I have spent many years trying to obtain wealth. I still try too. However, one day I was encourage to bank with Black Owned Banks, which led me to decide we need more black banks.
http://urbanintellectuals.com/2013/10/03/did-you-know-there-were-21-african-american-owned-banks-in-the-country/
The link above provided me information on black owned banks. I couldn't understand why I didn't know this before. Is it because I'm from New York? Because I live in big cities? How come I'm 32, and black owned banks were only something I've heard of in history books? My conclusion was performance, distribution, and advertisement.
Without a full investigation into each bank, I cannot condemn them to any verdict. I can only theorize, and use that as my approach when considering opening my own. I decided to look up how to open my own bank.
http://www.federalreserve.gov/faqs/banking_12779.htm
I learned about contacting the Office of the Comptroller of the Currency, the differences between the types of banks, and the procedures - step by step.
http://www.gpo.gov/fdsys/pkg/CFR-2014-title12-vol1/xml/CFR-2014-title12-vol1-part5.xml
With all of that information, I realized, "man, you need money and a lot of it". The best type of bank to have is a bank holding company. A bank holding company is a company that owns and/or controls one or more U.S. banks or one that owns, or has controlling interest in, one or more banks. A bank holding company may also own another bank holding company, which in turn owns or controls a bank; the company at the top of the ownership chain is called the top holder. The Board of Governors is responsible for regulating and supervising bank holding companies, even if the bank owned by the holding company is under the primary supervision of a different federal agency (OCC or FDIC). I felt compelled to see what bank holding companies are out there. http://www.ffiec.gov/nicpubweb/content/help/institution%20type%20description.htm
http://www.ffiec.gov/nicpubweb/nicweb/top50form.aspx
I found some of our favorite businesses are bank holding companies. That explains their success, and why they're so successful. The worlds best investor, Warren Buffet was able to transform his company into a bank holding company.
So with that, why aren't there more black owned bank holding companies? For a long time, we've watched rappers, movie stars, and black executives make a lot of money. We also watched them spend a lot of money. Will Smith made me proud when he started Overbrook. http://www.overbrookent.com/ To me, that's kind of a big deal.
Black Owned Businesses are a huge start into making powerful moves and helping us out. However, we have to take that money we make and put to use and not wear, drive, or eat it. Anyone who makes more than $10 million a year is capable of being a major shareholder in a bank. Anyone with $1 million can work with others to influence. Everyone below those thresholds are contributors that can make a difference. As a result, black owned businesses can assemble and control their communities.
Like I said, I'm from New York. When I would step out of my home, I had a independently owned grocery store. The surrounding businesses were minority owned small businesses. You know what I didn't see much of? Banks. While you would see a Bank of America every few blocks, there weren't a lot of other types of banks. If these minority owned businesses came together, they can offer loans at better rates. They know the purchase habits of their people. They can finance their own people.
Some may see this as a transfer of wealth. However, we have been transferring our wealth to the 1% for decades. This was being done without a cause. They don't need our money as much as we need our money. If we can build our own, like they did in Oklahoma and Harlem, we can do so much more. It doesn't stop there, that's just the beginning.
Stay tuned for my post on trade, GDP, and exports/imports.
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