Starting a small business, becoming an entrepreneur, and taking charge of one's own economic destiny are part of the American dream. However, small businesses and entrepreneurs regularly encounter hurdles accessing the necessary capital to move forward. Watch a video recording of a live panel featuring Paul Greig, Mark Walsh, and former US Senator Olympia Snow as they discuss how to respond to this dilemma.
Security Federal Corporation, the holding company for Security Federal Bank, announces its earnings for the quarter. Notably, for the six months ending on June 30, 2018, net income increased by 14.3 percent to $3.6 million or $1.20 per share, compared to $3.1 million or $1.06 per share for the same period in 2017. The increase in earnings was primarily due to increases in net interest income and non-interest income combined with a decrease in the provision for income tax expense.
Wayne-Kent Bradshaw is the current chief executive of Broadway Federal Bank, the last African American bank headquartered in the Western United States. Bradshaw showed promise from an early age as a teenager in Kingston, Jamaica. After moving to the states, his love for film spurred his passion for mission driven banking. Bradshaw worked for various struggling financial institutions to flip them back on top, ultimately leading him to do the same for Broadway Federal.
The last black-owned bank in Chicago is changing its name to reflect its owner's global ties in an effort build trust in its future. Illinois Service Federal Savings and Loan in Bronzeville, known as ISF Bank, will become GN (Groupe Nduom) Bank, taking on the name of a separate, international banking company owned by its chairman, Papa Kweisi Nduom. Nduom grew up in Milwaukee but was for years a government minister and Member of Parliament in Ghana. GN has about 300 branches worldwide, according to the company.
First Bancshares, Inc. announces their planned merger with FMB Banking Corporation in which First Bancshares will acquire 100% of the common stock of FMB. The new combined Company will hold about $3.0 billion in total assets, $2.5 billion in total deposits, $2.0 billion in total loans, and 67 locations. This move will expand The First's presence in the Florida panhandle, southern Georgia, and the Tallahassee market.
FNBC Bank President and CEO Marty Sellars has announced the bank's expansion into Jonesboro with the hire of Jonesboro native Brad Snider as Community President and Brock Fletcher as Vice President and Commercial Lender. FNBC intends to open their new location with a Loan Production Office on August 23rd, making this their 11th loca
OneUnited Bank, the nation's biggest black-owned bank, proves its commitment to social justice with the debut of the Justice Card, a debit card featuring a design by artist Addonis Parker. The card is part of the bank's support of immigrants as well as their support of the Black Lives Matter movement.
Carver Federal Savings Bank continues to demonstrate its commitment to the community by allocating $195,000 in non-profit donations through BEA program funding. The selected organizations specialize in economic development, addict rehabilitation, work force development, education, entrepreneurship, health, and housing.
Virginia Community Capital has been working hard to revitalize the Jefferson Davis Highway Corridor. In recent years the area has seen a rise in poverty, crime, and abandoned storefronts. However, in partnership with the city of Richmond, VCC has given nearly $2 million dollars in loans to local businesses in an effort to rebuild this community.
Many Americans, especially younger generations, are carrying less cash every day. With the growing availability of alternatives such as mobile phone payments, are we witnessing the death of cash? Ultimately, for many, it boils down to convenience. Consumers will use the method that is easiest and saves time. Sunrise Banks' CEO offers his insights on the matter.