8,000 People Open New Accounts At Black-Owned Bank In Atlanta

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The African-American community is looking to fight back against racial injustice through redistribution of economic power.

A common thread found in public discussion about additional, effective ways for the African-American community to get involved in fighting back against injustice is the redistribution of economic power.

In addition to getting involved with one or more of the hundreds of organizations dedicated to the fight for Black lives and planning to make their voices heard at the polls this November, thousands have gotten involved in the #BankBlack movement by opening up new accounts at Black-owned banks across the United States. Most recently a historic Black-owned bank in the Atlanta area has seen a massive spike in new customers, with an estimated 8,000 people opening up new accounts in under one week. Atlanta rap veteran Killer Mike encouraged people to put $100 million into Atlanta's Citizen's Trust bank just a few days before the unprecedented rise in account openings, which Citizen's Trust President and CEO Cynthia N. Day believes played a significant role in the increase.

Day publicly thanked Killer Mike on Twitter for his call to action and Executive Vice President Fredrick Daniels says the financial institution is looking to continue urging more Black people to keep money in their communities. “Citizen’s Trust provides a financial foundation for our community and that really helps us to put in place the businesses that we want to see that we don’t see in our communities,” Daniels told 11 Alive News

The bank's Next Generation Advisory Board chairman Jay Bailey says Citizen's Trust is currently on track to reach their goal of becoming the first billion dollar Black-owned bank in the United States, with a recorded $328.8 million in deposits at the end of 2015. “I’ve been telling people that it’s time to come home,” said Daniels. “Rallies are great and they’re necessary. Protesting is great and it’s necessary but what will sustain and grow from here is our dollar and galvanizing our dollar.”

 

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