The African American banking system suffers major setbacks to begin the year. Highland Community Bank (press release below) which had assets of approximately $73.4 million 2013. The bank was founded November 09, 1970 in Chicago, Illinois. Over the past two years it witnessed double digit asset declines on its books.
Also seeing its doors close is Capital City Bank & Trust Company in Atlanta, Georgia. Capitol City, was the ninth largest African American owned bank, with $291 million in assets or 5.7 percent of African American bank owned assets. The bank was only 20 years old, meaning it had seen explosive growth in its short time.
These two closures reduce the number of African American owned banks down to 23 ahead of the HBCU Money’s 2015 African American Bank Owned Directory release, and a combined loss of 7.2 percent of African American bank owned assets. For perspective in 1994, there were 54 African American owned banks.
For the FDIC’s Failed Bank List click here.
Can’t make myself click the “Like” button on this…
We could be our own solution to our problems. We just need a will to support our own.