Monthly Archives: April 2020

The Cookout of Cookouts: Teddy Riley vs. Babyface & The HBCU Takeaway


The cookout of cookouts finally happened. Teddy Riley and Babyface came together and gave us everything we wanted and more. Yes, there were still some old black man technical difficulties, but ultimately, over 500,000 Instagram accounts logged in to watch – MAGIC. These two legends have produced, written, and been at the helm of creating hundreds (if not thousands) of undeniable hit records. The financial value of their catalogs possibly exceeds $1 billion. The music, event, and the gentlemen themselves provided a world of observations to behold. We tapped a few of our favorite HBCU intellects on their take from the night and what if anything they believe HBCUs could take away from such an amazing night for the culture.

Christen Turner, Alumnae of Spelman College, Founder of Matchmaking for Millennials & Janelle T Designs, @isthatchristen

“The battle itself was amazing. Never thought I’d feel so connected to my people through a social media platform. With that being said, we have to figure out a way to create our own hugely successful platforms AND/OR get a cut from the platforms that we literally keep relevant.”

Brandon Bellamy, Alumnus of North Carolina A&T State University, Associate Director (Student Services) and Adjunct Professor at Howard Community College, @ProfBellamy

“Like HBCUs, the Teddy Riley vs Babyface battle faced adversity from within, but also from external threats. Both artists brought an exceptional background, respect and similar perspectives on the transcendent nature of music. They are competitors in their work, but contemporaries like DuBois and Washington, whose approaches to the purpose of education varied – but the goal was the same, the improvement of our people. HBCUs can learn from this battle that there is nothing wrong with competition, but we must also be able to work together and strive for the common goal of success for all through education.”

Dr. Keneshia Grant, Alumnae of Florida A&M University, Author & Assistant Professor of Political Science at Howard University, @keneshiagrant

“On Monday night, Kenneth “Babyface” Edmonds came to Instagram to slay prepared to remind the world of his distinction in music. When Babyface’s preparation was met by Teddy Riley with a lack thereof, he calmly stayed the course and encouraged Riley to rise to the occasion. HBCUs could learn two important lessons from last night’s battle (and by battle, I mean tutorial in genius, excellence, and professionalism—taught exclusively by Babyface). First, professionalism in the presentation and delivery of our work is as important as the work itself. Second—and critical to many HBCU missions—we must balance patience and maintenance of high standards in our interactions with others (people, organizations, other HBCUs, etc).”

William A. Foster, IV, Alumnus of Virginia State University & Prairie View A&M University, Economist/Financier & Founder of HBCU Money, @astroeconomist

“It was an extraordinary night. For those of us who grew up with these two men, having them together in these times – I am not sure we could have asked for much more, technical difficulties aside. I will say for a budding HBCUpreneur, especially in technology, these moments have provided a clear opportunity for a need to provide a platform for moments such as these given the numerous issues and limitations. If I was managing an HBCU’s endowment, I would be courting them (Teddy Riley & Babyface) to see if they would donate a percentage of their catalog. Even a small percentage of the royalties would bring in millions over the years from these living legends.”

Charlyn Anderson, Alumnae of Howard University, Founder of Starting With Today, @startingwtoday

“But what immediately came to mind is too often our institutions (HBCUs) are compared to the bells and whistles of PWIs when the actual core of our education is stronger even in its simplicity. The lack of the extraneous has often worked to the benefit of the HBCU community because they don’t rely on bells and whistles as props but actually prepare to execute consistently on a high level regardless of amenities. Clearly siding with BabyFace, and even with that knowing your value and who you are brings a certainty in all spaces that doesn’t require you to move outside of your lane for approval and validation.

Marcus King, Prairie View A&M University, Founder of Hardly Home, @marcuskxng

“I’d like to say it’s another example of the need to elevate and promote a younger and more technologically advanced workforce to meet the needs of today’s digital world… but I’m a dreamer…”

Ultimately, there will be a lot to take away from this pandemic. There will be a plethora of academic studies that will need to be done, entrepreneurial opportunities, and HBCUs should try their best to be at the vanguard of them for our community. Moments like this are case studies that can help us learn, prepare, navigate, and shape the post-Covid world that we will eventually find ourselves in. Teddy Riley and Kenneth “Babyface” Edmonds gave us an amazing evening from the chaos outside, lessons within, and as always music to fill our souls with.

 

Industrial Bank Acquires City NB of New Jersey Strengthening One Black Bank And Closing Another


Industrial Bank, based in Washington D.C., becomes the undisputed third largest African American owned bank by assets after securing City NB of New Jersey, based in Newark, New Jersey, at the end of 2019 after City NB of New Jersey went under receivership by the FDIC as a failed bank. Previously, Industrial was competing with Broadway Bank in California and Citizens Trust Bank in Georgia for third position. However, with the acquisition of City’s $120 million in assets that spot is now comfortably secured. This makes what was going to be an otherwise paltry year for Industrial being able to increase their assets into a blowout one. Prior to the acquisition, Industrial was on pace to increase its assets by just over 1 percent in fiscal 2019, but this gives them a gain of 26.1 percent instead.

It also pushes the geographic reach of the D.C. based bank into multi-state territory. A claim that only three other African American banks, OneUnited, Liberty Bank & Trust, and Unity National Bank of Houston have. The first two being the largest two African American owned banks, respectively. New Jersey is home to almost 1.4 million African Americans, the 14th largest African American population in the United States so if Industrial can get right what City was getting wrong, there is immense opportunity there.

The FDIC Press Release: “City National Bank of New Jersey (“City National”) in Newark was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Industrial Bank in Washington, D.C. to assume all of the deposits of City National.

The three branches of City National will reopen as branches of Industrial Bank during normal business hours. Depositors of City National will automatically become depositors of Industrial Bank.  Because deposits will continue to be insured by the FDIC up to applicable limits, customers do not need to change their banking relationship in order to retain their deposit insurance coverage.

Customers of City National should continue to use their existing branch until they receive notice from Industrial Bank that it has completed systems changes to allow other Industrial Bank branches to process their accounts as well.

This evening and over the weekend, depositors of City National can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 30, 2019, City National had approximately $120.6 million in total assets and $111.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Industrial Bank agreed to purchase essentially all of its assets.”

Morehouse Alumnus Kevin Perry Investment Brings African American Owned Banking Back To Oklahoma


As one of the places with a storied African American economic history, Oklahoma holds a certain lore among African American economic historians. The home of Greendwood, Oklahoma, better known to many as Black Wall Street, its symbolic significance can never be overstated. It is also home to Langston University, a quiet but premier HBCU whose goat research is legendary in HBCU research circles and has considerable commercial value. However, Oklahoma has been without an African American owned bank for quite sometime but no more. Enter Kevin Perry, president and CEO of Perry Publishing & Broadcasting, a second-generation family owned company based in Oklahoma City, Oklahoma, and director at First Security Bank & Trust has helped usher in a new era of African American owned banking in Oklahoma.

According to S&P Global, “Kevin Perry, owner of 71,240 shares of FSB Bancshares Inc. stock, is proposing to acquire an additional 23,800 shares, according to a change in control notice filed in late March (2018). Perry already owns a 22.44% stake in the Oklahoma City-based company. The sale would increase his ownership in FSB to 29.948% — and in turn give him and other African American shareholders an aggregate 51% stake.”

The addition of First Security Bank & Trust to the African American Owned Banks banking landscape has stopped the proverbial bleeding the group has been experiencing over the past decade. Since 2010, African American Owned Banks have seen almost 50 percent of the institutions disappear. It is also worth noting that there have been no new AAOBs started in almost two decades and although First Security Bank & Trust is not new per se (founded in 1951), its acquisition by African American investors does make it new to our banking infrastructure and expands the financial geography of African American owned financial institutions. It is a vital addition and hopefully will build momentum for a new expansion that will help strengthen AAOBs in HBCU states and territories for the future.