Campaign Promotes Use Of Minority Banks
WASHINGTON -- The National Bankers Association {NBA}, a cosortium of minority-owned banks, is teaming with nationally-syndicated radio talk show host, Warren Ballentine, to spearhead a national campaign to get minorities and other consumers in the urban areas to bank with minority banks.
A press conference to kick-off the campaign will be held this Friday beginning at noon at the headquarters of the National Bankers Association in Washington.
The promotional campaign, being called "The People's Economic Movement," is being orchestrated to coincide with the unveiling of the Dr. Martin Luther King, Jr. memorial statue in Washington, August 28th.
According to Michael Grant, president of the NBA, "This self-help, empowerment movement is designed to stimulate much-needed economic development at our nation's urban core. By depositing their money in minority banks, getting mortgages, small business loans or loans for college tuition from banks in their communities, consumers begin a process of harnessing the economic strength of the masses in a way that creates direct benefits to their communities which are still suffering from the worst economic crisis since the Great Depression."
Asked why the campaign is being called, "The People's Economic Movement," Radio One talk show host Warren Ballentine explained: "This recession has created not a moment in time but a movement in time. Community economic development will only come with an intelligent and targeted approach to managing money. By investing their money in the minority banks in their own communities, consumers will begin to see how to make capitalism work in their favor."
The consortium's member banks operate branches in 29 cities located across America. In the aggregate, these banks have over $15 billion in assets and serve over 3 million depositors.
As an example of how little support minority banks are receiving from their potential customer base, economists have estimated that while the African-American community has over one trillion dollars in disposable income a year, it has been estimated that African-American owned banks manage less than 5% of the wealth in the communities that they serve.
"The People's Economic Movement" will include NBA banks from all over America - especially in urban communities.
Organizational leaders and celebrities who are supporting "The People's Economic Movement" include Reverend AI Sharpton, Roger Campos, Reverend Frank Reid of Baltimore, Reverend Buster Soaries of Newark, Boris Kodjoe, CeCe Winans, and Reverend Rudy Rasmus of Houston.
