MDIs need capital, but they can also benefit from access to other resources, and Wells Fargo is committed to building lasting, strategic relationships with these institutions in support of their...

The Atlanta Hawks is continuing its legacy as one of the boldest, and most audacious, pro-Black professional basketball franchises in all of American sports with its latest achievement. According to USA Today, the NBA team announced this past Thursday that it has agreed to refinance the construction loan for the Emory Sports Medicine Complex with a network of Black-owned banks. “We’re getting a very attractive loan with very attractive terms that we’re proud to have,” said principal owner of the Hawks, Tony Ressler, at a press conference, “and that’s the message that hopefully we can all make quite clear.” Historically speaking, the groundbreaking $35 million loan marks the first time a professional sports franchise has underwritten a significant loan exclusively using Black-owned banks’ credit. “The Hawks are not only the first-in-league with this deal, but are the first in all major league sports,” said ESPN commentator and NFL alumni, Ryan Clark, in a statement. “Banking black is...

The year of 2020 has shown us that our economy requires better financial tools and resources to set us up for success. In an effort to bring modern banking to the global gig economy, fintech companies Gig Wage and Green Dot have come together to forge a strategic long-time partnership and investing relationship to offer reliable banking solutions and finance tools to gig workers — better known as underbanked independent contractors, a press release reports . According to Dallas Innovates , Gig Wage — a Dallas-based Black-led firm — recruited the help of Green Dot as an infrastructure bank partner and helped lead its Series A funding round which raised $7.5 million total, enabling Gig Wage to boost its seamless and popular instant payments platform. “The fast-growing gig economy presents tremendous demand and opportunity for enhanced banking and payments tools and experiences,” said Dan Henry, CEO of Green Dot, in a statement . “We’re thrilled to partner with Gig Wage to grow this...

The role of the Black bank in communities across the country plays a vital part in funding businesses, entrepreneurs, and institutions as well as helping individuals who can’t seek help from other banks. This week, City First Bank in Washington D.C. and Broadway Financial Corporation in Los Angeles have decided to merge together to form the largest Black-led Minority Depository Institution in the nation, according to the Los Angeles Times . The two banks announced that they’ve entered a transformational Merger of Equals agreement to expand access capital in underserved communities in urban neighborhoods. The new merger allows the two banks to put their funds together for a combined total of over $1 billion in assets under management and approximately $850 million in total depository institution assets, according to a press release . The now combined nine-member board is composed of five directors from City First Bank and four from Broadway with Broadway’s president and CEO...