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Stars support their communities by investing in minority-owned banks

A few famous folks have transferred their funds to circulate their dollars within the community

When it comes fiscal responsibility, rappers Slim Thug, Paul Wall, Trae Tha Truth and other Houston hip-hop artists choose a banking road less traveled.

On Wednesday, the rappers opened accounts with Unity National Bank in Houston’s 3rd Ward. It’s the only black-owned bank in Texas.

“Earlier today me and my homies went and opened up new accounts at @unitybanktexas the ONLY Black Owned Bank in Texas,” Paul Wall’s Instagram post read. “They have several Houston locations. I encourage you to do the same.”

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In Atlanta, rappers T.I., Killer Mike, Young Thug and Young Dolph also opened accounts with black-owned Citizens Trust Bank.

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Their choices came from the desire to not only help the growth of small businesses, but to also circulate their dollars throughout their own communities. Investments in minority-owned banks or Minority Depository Institutions (MDIs) have seen an increase in numbers in recent years. According to a 2014 research study, there were 174 MDIs accounted for.

“Most MDIs are owned or managed by individuals from a specific minority group. Half of all MDIs at year-end 2013 were designated as serving Asian-American communities,” the study states. “Another 22 percent were designated as Hispanic-American, with five Hispanic-American MDIs located in Puerto Rico; 16 percent served African-American communities; and 10 percent were serving the Native American community. Only two institutions were designated as multiracial MDIs.”

Even before the rappers banded together to take this step, singers Usher Raymond and Solange Knowles announced to social media followers that they, too, would be turning their money over to black-owned banks. Knowles also provided a list of 21 black-owned banks for those who were interested.

“While I realize this is a very personal decision and thing to share, I’m proud to say I made that step today,” she wrote in an Instagram post. “Time to literally put my money where my mouth is.”

Check out a list of some minority-owned banks by state below.

Alabama

Alamerica Bank

Birmingham, Alabama

Commonwealth National Bank

Mobile, Alabama

First Tuskegee Bank

Tuskegee, Alabama

California

Wayne-Kent A. Bradshaw, President and Chief Executive Officer of Broadway Federal Bank, is photographed in a bank branch on Wilshire Blvd., in Los Angeles.

Wayne-Kent A. Bradshaw, President and Chief Executive Officer of Broadway Federal Bank, is photographed in a bank branch on Wilshire Blvd., in Los Angeles.

Katie Falkenberg/Los Angeles Times via Getty Images

Broadway Federal Bank

Los Angeles

District of Columbia

Industrial Bank

Washington, D.C.

Georgia

Carver State Bank

Savannah, Georgia

Citizens Trust Bank

Atlanta

Illinois

Highland Community Bank

Chicago

Exterior of the Illinois Service Federal Savings and Loan offices at 104 East 51st Street, in Chicago, IL, 1951.

Exterior of the Illinois Service Federal Savings and Loan offices at 104 East 51st Street, in Chicago, IL, 1951.

Robert Abbott Sengstacke/Getty Images

Illinois Service Federal Savings & Loan

Chicago

Seaway Bank and Trust Company

Chicago

Louisiana

Liberty Bank and Trust Company

New Orleans

Massachusetts

Ron Jackson takes care of some banking needs with teller Dorothy O'

Ron Jackson takes care of some banking needs with teller Dorothy O’Neal at OneUnited Bank in Baldwin Hills, one of the largest AfricanAmerican owned banks. March 8, 2006.

Carlos Chavez/Los Angeles Times via Getty Images

OneUnited Bank

Boston

Michigan

First Independence Bank

Detroit

New Jersey

City National Bank Of New Jersey

Newark, New Jersey

North Carolina

Mechanics and Farmers Bank

Durham, North Carolina

Pennsylvania

United Bank of Philadelphia

Philadelphia

Virginia

First State Bank

Danville, Virginia

Wisconsin

North Milwaukee State Bank

Milwaukee

Texas

Unity National Bank

Houston

Maya Jones is an associate editor at The Undefeated. She is a native New Orleanian who enjoys long walks down Frenchmen Street and romantic dates to Saints games.