Monthly Archives: October 2013

The Most Powerful Women in African American Owned Banks

The true worth of a race must be measured by the character of its womanhood. – Mary McLeod Bethune


African American owned banks might be on the decline, down to 21 from 54 over the past 20 years, but the ranks of African American women in positions of power continues to rise. Our list includes 3 CEOs, 1 President, 2 CFOs, 13 Vice-Presidents, and 7 board of directors. A sign that the playing field for African American women within African American organizations is much friendlier than their counterparts. African American women comprise almost 15 percent of African American owned banks CEO positions, while European American women make up only 5 percent of European America’s top 20 banks.

We have done our best to find out just who are some of the amazing African American women serving as executives and directors at African American owned banks around the country. Some banks do not have their management or board of directors listed so we are sure we missed some, but for now here is who we found and some of their stories.

Broadway Federal Bank

Mildred Cayton is the Controller for Broadway Federal Bank, making her the number two in charge at the California-based bank.

Commonwealth National Bank

Jacquitta Powell Green is the Vice President of Northside Exchange. She has served on the boards of Volunteer Mobile, the National Check Cashier Association, the City of Prichard Chamber, Leadership Mobile and as the Nominations Chair of Delta Sigma Theta, Inc. and Services to Youth Chair/Greater Mobile Chapter of the LJNKS, Inc. Jacquitta Powell Green is a graduate of Alabama A & M University and Springhill College.

Citizens Trust Bank

Cynthia N. Day, President and CEO (pictured above) – assumed the presidency of the Company and Citizens Trust Bank on February 27, 2012. Day joined Citizens Trust Bank in February 2003 as Executive Vice President of Management Services after the Bank acquired Citizens Federal Savings Bank of Birmingham, where she served as the Executive Vice President & Chief Operating Officer and in other capacities since 1993. Two years after the acquisition, she became the Senior Executive Vice President & COO of the Company and the Bank. Prior to becoming a banker, Ms. Day, who is a certified public accountant, worked for KMPG as an audit manager, managing audit engagements for companies across several different industries including banking, insurance, manufacturing and educational institutions. Ms. Day has been recognized for her leadership and mentorship in various community and professional organizations including being named one of “Atlanta’s Top 100 Black Women of Influence” by the Atlanta Business League and one of Atlanta Tribune’s “Wonder Women”. She currently serves on the board of The National Banker’s Association and Aarons, Inc. She is also a member or has actively served in various organizations such as the Georgia Society of CPAs, The University of Alabama Continuing Education Advisory Board, the American Liver Foundation and Alpha Kappa Alpha Sorority Inc. Ms. Day’s insight into the day-to-day operations of the Bank and her expertise in the banking industry adds value to the board and qualifies her to serve as a director.

Mercy P. Owens, began her service as a director in 2004Ms. Owens retired as Senior Vice President of Wachovia Bank with more than 30 years of banking experience, primarily in the area of compliance.  Ms. Owens is the President of Resource Consulting, which has been engaged by Fortune 500 companies, small businesses, and non-profit organizations to provide training and development for her constituents.  She serves on the St. Augustine’s College Falcon Foundation Board and Emory Hospital Winship Cancer Center Advisory Board.  We believe Ms. Owens’ previous years of banking experience are very valuable to the board and qualify her to serve as a director.

Industrial Bank

Patricia A. Mitchell, EVP, Retail and Sales Operation, is also a member of the board of directors. For Ms. Mitchell, Industrial Bank is more than a job, it is a legacy. She is the granddaughter of the bank’s founder and had fate not had its hand she would have never entered the family business. Luckily, she did and the rest has been history.

Massie S. Fleming has been a Director of IBW Financial Corp., since 1985. Mrs. Fleming retired at the end of 1997 from her position as Executive Vice President of the Industrial Bank, N.A. Prior to that date, she served in various executive and administrative positions at the bank since 1959, including as Chief Executive Officer from 1985 to mid 1997.

Pamela King has been a Director of IBW Financial Corp., since June 2001. Ms. King serves as President of the accounting firm of King, King, and Associates. Ms. King was one of the first African-American women to serve on the Maryland Board that certifies CPA’s.

Liberty Bank

Rhonda M. McMillan, Senior Vice President & Chief Credit Officer, Ms. McMillan is responsible for credit administration, mortgage operations, Visa and risk management for Liberty. She has an MBA in Finance from Clark Atlanta University and a graduate degree in banking from Southern Methodist University’s Southwestern Graduate School of Banking. With over 15 years in banking and credit administration, Ms. McMillan has held numerous positions within the credit administration and risk management areas.

Mechanics  & Farmers Bank

Connie White serves as Vice Chairman of Mechanics and Farmers Bank. Ms. White has been a Director of Mechanics and Farmers Bank since 2002. She serves on the boards of the Durham County ABC Board and the NC Legislative Black Caucus Foundation. Ms. White has a total of 8 years of banking experience. Ms. White earned a Bachelors of Science Degree from Hampton University and a Masters in Business Administration from the University of Wisconsin-Madison.

Kim D. Saunders has been the CEO and President of M&F BanCorp. Inc. since 2007. Prior, she served as the Chief Executive Officer and President of Consolidated Bank & Trust Company. She also holds appointments as a Vice Chair of the Richmond Renaissance and member of the Virginia Fair Housing Board. A rich professional career as she has more than 20 years of commercial banking experience. She has been Director of M&F BanCorp. Inc. and Mechanics & Farmers Bank since 2009 and 2007 respectively. Ms. Saunders serves on the boards of the Greater Richmond Chamber of Commerce, the Virginia Biotech Research Park Corporation, Saint Catherine’s School, World Affairs Council (VA), and the Bon Secours Richmond Health System (Joint Hospitals). Ms. Saunders holds a Bachelor of Science Degree in Economics from the Wharton School of Finance and Commerce at the University of Pennsylvania and Honorary Doctorate in Humane Letters from Shaw University in 2007.

OneUnited Bank

Deloris Pettis-Donaldson serves as a director at OneUnitedBank. served as Director of Internal Audit at Harvard University and was instrumental in transforming the internal audit function into a risk management department. Ms. Pettis-Donaldson has extensive finance and internal audit experience. She served for four years as Group Audit Manager of North American, Latin American, and Caribbean operations at Digital Equipment Corp. She also helped to develop and implement a risk-based operating model. Before Digital, she served as Director of Internal Audit for Massachusetts Bay Transit Authority (MBTA). In addition to working at Digital and MBTA, she worked at BankBoston Corp., National Association of Securities Dealers and the accounting firm of Peat Marwick Mitchell. At BankBoston, she held a range of senior finance positions, including Manager of Regulatory Reporting and Manager of Internal Control. At Digital, she served on the Advisory Board for the Financial Development Program. She serves as Director of Harvard School of Public Health. She is a Certified Public Accountant and Certified Internal Auditor. She has an MBA from Tulane University’s Graduate School of Business Administration and a Bachelor’s degree in Political Science from the State University of New York, Buffalo.

Teri Williams serves as President and Chief Operating Officer of OneUnited Bank (formerly, Boston Bank of Commerce). Ms. Williams is responsible for implementation of OneUnited Bank’s strategic initiatives, as well as its day to day operations. She has 25 years of financial services experience from premier institutions such as Bank of America and American Express TRS Company, where Ms. Williams served as a youngest Vice President. She served as a Senior Vice President of OneUnited Bank. She serves as Director of OneUnited Bank. She served as a Director at Carver Bancorp Inc. since 2000. She has been Treasurer of Dimock Community Health Center for over 5 years and is its Vice Chairperson. Ms. Williams is involved in community projects, including Treasurer of UNICEF/New England and the Board of Overseers for WGBH (public tv). Ms. Williams has received numerous notations and awards for her contribution to urban communities including from the Urban League, NAACP and the National Black MBA Association. Ms. Williams holds an M.B.A. with honors from Harvard Graduate School of Business Administration and a B.A. with distinctions in Economics from Brown University.

Sherri Brewer is Senior Vice President, Chief Retail Officer of OneUnited Bank. She has been in the banking industry for 30 years.

Cecilia Isaac serves as Senior Vice President and Chief Lending Officer of OneUnited Bank. Ms. Isaac is responsible for OneUnited Bank’s lending operations including loan origination (sales and production), loan service and asset management. Ms. Isaac has over 30 years of banking experience – beginning with Security Pacific and including First Interstate Bancorp and Bank of California. Ms. Isaac has retail banking and extensive lending expertise in single family lending, commercial lending, commercial real estate lending, portfolio management, loan work out, mortgage sales and credit administration. Ms. Isaac holds a bachelor’s degree, a master’s in public administration and a certificate in tax administration from the University of Southern California.

Seaway Bank and Trust Company

Phyllis Davis serves as President of Phyllis Davis Real Estate. Phyllis Davis serves as Director of Seaway Bank And Trust Company.

Gail L. Bahar, Vice President/Human Resources Officer

Lois B. Jenkins, Vice President/Trust Officer

Claudette Harris, Vice President/Marketing Officer

Trina E. Phelps, Vice President/Internal Auditor/Loan Review Officer

Denise Weaver, Senior Vice President/Operations

Arlene Williams, Senior Executive Vice President/Lending

United Bank of Philadelphia

Marionette Y. Wilson joined the Board of Directors of United Bank of Philadelphia in  1992 as a founding director. She is now retired but was formerly the Co-Founder/Partner, John Frazier, Inc., Philadelphia, PA from 1981-2002.

Evelyn F. Smalls has been the President and Chief Executive Officer of the United Bank of Philadelphia since June of 2000.  Prior to this appointment, she was the Senior Vice President of Human Resources and Compliance.

Brenda M. Hudson-Nelson serves as United Bank of Philadelphia’s Executive Vice President and Chief Financial Officer. Mrs. Hudson-Nelson’s responsibilities include directing financial planning, financial reporting, implementing, managing the Bank’s investment portfolio, and managing the Bank’s sensitivity to interest rate risk.  Prior to joining United Bank of Philadelphia, Ms. Hudson-Nelson was an Audit Manager for Ernst & Young, a ”Big 6” accounting firm serving clients in the financial services industry.

Dimitria Davenport is an Assistant Vice President of Compliance and Administration. Ms. Davenport’s responsibilities are to ensure that the Bank adheres to all applicable consumer protection laws, and federal and state regulations. In her eighteen-year tenure in the financial services industry, she has held key roles within Human Resources, Training and Retail Administration.

Juliette L. Holmes is the Assistant Vice President of Retail Banking and Business Development. In this capacity, she is responsible for overseeing branch operations and business development for the Bank’s three branches. Ms. Holmes has many years of experience in retail banking and has coached and mentored branch personnel to provide exceptional customer service.

42 Million African Americans Own Only 0.33 Percent Of America’s Lands

By William A. Foster, IV

A nation may be said to consist of its territory, its people and its laws. The territory is the only part which is of certain durability. Laws change, people die, the land remains. — Abraham Lincoln


The Land Report recently released its annual 100 largest landowners in America. To no one’s surprise there was not one African American individual or family present on the list.  The apex of African American land ownership was over 100 years ago in 1910 when African America owned almost 20 million acres. A far cry from the 160 million acres that should have been owned had Special Order 15 been honored by the U.S. government which is also known as “40 acres and a mule” to most African Americans. By the numbers we have lost over 50 percent of our land ownership the past 100 years and the number continues to drop at an alarming rate for a myriad of reasons. Given that land is the foundation for all social, economic, and political development it could be argued that you can measure a group’s power based on their land ownership. This has been true no matter the economic system in place throughout history. If this is the case then African America is seeing itself getting weaker and weaker generation after generation.

The largest landowner in the country is John Malone, owner of Liberty Media and something few know is he was the second largest shareholder in Black Entertainment Television behind the founders Bob and Sheila Johnson. His initial investment in the company was $180 000 in equity and a $320 000 loan. Eventually, the loan would be paid back but he retained his equity stake, which by the time of the company’s sale would see him receive a return of $700 million. Yes, the man made $700 million on a $180 000 investment. Needless to say, that can buy you a lot of land. In 2010, it allowed him to purchase the Bell Ranch, 290 000 acres of land in New Mexico, and as a result jumping Ted Turner as America’s largest landowner. Just between John Malone and Ted Turner they own over 50 percent of the amount of land that African America owns as a whole.

HBCU business schools have a unique opportunity to change the paradigm of African American land ownership for future generations. This is even more so true at HBCU 1890 schools where agriculture still comprises a major component within the institutions. A class designed around African American land ownership would go a long way to educating graduates, who will typically be in a much better financial position to accumulate land than those with less education. The classes themselves could teach among others things but not limited to; how to implement “poison pills” into their community to prevent gentrification, how to finance land, history of land ownership, timberland investments, and a myriad of other land-related subjects.

Gentrification alone is a problem plaguing a number of African American communities across the nation. This has been especially true for African American neighborhoods located near city centers as many in the suburbs are starting to move back inward. There is also the issue facing African American farmers in this country. Healthy Solutions reports that less than 2 percent of farms today are operated by African Americans in comparison to 14 percent in 1920. There is no doubt that if one examines African America as a nation that its food security and food dependence would have alarm bells ringing for decades now as this situation grows more dire. The USDA in 2010 settled an almost $1.3 billion discrimination lawsuit with 70 000 African American farmers. However, land ownership and African American farms continue to decline further compounding African America capability to have access to quality food options and increasing long-term health issues. I could go into how land ownership influences rezoning of political lines but then I might need to turn this into a book.

Unfortunately, it begs the question as many HBCUs move to a focus on “diversity” whether or not African American economic issues are even on the minds of many HBCU business school leadership. Our situation can not be handled as a “minority” situation. It requires a more targeted strategy to our social, economic, and political state. We can not continue to be the group who has the least but shares the most unless we are content with perpetually being in last and institutionally dependent on others. Land, it remains kind of a big deal.

Currencies Of The African Diaspora – Algeria

Algeria’s economy remains dominated by the state, a legacy of the country’s socialist post-independence development model. In recent years the Algerian Government has halted the privatization of state-owned industries and imposed restrictions on imports and foreign involvement in its economy. Hydrocarbons have long been the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Algeria has the 10th-largest reserves of natural gas in the world and is the sixth-largest gas exporter. It ranks 16th in oil reserves. Strong revenues from hydrocarbon exports have brought Algeria relative macroeconomic stability, with foreign currency reserves approaching $200 billion and a large budget stabilization fund available for tapping. In addition, Algeria’s external debt is extremely low at about 2% of GDP. However, Algeria has struggled to develop non-hydrocarbon industries because of heavy regulation and an emphasis on state-driven growth. The government’s efforts have done little to reduce high youth unemployment rates or to address housing shortages. A wave of economic protests in February and March 2011 prompted the Algerian Government to offer more than $23 billion in public grants and retroactive salary and benefit increases, moves which continue to weigh on public finances. Long-term economic challenges include diversifying the economy away from its reliance on hydrocarbon exports, bolstering the private sector, attracting foreign investment, and providing adequate jobs for younger Algerians.




MC3_0960 Algiers.jpg


Source: Economy overview provided by CIA Factbook

HBCU Money™ Business Book Feature – The Color of the Land: Race, Nation, and the Politics of Landownership in Oklahoma, 1832-1929


The Color of the Land brings the histories of Creek Indians, African Americans, and whites in Oklahoma together into one story that explores the way races and nations were made and remade in conflicts over who would own land, who would farm it, and who would rule it. This story disrupts expected narratives of the American past, revealing how identities–race, nation, and class–took new forms in struggles over the creation of different systems of property.

Conflicts were unleashed by a series of sweeping changes: the forced “removal” of the Creeks from their homeland to Oklahoma in the 1830s, the transformation of the Creeks’ enslaved black population into landed black Creek citizens after the Civil War, the imposition of statehood and private landownership at the turn of the twentieth century, and the entrenchment of a sharecropping economy and white supremacy in the following decades. In struggles over land, wealth, and power, Oklahomans actively defined and redefined what it meant to be Native American, African American, or white. By telling this story, David Chang contributes to the history of racial construction and nationalism as well as to southern, western, and Native American history.

HBCU Money™ Dozen Links 10/7 -10/11


Did you miss HBCU Money™ Dozen via Twitter? No worry. We are now putting them on the site for you to visit at your leisure. We have made some changes here at HBCU Money™ Dozen. We are now solely focused on research and central bank articles from the previous week.


Energy-Efficient Lighting Strategies At Solar Decathlon l Clean Technica

Carbyne — Strongest Material Yet Known, Possesses A Number Of Useful Properties l Clean Technica

Users flock to anonymizing services after NSA snooping reports l ComputerWorld

New airborne technology automatically finds whales l CA Sea Grant

Will cloud services be traded just like stocks and bonds one day? l NetworkWorld

Researcher argues for open hardware to defend against NSA spying l CSOnline

Federal Reserve, Central Banks, & Financial Departments

Ever wonder how GDP is calculated? Get the basics l St. Louis Fed

High School ATM Proposal Passes to Teach Students About Personal Finance l Council for Econ Ed

Multifamily finance gains steam l Housing Wire

Ohio foreclosure filings fell 22.2% in September l Housing Wire

New report asks if cuts in state aid during the recession led to changes in local property taxes l NY Fed

77% of America’s textile workforce has been lost. Is the industry ready to rise again? l World Economic Forum

Thank you as always for joining us on Saturday for HBCU Money™ Dozen. The 12 most important research and finance articles of the week.