A Great Moral and Social Force: A History of Black Banks
The latest publication from the Kansas City Fed is written as a historical reference on Black community banks, and serves as a guide to help all Americans think differently about our relationships with banks.
A Great Moral and Social Force: A History of Black Banks is written as a historical reference on Black community banks, and serves as a guide to help all Americans think differently about our relationships with banks. This particular history references banks in Richmond, Va.; Boley, Okla.; Chicago, Ill.; Memphis, Tenn; and Detroit, Mich.; as entities that provided a valuable service to their communities.
Rather than presenting a comprehensive history of Black banking, the goal of A Great Moral and Social Force is to move across eras and examine some of the communities where banks played a dual role in establishing both economic opportunity and social equality.
These banks were not purely a financial endeavor or a business opportunity but more importantly, were created with the primary mission of public service in mind. Community banks were catalysts in helping families and individuals establish businesses, buy homes and pay for an education that could open the door to opportunity. In their role as pillars of the community, Black banks were involved in some of the most important race relations events in American history and during the struggle for civil rights, Black bankers were among the leaders in the Black community who spearheaded the fight for social justice.
Interested in finding mission driven lenders, including Minority Depository Institutions (MDI) and Community Development Financial Institutions (CDFI)?
Learn about the author, Tim Todd, executive writer and historian at the Kansas City Fed here.
Historically Speaking: A Great Moral and Social Force
Author Tim Todd discussed the emergence of African American financial institutions and how they fostered economic independence and wealth-building during Reconstruction and beyond with Michael Fletcher, of ESPN’s Undefeated, in an event hosted by the Smithsonian’s African American History and Culture Museum. External LinkView here.
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