The infusion of high wage jobs into Black Pensacola uplifted hundreds of families out of poverty. In fact, the Pensacola News Journal reports, “The poverty rate fell from 30 percent to roughly 25 percent,” over the past 10 years for African Americans. [1]
The UWF HAAS reports that as of 2017, job growth in the financial and insurance sector grew by 134% to over 2000 jobs between 2008 – 2017. [2] Banking Black when no Black-owned banks or credit unions have branches in your city is hard. Here are 5 ways to intentionally bank black in the cola.
Bank Black In-Person
If you like your bank with in-person branch banking, then you can travel next door to Mobile, Al and open an account with Commonwealth National Bank.
Commonwealth’s goal is to be the preferred institution for everyone seeking an exceptional banking experience. We are accomplishing this by providing personalized service, offering comprehensive banking solutions and by supporting causes that impact the community and its subsequent health.
Commonwealth National Bank
Bank Black in Florida
Are you comfortable with remote branches that are not close to your geographical location? Open an account with a Black Bank that has a presence in the state of Florida. An example is One United Bank, which has a branch in Miami, FL. Attended FAMU for school? FAMU Federal Credit Union is only a few hours down the road to establish an account. Also, just to the north of us in Tuskeegee, AL is Liberty Bank.
Bank Black Online
If you are not concerned with in-branch banking, because you are tech-savvy. Then open an account with a Black bank or credit union that has a good online presence.
Setup Emergency Fund Bank Account
Open an Emergency Fund account to keep rainy day savings separate from your main account to ensure you don’t dip into it for frivolous spending. This also helps the bank to add a stable source of funds to loan out to home buyers, for car loans and commercial lending.
In any competitive environment, an individual or group who is non-competitive is sure to become extinct.
Dr. Claud Anderson
Buy Stock in a Historically Black Bank
By stock from a publicly-traded historical Black bank. This ensures you will be invested in its success as an owner. Black-owned banks, just like other banking institutions allow you to borrow money for consumer and commercial loans. Which as a stock owner, allows you to grow your net value as an investor as the stock grows more valuable. Your return on investment (ROI) grows on both sides.
References
- Robinson, Kevin. “Black Community’s Spending in Pensacola Area Creates 10,000 Local Jobs, Study Finds.” Pensacola News Journal, Pensacola News Journal, 11 Mar. 2019, https://www.pnj.com/story/news/2019/03/11/study-black-communitys-spending-pensacola-area-creates-10-000-jobs/3055903002/.
- UWF HAAS Center. “Black History Month A Demographic Overview.” PDF. The University of West Florida, 2019 (pages 24-25).
