Deposits Surge at Black-Owned Banks After Celeb Appeals

NBC News
Wednesday, July 20, 2016

Deposits are up dramatically at black-owned banks across the country as a result of the Black Money Matters Project. The project started when a group of recording artists including Killer Mike and Usher urged their social media followers to support black-owned businesses in the wake of high-profile shootings of Alton Sterling and Philando Castileon by opening accounts at black-owned banks and credit unions. Boston-based OneUnited has brought in $3 million in deposits. Carver Federal Savings Bank in New York City has collected about $2.4 million in new deposits. And at Washington, D.C.-based Industrial Bank, CEO Doyle Mitchell writes that, "account opening volume has increased exponentially."