OneUnited Bank, the largest Black owned bank in America and the first Black internet bank, is launching the national #BankBlack Challenge, designed to harness the economic power of the Black community focused on one clear financial message that #BlackMoneyMatters.
On Saturday July 30th, OneUnited Bank partnered with The Miami Dade Chamber of Commerce, The Young Professionals Network, Black Professionals Summit, HOT 105 Radio and other community organizations, to host a first-time account opening event at the OneUnited Bank’s Liberty City branch.
In recent weeks America’s Black community has galvanized via social media, public media and word of mouth, answering the call for a show of economic force by moving their money from traditional banks to Black owned banks. The #BankBlack challenge grew stronger among the community when Rapper Killer Mike implored the Black community to deploy “a portion” of its financial resources to make a tangible difference during a town hall meeting on BET and MTV. Other celebrities such as Jessie Williams and Queen Latifah, and recently Michael Jordan have joined the conversation urging Black Americans to move their money to Black owned banks. Since then, OneUnited has seen a sharp influx in web traffic and new accounts, with over $3 million deposited since this call to action.
Over 1,000 people were expected to attend the #BankBlack Miami event to encourage a positive and exciting opportunity for Miami’s urban community to participate in the nationwide push. The event featured food trucks, free giveaways, spoken word, a personal meet-and-greet with the owner of OneUnited Bank, Teri Williams, and fellowship around the #blackmoneymatters movement.
“If 1 million people opened a $100 savings account in a Black owned bank, we would move $100 million! That’s real economic power”, said Teri Williams, President & COO of OneUnited Bank. “It is critical for the Black community to utilize our $1.2 trillion in annual spending power to create jobs and build wealth in our community.”