Tag Archives: chicago

State Bank of Texas Acquires Seaway Bank & Trust: Black-Owned Banks Reduced To 20 Nationwide


The beginning of the year has not proven kind to African American owned banks in the past three years. To begin 2015, two African American owned banks closed their doors, followed by 2016 where North Milwaukee closed, and now Seaway Bank & Trust will exist in name only. Its deposits and assets were acquired in January 2017 by Sushil Patel, the president of the State Bank of Texas and part of the family that owns the acquiring bank. In an interview, Mr. Patel states on the potential dynamic of their ownership in the midst of the #BankBlack movement, “I’m not a black bank,” he says in an interview. “I’m not a white bank, but I’m definitely not a black bank.”

This means that within the last seven months as of January, $420 million in assets have been wiped from African American owned bank balance sheets. An amount that is equal to ten percent of all remaining African American owned bank assets. For perspective, US banks in total have approximately $15.3 trillion in assets. The loss of $1.5 trillion is an amount twice the initial size of the US bank bailout from the Great Recession. In other words, this hurts and it hurts bad.

For the full FDIC press release on Seaway Bank & Trust’s closure, click here.

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HBCU Money™ Dozen Links 11/11 – 11/15


600px-i-12-svgDid 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.

Research

Healthcare.gov will eventually be functional, but how secure? l CSOonline trib.al/xyq1HPw

Gov’t Requests for Google-User Data Doubled Since 2009 l CIOonline trib.al/D9Cz5NB

Google will build another six solar power plants in the U.S. l ComputerWorld ow.ly/qSaid

Can you help stop nutrient pollution? Share your ideas for reducing nitrogen & phosphorus in water l EPA bit.ly/HjOSJ7

NASA, Boeing flaunt high-tech wing that could alter future aircraft design l Network World ow.ly/qSaLp

Comet of the century #ISON is visible to the naked eye. Will it soon shine brighter than the moon? l New Scientist ow.ly/qRrmk

Federal Reserve, Central Banks, & Financial Departments

Consumers: Teach yourself personal finance skills with our “No-Frills Money Skills” videos l St. Louis Fed bit.ly/X0m3rc

See why Bullard emphasizes the importance of connecting the research world with the policy world l St. Louis Fed bit.ly/1hCXnPW

Chicago foreclosure filings rise 30% from Sept. l Housing Wire hwi.re/4KdMq9

Foreclosure activity falls 39% in Charlotte l Housing Wire hwi.re/4KdHsF

Economist explains how the Fed controls the supply of money l St. Louis Fed bit.ly/188E2QA

Should recent decline in inflation raise doubts about reliability of inflation forecasts? l Cleveland Fed ow.ly/qSdbi

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

HBCU Money™ Business Book Feature – Chicago Defender (Images of America)


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In 1905, what was to be the largest and most influential black newspaper in the country was born. The Chicago Defender began as a weekly newspaper and led an entire race to leave the oppressive South for a better life in the North. At the helm was one man with a vision and purpose and a slogan that said it all: American race prejudice must be destroyed. Robert Sengstacke Abbott began the Chicago Defender with 25¢ and a dream in his landladys kitchen. The Defender boasted a circulation of more than 230,000 nationally as the newspaper was secretly delivered by Pullman porters to cities everywhere. Almost overnight, Abbott became one of the few black millionaires of his time. By 1920, the Defender tagline was the Worlds Greatest Weekly. The story of the Defender is one of inspiration, struggles, and triumphs and of dreams coming true. It became a beacon and voice for those who for years had no voice. The Defender produced talents such as Langston Hughes, Gwendolyn Brooks, and W. E. B. DuBois. In 1940, Abbotts nephew John H. H. Sengstacke took over as publisher, and by 1956, the Defender was a daily newspaper.