Jay-Z’s Billionaire Ascension Highlights The Black-White Billionaire Wealth Gap In America


“I want to inspire people. I want someone to look at me and say “Because of you I didn’t give up.” – Reginald F. Lewis

Forbes Magazine recently declared that Shawn Carter AKA Jay-Z AKA Hova officially has the net worth to enter billionaire status. We wonder if there will be a follow-up to 50 Cent’s I Get Money song that was remixed and called the Billionaire Remix or Forbes 1-2-3 where Jay-Z, Diddy, and 50 Cent who at the time were worth a combined $1 billion between the three of them. Now, Jay-Z can do the song all by himself. Unfortunately, while social media celebrated Mr. Carter’s new found billionaire status, it does open up an additional layer to the conversation on the racial wealth gap in America. Of course, no one who is a billionaire is going to garner sympathy from Main Street America, but the lack of African American billionaires certainly can be argued as a point of why there is continued institutional weakness among Main Street African America.

African Americans make up 15 percent of the American population, but of the Forbes 400 wealthiest Americans there are only three who make the cut – Mr. Carter is not one of those three. This amounts to less than 1 percent representation. According to the website, “The minimum net worth to join this exclusive club hit an all-time high of $2.1 billion while the average net worth for a Forbes 400 member rose half a billion to a record $7.2 billion.” The only three African Americans present on the Forbes 400 are Robert Smith, who recently made headlines by promising to pay off all of Morehouse’s 2019 class student loan debt. Then there is David Steward, a man who could walk into almost every room in African America and would not be recognized, but has made his $3 billion fortune through co-founding an information technology firm that is integrated in the highest levels of corporate and government. Lastly, Oprah Winfrey, who ironically is not even the wealthiest HBCU graduate but is the wealthiest African American HBCU graduate. It would take 60 African American billionaires with a net worth exceeding $2.1 billion to be representative according to our population’s percentage. Overall, there were 680 billionaires in the United States in 2018 and only four of those at the time were African American, Michael Jordan being the fourth who is also a recently minted billionaire and also is a case study in himself of just how astonishing the wealth gap is among African American and European American billionaires, but more on that later. The irony of representation for African Americans is that the United States in 2018 comprised almost 25 percent of the world’s billionaires despite being less than 5 percent of the global population according to Wealth-X.

In 2014, the median wealth for African America stood at $9,590 versus $130,800 for European Americans, according to the U.S. Census Bureau. This means that for every $1 that African Americans have European Americans have approximately $14. This in itself is an astonishing number until you examine the gap among the billionaire class. The five wealthiest European Americans (Bezos, Gates, Buffett, Zuckerberg, & Ellison) have a combined net worth of $427.7 billion versus $13.4 billion for our billionaire five of Smith, Steward, Winfrey, Jordan, and Carter. It is a ratio of the aforementioned having $31 to every $1 of the latter, which is almost 2.5 times greater than the overall gap. For the gap to be progressively worse as the wealth goes higher is in some ways astonishing and in a lot of ways expected because of how the wealth is being created. Re-enter, Michael Jordan.

There is the man who built Nike and the man who owns Nike and they are not the same. Very few will argue that had Michael Jeffrey Jordan not signed with Nike in 1984 the company, founded and majority owned by Phil Knight, probably never becomes more than a two-bit player behind the likes of Adidas, Reebok, and New Balance. Jordan was a paradigm shift. The financial gods aligned the stars in 1984 for Phil Knight with the signing of the man who would become arguably the greatest NBA player of all-time, the NBA’s continued meteoric rise in popularity, cable television, and ESPN. All of these ingredients came together to take Nike from a company that in 1984 was doing $867 million in revenue to the behemoth that it is 35 years later with revenues of $36.4 billion. An increase of 4200 percent over the time period. Jordan’s brand accounts for almost 10 percent of the company’s revenues today despite Jordan himself not having played in the NBA for almost 20 years. No other brand comes close to the singular importance that Jordan still holds for Nike, and therefore Phil Knight. Yet, Knight’s net worth is almost $34 billion, while Jordan’s is only $1.9 billion. Ultimately, Jordan who earns around $100 million annually from Nike or 3.2 percent of the Jordan brand revenues is simply well compensated labor, while Knight, the owner, truly reaps the fruits of His Airness.

Consequences of these gaps is not unnoticed institutionally within communities. Billionaires tend to be major donors to institutions like education, healthcare, and more philanthropically. These are areas of institutional infrastructure for African America that are severely under built and underfunded.  Never mind the investments they make in the order of private equity or venture capital that spawns new generations of wealth and influence, which tends to lead into immense political influence in the form of political contributions that shapes policies for hundreds of millions. Phil Knight has contributed well over $2 billion to his former alma maters, the University of Oregon and Stanford Graduate School of Business,  an amount equal to the value of all 100 plus HBCU endowments combined. He has so much influence that the state of Oregon has changed laws just to accommodate his giving to the University of Oregon.

Unfortunately, coming back to one of Jay-Z’s most prolific lyrics tells a lot of the issues facing African American wealth accumulation where he says “I’m not a businessman, I’m a business, man.” For many this line is interpreted as Mr. Carter braggadocios that he is bigger than just being Phil Knight, he is Nike – and he is right and that is where he is also wrong. Instead of controlling the company and brand, he is the company and brand. In other words, if he does not work, then he does not eat in a sense. Many of Mr. Carter’s businesses are built on their relationship to him. They are what is considered a lifestyle brand and he is the lifestyle brand you aspire to be. You drink his liquor or wear his clothes because this allows you to share in his coolness. For his business to continue to produce, then he himself must remain relevant. Three of the five African American billionaires have made their money via sports/entertainment and mainly off their own image, while four of the five European American billionaires have built their companies via technology and scaled those businesses to something that the entire world wants and needs. Even Mr. Buffett, who has largely made his money through investments and lords over companies like Geico, Wells Fargo, and many other companies is so integrated into people’s lives, often in ways they do not even realize on a day-to-day basis. Their companies and brands are far more well known to the world than the founders themselves. Governments buy Microsoft software. In fact, Microsoft Windows still accounts for use on almost 80 percent of the computers worldwide. They have created systemic companies, while our billionaires have created mostly popularity brands and as we know popularity eventually fades as new generations arise. The fact that Mr. Carter has remained relevant this long is a testament to him for sure (and his wife), but not something anyone should assume can last a lifetime. There is also the reality that even if it does, he can not pass his social capital along to his children, but Jeff Bezos’ children can and will most likely inherit Amazon even if they choose to not run it.

The situation is also not isolated to African America. Worldwide, the sons and daughters of Africa are battling the same fate. Asia is experiencing a meteoric rise in their billionaire class and now trails only Europe/US with the Diaspora with the most billionaires. Africa, one of the world’s fastest growing economies, has less than 2 percent of the world’s billionaires but contains over 15 percent of the world’s population – mainly, due to Asian and European interest continuing to siphon the continent of resources and burden it with predatory debt to their own interest and benefit. Simply put, we are not going to sing, dance, or chase balls in closing the wealth or power gap overall or the gap in the pantheons of the two. We are going to have to build institutions that wield wealth and power on a mass scale not just in small silos. Mr. Carter and Jamie Dimon are financially worth roughly the same, but Mr. Dimon is the CEO/Chairman of J.P. Morgan bank that controls almost $3 trillion in assets. An amount that is 600 times all African American owned banks combined. Mr. Dimon is not a business, man. He is “just” a businessman.

A multilayered cake is what the wealth gap entails like so many other issues that African America is looking for solutions to as a community. This data ultimately just gives us another layer to examine to help level the playing field. Mr. Carter’s billionaire status while admirable also should raise pertinent strategic questions for the community in its economic development. How is African American wealth being created? Is it scalable? Is it replicable? Are we seeing the wealth circulated back within the our community’s institutions? The reality of what it means that the gap at the apex of wealth is so pronounced must be examined and what it can tell us is still to be determined, but we do know that while men lie, women lie, numbers do not.

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Black News Channel’s Chairman J.C. Watts Discusses BNC’s Deep HBCU Ties & FAMU Partnership


In a recent interview with Bold TV, Chairman of Black News Channel, J.C. Watts, discusses his plans for the coming launch of the new television channel that seeks to focus on a myriad of topics from culture, religion, politics, economics, and more that cover the diverse range of African America’s views on topics. Chairman Watts emphasizes that this will be a channel for African Americans and by African Americans. Just how far that is to go though we will discuss later on in the article.

Starting at the 8:50 mark in the video, Chairman Watts discusses with Ms. Sheffield, Founder of Bold TV, the important relationship that Black News Channel will seek to build with HBCUs and just how much content there is available within those institutions alone. A statement that should be not underappreciated given that BNC is going to attempt to be a 24/7 news channel. While the plan a few years ago was for BCN to be housed on the campus of Florida A&M University, the company has shifted its focus on making the FAMU School of Journalism a target school for BCN with internships, curriculum engagement, and employment opportunities upon graduation.

The company features a host of Rattler alumnae. Mr. Amir Windom, a rising star in media circles will be the Director of Creative Services. It also features Ms. Georgia Dawkins, who will serve as Director of HBCU Services. Lastly, the Director of Corporate Business Development is Ms. Erika Littles.

Ms. Sheffield brings up just some of the larger outlets in the landscape that currently stands in African American targeted media like The Root, Black Entertainment Television, NBC Black, OWN, TV One, and questions aloud where BCN will find its place among the field.

However, a point that was not brought up and should always be at the forefront of our minds when new products are launched that target African America is who actually is profiting from our eyeballs. We are often providing the labor and the viewership in many instances while reaping none of the economic rewards that comes with ownership and ultimately the control of the narrative. BET is owned by Viacom, NBC is owned by Comcast, The Root is owned by Univision, which itself is owned by very Eurocentric private equity firms, and even OWN, the channel beloved by Oprah followers, is majority owned by Discovery Communications. On the website for Black News Channel, while Chairman J.C. Watts is listed as a co-founder, the other co-founder is Bob Brillante. What is the potential ownership split? There are seven other owner/investors listed on the company’s website, but what each individuals stake is remains unclear. As a private company, they are certainly not required by any means to disclose this information, but it would certainly go a long way to endorsing just how much of an African American “owned” media asset this actually is.

There is a harsh reality that the majority of sizeable media assets focusing on African Americans is not in the ownership hands of African Americans. The Washington Post reported that in 2013, “African American ownership remains particularly low, hovering at less than one percent of all television properties, and less than 2 percent of radio.” This is certainly not to say that Black News Channel will not have an impact. It is projected to employ almost 100 people, many of them being HBCU alumni and students as we have already seen in key positions, but we must push the envelope further. We need more investment in publications that are owned by our community like HBCU Digest, Atlanta Black Star, HBCU Gameday and many others.  Traditional media is not dying, it is evolving (and consolidating into the hands of a few) and has already done so in major ways. Unfortunately, we are often lacking the resources to keep up despite our ingenuity.

We appreciate that the Black News Channel makes it a point to be transparent about their ownership, hope that they will be an inclusive platform to smaller African American owned publications looking to establish themselves, and definitely continue to integrate itself within the many schools of journalism that HBCUs have and the richness that those assets can bring to the table.

Will Morehouse’s 2019 Class Be The Greatest Donors In HBCU History? After Robert F. Smith’s Donation, They Better Be


“The results of philanthropy are always beyond calculation.” – Mary R. Beard

By now we have all heard the breaking news, on May 19th in the year of our lord 2019, Robert F. Smith, an angel of God descended upon the sacred grounds of the AUC in Atlanta, Georgia and in his commencement speech to an estimated 400 Morehouse College graduates also pledged to ensure that his family would pay off each and every one of their student loans. The grant is estimated to be a gift valued at $40 million making it the second largest donation to the HBCU community, still trailing Bill and Camille Cosby’s gift of $20 million in 1988 to Spelman College, which adjusted for inflation is valued at $43.2 million today. Stating the obvious, there still has yet to be a gift of $100 million or more in HBCU history, while HWCUs received 13 gifts of $100 million or more in 2018 alone. This is not to take away at all from Mr. Smith’s gift as the reality that the return on investment to HBCUs  on gifts of $10 million or more are often worth a multiplier effect because of the size of our schools, how starved we are for donations of any sort especially major ones, and lastly our schools often being so adept at doing more with less that when we get more it often feels like it maybe overwhelming (it is not, please feel free to give any HBCU $100 million, seriously). But what will this gift mean to the HBCU landscape for the coming generation?

You hear it all the time among recent HBCU graduates and alumni when asked what are some of their primary reasons for not giving back. At the top of the list tends to pertain to the burden of their student loan debt. It is no secret that HBCU students bear a serious burden when it comes to student loan debt in comparison to their HWCU counterparts, especially those counterparts who attend an institution that is among the Top 50 in college endowments. In our 2016-2017 HBCU Graduate Student Loan Report, 86 percent of HBCU graduates finish with student loan debt at a median debt load of $34,131 versus 40 percent of Top 50 college endowment graduates who finish with student loan debt at a median debt load of $24,237. This is due to a mixture of factors, most notably HBCU endowments and familial wealth.

The top 30 college endowments in America control over 50 percent of the nation’s $500 billion college endowment value, while 100 plus HBCUs control less than 1 percent. Combine this with the African/European American wealth gap not moving for 50 years, which according to a Forbes article, “African-Americans had a median wealth of $13,460 in 2016 or only 9.5% of the median wealth of $142,180 of whites”. These major pinpoints make it extremely difficult for HBCU graduates to reduce their student debt loads while matriculating and therefore build wealth after college. The result becomes they are either prolonged before they can become donors or never do and the sword of educated poverty is what they and our institutions fall upon decade after decade with no end in sight.

Morehouse College Class of 2019 though sits in a special position to change the trajectory of not only Morehouse College’s endowment, which we have argued has grossly under performed compared with the likes of Hampton, Spelman, and Howard in its fundraising efforts. This despite the help from the likes of another billionaire, Oprah Winfrey, who herself as put hundreds of Morehouse Men through college as well. To what extent her giving to Morehouse has reduced student loan debt for graduates is unknown, but knowing Ms. Winfrey’s giving history, it has been formidable. However, the Class of 2019 may prove to be worth a longitudinal study in HBCU philanthropy. What happens when an HBCU graduate finishes with little or in this case no student loan debt? Do they see it as an opportunity to be more active donors back to their institution and to other HBCUs. Will their donor rate be higher than other classes? It is no secret that despite the Morehouse pride, the alumni giving rate at the institution has been underwhelming at best. If these 400 young men properly build their wealth and give back to Morehouse and other HBCUs, then have we potentially unlocked one of the keys to making our institutions sustainable? We have also long argued what it would look like if African Americans supported HBCUs in a major way, even if they did not attend an HBCU. Giving because a strong African American institution of any sort is a reflection of themselves in society and that our fates are always intertwined. That a people are ultimately only as strong as the institutions that represent their interest.

However, to do what Robert F. Smith did on an institutional level is going to require more than just one billionaire (or even two), but it is definitely a pivotal step in the right direction – hopefully. After all, it has been over three decades since a donation of this size for HBCUs. The lack of multimillion dollar gifts to HBCUs and African American educational institutions in general has been, continues to be, and is problematic systemically. For instance, if we extrapolated the notion of helping HBCU graduates be debt free, endowments at our institutions would have to be exponentially greater than what they are now. Howard University, Spelman College, and Hampton University, the three largest HBCU endowments, which have current endowments of $688 million, $389 million, and $285 million, respectively, would need endowments exceeding $6 billion, $1.7 billion, and $2.5 billion, respectively. In other words, they currently have a combined endowment value of $1.4 billion but need $10.2 billion, which is a margin of $8.8 billion, greater than Robert F. Smith and Oprah Winfrey’s wealth combined, an estimated $7.6 billion. This of course speaks nothing of and to the number of HBCUs who are hanging on for dear financial life and whose endowments if they even exist are paltry at best. Like many small and state colleges, lesser known HBCUs struggle to attract major donors, but the Morehouse 400 does/should know who they are and should take the vanguard in being integral over the next 50-60 years of ensuring that all HBCUs drink from the fountain of opportunity that they have been granted access too. These young men have a chance to alter the trajectory of the HBCU universe and we hope with this great opportunity they have been gifted that they also know comes a great responsibility. Will they become the greatest HBCU donors in HBCU history? Only time will tell.

6 Financial Things HBCU Men Must Do Before Getting In A Serious Relationship


Teach self-denial and make its practice pleasure, and you can create for the world a destiny more sublime that ever issued from the brain of the wildest dreamer. – Sir Walter Scott

So you are a man now you say? You have graduated from your HBCU with degree in hand and maybe you have your dream job, maybe you are still looking, and maybe you are contemplating going to graduate school. Regardless of where you are in life, there is a strong chance that you have a desire to be in love. Before you give someone the world, make sure you have taken care of a few things before you embrace the responsibility that comes with a serious relationship.

Societal norms put the financial burden of courtship on men in heterosexual relationships. Historically, this makes sense because it has only been in very recent decades that women have earned the right to their own financial independence within many societies and in more than a few still have limited financial rights. However, this presents a bit complicated in the United States for African America where the women have surpassed men by leaps and bounds in almost every major category. It also does not help that African American men have the highest unemployment rate among all groups in the country, which creates a courtship complexity of sorts within the community. African American men who are 20-24 years old as of December 2018 had a 11.8 percent unemployment rate, while their European American men peers were at 5.9 percent and African American women peers were 7.5 percent. That being said, for African American men who are part of the LGBTQ community, the instability can be even more pronounced since both parties are part of the most vulnerable economic population and will be facing additional discrimination.

A relationship can be an expensive endeavor, according to a USA Today study the average date cost $102.32 and if you assume one date a week in a relationship that comes out to a total of $5,320.64 per year. This of course is not including special dates or holidays where the purchase of gifts, etc. can drive that cost even higher. The problem of course is that African American median income, last among all ethnic groups, is at $40,258 according to the 2017 Census. In other words, over 13 percent of African American income can be used up in dating, while no other groups even spend 10 percent.

To say the calculus is complicated would be an understatement. Do African Americans simply not date? This of course would be problematic since one of the fundamental ways of building wealth is through the scalability of marriage. Instead, get a strong financial foundation under you by adhering to these six principles and objectives:

BE HONEST. BE HONEST. BE HONEST.

This honestly could be the whole article, but it is certainly worth leaning into. Being honest about your finances up front with the person you are dating can take a lot of pressure off them and yourselves. This does not mean you have to tell them everything right away, but if you can not afford to do something tell them and do not feel ashamed of it. If you want to share with them that you have certain financial goals you want to meet, then do so and let them be part of what you are trying to accomplish not an adversary to it.

HAVE AN EMERGENCY FUND – NO, SERIOUSLY.

African American men are the most vulnerable population as it relates to employment as the numbers bear out. As such, if you are a recent graduate and happen to have employment you can not save fast enough. Most personal finance experts will say as a general rule 3-6 months of expenses is a healthy emergency fund, but for African American men 9-12 months is much more imperative. An emergency fund can take the edge off of dating because you know that you and your date are not spending your potential car note or rent payment. Do NOT touch it except for an emergency. Also, do not base your emergency fund off expenses, but instead use gross income. You want to have 9-12months of gross incomes saved. Saving based on  your income instead of expenses will allow you to maintain some semblance of a normal life should an emergency arise.

SET EXPECTATIONS AND A BUDGET.

Once you decide to send someone flowers every Monday, fine dining every Friday, and a trip every other month you have set an expectation. Now, this is not to say you can not do those things, but they need to be within the confines of your budget. You should have an amount that you are going to spend every month on dating activities. If you want to save for something a bit more costly, spend a bit less each month and set it aside until you can afford that moment. Should your finances change and you need to alter the budget and expectations, remember – be honest.

BE CREATIVE.

Contrary to popular belief, you do not have to spend a lot on someone to let them know you care about them. The internet is full of helpful resources that can help you create low to no cost dates. Feel free to also use your social media networks for ideas.

DO NOT CONFUSE INCOME WITH WEALTH.

Income is not wealth. Again, income is NOT wealth. Assets build wealth and you have to use your income to acquire assets. Beyond your emergency fund, you should be thinking about saving to invest in stocks, bonds, real estate, etc. Find a financial/investment adviser as soon as you have a job. You do not have to wait until you have “money” to start investing. The earlier you start, the greater chance you will have of creating wealth over the long-term. Passive income, money earned from not having to work, should be a central focus of what you use your income for. Do no squander away the opportunity to set up yourself and future family while you have the opportunity.

LEAVE THE MATERIALISM FOR SOMEONE ELSE.

We have all seen that friend or friends who gets a job after college and decides to go on a spending spree for the nice car, clothes, and showing off for Instagram. This is not the man you want to be. Becoming a slave to material possessions and forsaking your financial future while being part of a labor population that is the most vulnerable is not only not smart, but dangerous. Material things lose value and defer from your ability to invest among other things.

Ultimately, if you are a man and are not financially safe or stable, then you are not ready for a serious relationship with anyone. Do not confuse stable for rich. Most of the time financially stability can be achieved in a relatively short period with the proper sacrifices (like having a roommate or two or three) after graduating. Becoming financially literate is vital to helping remove the stresses of finances in African American relationships. A stress that is often noted as being the greatest area of conflict within relationships. After all, love does not cost a thing, but bad financial habits do.

 

HBCU Money’s 2019 African American Owned Bank Directory


All banks are listed by state. In order to be listed in our directory the bank must have at least 51 percent African American ownership. You can click on the bank name to go directly to their website.

OTHER KEY FINDINGS:

  • AAOBs are in 16 states and territories. Key states absent are Florida, Mississippi, New York, Ohio, and Virginia.
  • There has not been an AAOB started in 18 years.
  • Only 4 of 2018’s 19 AAOBs saw increases in assets, down from 11 last year.
  • Alabama, Georgia, and Tennessee, each have two AAOBs.
  • Only 5 of the 19 remaining AAOBs saw increases in assets. A drop of over 50 percent from 2018, when 11 AAOBs saw increases.
  • African American Owned Banks have approximately $4.1 billion of America’s $17.1 trillion bank assets or 0.02 percent.
  • AAOBs control 1.8 percent of FDIC designated Minority-Owned Bank Assets, which is down from 1.9 percent in 2018. A second straight year of declines.
  • 2018 Median AAOBs Aseets: $142,129,000 ($133,096,000)*
  • 2018 Average AAOBs Assets: $217,533,000 ($222,831,000)*
  • For comparison, Asian American Owned Banks have approximately $119.4 billion in assets spread over 75 institutions. Asian AOBs saw an increase of $7 billion increase (6.2 percent) in assets from 2018, while African American Owned Banks saw a 2.4 percent decrease in assets.
  • TOTAL AFRICAN AMERICAN OWNED BANK ASSETS: $4,133,126,000

 

ALABAMA

ALAMERICA BANK

Location: Birmingham, Alabama

Founded: January 28, 2000

FDIC Region: Atlanta

Assets: $27,122,000

Asset Change (2018): Down 23.2%

COMMONWEALTH NATIONAL BANK

Location: Mobile, Alabama

Founded: February 19, 1976

FDIC Region: Atlanta

Assets: $46,771,000

Asset Change (2018): Down 5.5%

CALIFORNIA

BROADWAY FEDERAL BANK FSB

Location: Los Angeles, California

Founded: February 26, 1947

FDIC Region: San Francisco

Assets: $417,335,000

Asset Change (2018): Up 1.4%

DISTRICT OF COLUMBIA

INDUSTRIAL BANK

Location: Washington, DC

Founded: August 18, 1934

FDIC Region: New York

Assets: $421,121,000

Asset Change (2018): Down 0.5%

GEORGIA

CARVER STATE BANK

Location: Savannah, Georgia

Founded: January 1, 1927

FDIC Region: Atlanta

Assets: $39,686,000

Asset Change (2018): Down 5.7%

CITIZENS TRUST BANK

Location: Atlanta, Georgia

Founded: June 18, 1921

FDIC Region: Atlanta

Assets: $395,923,000

Asset Change (2018): Down 7.6%

ILLINOIS

GN BANK  (FORMERLY ILLINOIS SERVICE FEDERAL)

Location: Chicago, Illinois

Founded: January 01, 1934

FDIC Region: Chicago

Assets: $142,129,000

Asset Change (2018): Up 6.8%

LOUISIANA

LIBERTY BANK & TRUST COMPANY

Location: New Orleans, Louisiana

Founded: November 16, 1972

FDIC Region: Dallas

Assets: $596,695,000

Asset Change (2018): Down 1.5%

MARYLAND

HARBOR BANK OF MARYLAND

Location: Baltimore, Maryland

Founded: September 13, 1982

FDIC Region: New York

Assets: $284,055,000

Asset Change (2018): Up 6.7%

MASSACHUSETTS

ONEUNITED BANK

Location: Boston, Massachusetts

Founded: August 02, 1982

FDIC Region: New York

Assets: $649,058,000

Asset Change (2018): Down 1.4%

MICHIGAN

FIRST INDEPENDENCE BANK

Location: Detroit, Michigan

Founded: May 14, 1970

FDIC Region: Chicago

Assets: $255,617,000

Asset Change (2018): Down 10.8%

NEW JERSEY

CITY NB OF NEW JERSEY

Location: Newark, New Jersey

Founded: June 11, 1973

FDIC Region: New York

Assets: $180,631,000

Asset Change (2018): Down 15.5%

NORTH CAROLINA

MECHANICS & FARMERS BANK

Location: Durham, North Carolina

Founded: March 01, 1908

FDIC Region: Atlanta

Assets: $262,050,000

Asset Change (2018): Up 2.9%

PENNSYLVANIA

UNITED BANK OF PHILADELPHIA

Location: Philadelphia, Pennsylvania

Founded: March 23, 1992

FDIC Region: New York

Assets: $54,055,000

Asset Change (2018): Down 8.4%

SOUTH CAROLINA

SOUTH CAROLINA COMMUNITY BANK

Location: Columbia, South Carolina

Founded: March 26, 1999

FDIC Region: Atlanta

Assets: $59,771,000

Asset Change (2018): Up 13.7%

TENNESSEE

CITIZENS SAVINGS B&T COMPANY

Location: Nashville, Tennessee

Founded: January 4, 1904

FDIC Region: Dallas

Assets: $104,819,000

Asset Change (2018): Down 2.2%

TRI-STATE BANK OF MEMPHIS

Location: Memphis, Tennessee

Founded: December 16, 1946

FDIC Region: Dallas

Assets: $83,180,000

Asset Change (2018): Down 4.0%

TEXAS

UNITY NB OF HOUSTON

Location: Houston, Texas

Founded: August 01, 1985

FDIC Region: Dallas

Assets: $89,522,000

Asset Change (2018): Down 6.8%

WISCONSIN

COLUMBIA SAVINGS & LOAN ASSOCIATION 

Location: Milwaukee, Wisconsin

Founded: January 1, 1924

FDIC Region: Chicago

Assets: $23,586,000

Asset Change (2018): Down 1.6%