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.
District of Columbia
Newark, New Jersey
Durham, North Carolina