On August 22, two weeks after Moody’s Investors Service sent shockwaves through the financial sector by downgrading numerous U.S. banks, S&P Global Ratings has taken a similar stance, citing a challenging environment for lenders, downgrading banks including KeyCorp, Comerica Inc., Valley National Bancorp, UMB Financial Corp., and Associated Banc-Corp. The move comes as a stark […]
Category: Black Banks
ONE OF THE LARGEST BLACK-LED BANKS IN AMERICA LAUNCHES NATIONAL SEARCH FOR CEO
According to MinorityBank.com banking analyst William Michael Cunningham, Carver’s new CEO will face a challenging business environment, including the impact of AI on banking and new potential capital rules that will require the CEO to raise capital immediately. Further, he says the CEO will have to manage the impact of the potential elimination of all minority business […]
HERE’S HOW BLACK BANKS ARE TAPPING INTO BANKING GIANT TO MAKE A DIFFERENCE
“Economist William Michael Cunningham, founder of MinorityBank.com, says JPMorgan Chase’s commitment shows increased attention to MDIs as part of a renewed focus on needs in the Black community. However, he says, the real test comes when the bank approaches the complex issues in the Black community like Black maternal mortality. ‘We see an opportunity for […]
Investments in Minority Depository Institutions
To genuinely address the needs of the Black community, it is essential to be critical of JPMC’s commitment. The real test lies in how JP Morgan Chase addresses complex issues such as Black maternal mortality. Mere financial support is insufficient; substantial efforts are needed to tackle systemic problems disproportionately affecting minority communities. See: https://www.impactinvesting.online/2023/07/critical-reflection-on-jpmorgan-chases.html. Also see: […]
2022 Financial Institution Diversity Self-Assessments: Accepted through 9/30/23
FDIC-supervised financial institutions are encouraged to voluntarily conduct and submit self-assessments of their diversity policies and practices by September 30, 2023. The diversity self-assessment form is fully automated and accessible online through the secure FDICconnect portal.
Impact of Regional Bank Troubles on Black People
The impact of regional bank troubles on Black people will likely be multifaceted, since this is a group with a higher proportion of underbanked and unbanked individuals. Some potential consequences include: It is crucial for policymakers and financial institutions to address the challenges faced by regional banks to minimize the potential negative consequences on Black […]
Bank Failures, 2000-2023
Recent Activity in the Black Banking Sector
We’ve seen a lot of changes in the Black banking sector of late. With the announcement that a Black-led investor group plans to acquire Holladay Bank & Trust in Holladay, Utah, the proposed creation of a credit union by Alpha Kappa Alpha, the nation’s oldest Black sorority, the public debut of a Black-owned bank (Adelphi Bank) in Columbus, Ohio, and […]
Minority Bank Assets, by Group, 2001-2021
The chart above shows minority bank assets by ethnic group, by year from 2001 to 2021. It details Hispanic bank assets falling relative to Asian bank assets starting in 2005. The chart above shows minority bank assets as a percentage of 100% by year from 2001 to 2021. It shows a decline in Hispanic bank […]
Mid-Year 2022 Minority Bank and Thrift Review
The number of minority banks in the US held steady at between 168 and 174 in the second quarter of 2022. Asian owned banks, concentrated in California, hold 51% of assets, with 77 institutions., Hispanic banks, concentrated in Florida and Texas, number 33 institutions and hold 42% of assets, followed by Women-owned banks (17 institutions […]