Life is a hard battle anyway. If we laugh and sing a little as we fight the good fight of freedom, it makes it all go easier. I will not allow my life’s light to be determined by the darkness around me. – Sojourner Truth
HBCU Money is officially a teenager. Usually the teenage years are a rough and tumultuous time and it is hard to see that being any differently for us. The current social and political climates that we are about to experience over the next four years will test our patience and fortitude. It is vital that HBCU Money stays a voice of focus, strategy, and guidance in the African American institutional space as it relates to economics, finance, and investment.
It is inherent that we continue to strengthen and build our African American institutional ecosystem. It is also vital that that ecosystem build bridges of connection with the African Diaspora institutional ecosystem. We must throw off the shackles of isolationism and island mentality that plagues us so deeply. Before we make decisions we must ask ourselves is there an African American institution that exist that serves that need or want. If it is not there, then we must discuss building it. Where is the HBCU that has an African American MBA that teaches us how to build and run businesses from our interest? Where is the HBCU that has a law school focused on African American agriculture and real estate? Where is the African American bank focused on export-import for African American businesses? Are we using our talents to enhance ourselves individually or are we using our talents to enhance our institutions that enhance the collective? These are just a few of the vital things we are missing in our financial infrastructure.
There is not much that needs to be said, but plenty that needs to be done.
Analysis: European Americans unemployment rate pushes lower to 3.6 percent, its lowest rate in the past five months. Asian Americans decreased 30 basis points (lowest among all groups) and Latino Americans decreased 20 basis points from November, respectively. African Americans unemployment rate decreased 30 basis points from November. Over the past five months this is African America’s median unemployment rate.
AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE
AFRICAN AMERICAN MEN: 5.6%
AFRICAN AMERICAN WOMEN: 5.4%
AFRICAN AMERICAN TEENAGERS: 20.2%
AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE
AFRICAN AMERICAN MEN: 68.2%
AFRICAN AMERICAN WOMEN: 62.4%
AFRICAN AMERICAN TEENAGERS: 29.5%
Analysis: African American Men saw a decrease in their unemployment rate by 40 basis points and African American Women decreased by 50 basis points. African American Men decreased their participation rate in December by 50 basis points, a fourth month decline. African American Women increased their participation rate in December by 10 basis points. African American Teenagers unemployment rate increased by 210 basis points. African American Teenagers saw their participation rate increase by 170 basis points in December, their highest participation rate in the past five months after their lowest in five months last month.
African American Men-Women Job Gap: African American Women currently have 757,000 more jobs than African American Men in December. This is an increase from 640,000 in November.
CONCLUSION: The overall economy added 256,000 jobs in December while African America added 84,000 jobs. From CNN, “The selloff comes as the economy added 256,000 jobs in December, far outpacing expectations of around 153,000 jobs. While strong job growth signals a healthy economy, it raises the question of how soon the central bank needs to cut interest rates again. Additionally, President-elect Donald Trump’s proposed tariff policies, including reports of declaring a national economic emergency to impose widespread tariffs, has spooked investors, sending bond yields surging.”
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:
11 of the 17 African American Owned Banks saw increases in assets from 2022.
African American Owned Banks (AAOBs) are in 16 states and territories. Key states absent are Maryland, Missouri, New York, and Virginia.
Adelphi Bank (OH) is the first African American Owned Bank (AAOB) started in 23 years.
Alabama and Georgia each have two AAOBs.
African American Owned Banks have approximately $5.8 billion of America’s $23.2 trillion bank assets (see above) or 0.02 percent. The apex of African American owned bank assets was in 1926 when AAOBs held 0.2 percent of America’s bank assets or 10 times the percentage they hold today.
African American Owned Banks control 1.7 percent of FDIC designated Minority-Owned Bank Assets.
2023 Median AAOBs Assets: $168,701,000 ($150,072,000)
2023 Average AAOBs Assets: $326,097,000 ($325,391,000)
TOTAL AFRICAN AMERICAN OWNED BANK ASSETS 2023: $5,867,738,000 ($5,531,655,000)
“The happiness of your life depends upon the quality of your thoughts: therefore, guard accordingly, and take care that you entertain no notions unsuitable to virtue and reasonable nature.” – Marcus Aurelius
As we embark on our 11th year here at HBCU Money, we are not slowing down with the work we have before us. Our desire to continue to be a strong monetary and fiscal voice for the HBCU community is ever present. Covering the HBCUpreneurs who are growing amazing businesses, the business schools who are shaping tomorrow’s African American private sector leadership, HBCU economists who become the first to ever sit on the Federal Reserve board, and so much more. Our community has a voice and stories that need to be told, discussions that need to be broaden, and the hard questions that need to be asked. We have been there for it all and will continue to be there for years to come.
Thank you to everyone who has been there since the beginning and who has come to rely and trust that quality will always come first. In this day where sensationalism seems to be ruling over substance, HBCU Money and sibling blogs will continue to stand firm that there are those who desire and want to have their intelligence valued. That thinking beyond the headlines has not become a lost art.
Holding true to the saying, it is a marathon and not a sprint.
“I still believe that if your aim is to change the world, journalism is a more immediate short-term weapon.” – Tom Stoppard
It is hard to believe that it has been nine years since HBCU Money was founded. It began with a conversation with Jarrett Carter, Sr., founder of HBCU Digest, about the lack of economics, finance, and investment information from an African American and African Diaspora perspective. He simply said, why do you not start one then. Challenge accepted and a challenge it has been. HBCU Alumni Owned media across the spectrum continues to fight to be a real and present voice in the ever changing landscape of media. Both trying to push the old guard forward and try to keep up with the competition and outsiders that seeks to control and own our narrative. They often seeing the value of our content, but with wretched intentions. This has and continues to be one of our great fights.
To be a voice of a community is an immense responsibility. Holding decisions makers accountable, helping inform the community in an unbiased manner, and yes, at times shaping the conversation. Sometimes it has been the duty of HBCU Alumni Owned media to present thoughts and visions that are ambitious and bold into the conversation about what is possible. It is a gentle balance that must be minded.
Going forward I will continue to help build HBCU Money, HBCU Politics, and our other media assets to be a formidable force for empowerment for the HBCU community and Diaspora. This I believe to be part of my life’s work. I am thankful for those who continue to fight along side me and for us.
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