Every day, we all have an opportunity to help dismantle systemic racism through the actions we take and don’t take. The American financial sector has long been plagued by practices that intentionally oppress people of color. In 2020, there has been an uptick of attention and focus on the Black Lives Matter movement. But it’s not enough to just talk about it. We all must align our actions to help bring about change.
“Not only do Black Lives Matter, but we cannot forget Black Financial Lives, meaning that financial security is also of the utmost importance to the development of African-Americans’ welfare… It is critical to rectify generations of financial inequity, which has been as brutal as the police violence enacted upon our communities.”
– Christian Duffus, founder, and CEO of Fonbnk, as featured in Boost Black Communities, Support Black-Owned Banks.
Banking with black-owned banks can contribute to the revitalization of impoverished black communities. It’s just one way to have a positive impact and help shift from unfair financial practices to increased accessibility and opportunities for all.
How Black Banking Can Contribute to Economic Revitalization
- Systemic racism must be dismantled strategically by replacing the oppressive institutional biases and practices with fair access to financial education and resources.
- Black-owned banks give hope. And hope is a powerful commodity. For communities that have been financially and physically downtrodden for generations, black-owned banks shine a glimmer of hope for families and individuals to feel positive about possibilities and change.
- Black-owned banks help rebuild fractured trust. During this series, we’ve highlighted some of the unfair practices such as redlining. The concept of ‘redlining’, a term coined in the 1960s by a sociologist, refers to the pervasive discriminatory practice of banks not providing services to residents of black neighborhoods.
These are just a few of the powerful effects of black banking. With that said, today we’re featuring Tri-State Bank of Memphis, Tennessee.
During his famous speech (Mountaintop) in 1968, Dr. Martin Luther King Jr. told the audience to move their money from downtown banks to TriState. More than 50 years after Dr. King spoke those words, Tri-State Bank of Memphis is still going.
Tri-State Bank’s Mission and Founding Story
“The mission of Tri-State Bank of Memphis is to provide the communities we serve with financial solutions that transform them for the better.
Tri-State Bank of Memphis was founded in 1946 by the late Dr. J. E. Walker, and his son, the late A. Maceo Walker. They dreamed of a bank, which would constructively change community conditions. Led by the late Jesse H. Turner, the bank developed innovative financial and community service”.
Tri-State offers a range of services to individuals and businesses, including:
*CDs (Certificates of Deposit)
*IRAs (Individual Retirement Accounts)
*Personal checking and savings accounts
*Home equity loans
*Business checking and savings accounts
4606 Elvis Presley
Memphis, TN 38116
Phone: (901) 398-1342
They also offer online banking and a host of tools and resources such as loan calculators, and “self-tests” to see if you’re eligible for loans and other lines of credit.
“Black-owned banks should be given a chance to grow and be a strong financial staple in the communities they serve. Also, Black-owned banks are a great option for anyone because they promote economic revitalization. Banking with Black-owned banks helps increase community development and economic development. This is why they need support from everyone,” states Dr. JeFreda R Brown.
Now is the time to support black-owned banks like Tri-State. Ask yourself how you can get involved and if there’s anything you can do. What can you do today to help create change?