BPM: Black-Owned Banks & Businesses

[andwhat]

Wine Makers: blavity.com/15-black-winemakers-you-need-to-know/

Black Farmers you can buy from instead of WF: blavity.com/black-farmers-to-buy-from/

Black Owned Business Directory: officialblackwallstreet.com/business-directory/

[andwhat]

Jul 10, 2016 22:17:50 GMT -5 sandsonik1 said:

Jul 10, 2016 12:38:37 GMT -5 1234FIF! said:

My brother and I own some stock in one and have since we were kids. 

ETA: This is the bank we have stock in:

MECHANICS & FARMERS BANK

Location: Durham, North Carolina
Founded: March 01, 1908
FDIC Region: Atlanta
Assets: $304 809 000

I'm confused?  How is it black owned if it's publicly traded?

ncpedia.org/mechanics-and-farmers-bank

Maybe this will help you out. 

[josieposy]

Jul 10, 2016 22:39:59 GMT -5 sandsonik1 said:

Jul 10, 2016 22:30:02 GMT -5 andwhat said:

ncpedia.org/mechanics-and-farmers-bank

Maybe this will help you out. 

"In 1999 Mechanics and Farmers shareholders approved the creation of M&F Bancorp, Inc., a holding company of which the bank became a wholly owned subsidiary"

Doesn't that mean the bank is owned by the stockholders of M&F Bancorp?

Sure, but the majority shareholder(s) may be minorities.

ETA: I know very little about this particular financial institution, but it's a safe guess.

[andwhat]

Jul 10, 2016 22:39:59 GMT -5 sandsonik1 said:

Jul 10, 2016 22:30:02 GMT -5 andwhat said:

ncpedia.org/mechanics-and-farmers-bank

Maybe this will help you out. 

"In 1999 Mechanics and Farmers shareholders approved the creation of M&F Bancorp, Inc., a holding company of which the bank became a wholly owned subsidiary"

Doesn't that mean the bank is owned by the stockholders of M&F Bancorp?

But the president of the bank and M&F Bancorp have always been black. And I think all their leadership positions on their BOD is black. I would call that a black bank.

[forreals]

Jul 10, 2016 21:21:46 GMT -5 andwhat said:

Jul 10, 2016 19:34:50 GMT -5 forreals said:

I received a group text about the banks from a friend. In it, it also talked about boycotting a couple of places for the summer but not posting about this on social media. They were Target and Coca-Cola. Does anyone know the significance of boycotting those companies?

If they asked not to post on social media, why are you posting about it here? Isn't this basically the same?

Because my friend didn't explain, my searches didn't provide an answer, and I am trying to find out more info so I can make an informed decision about the Target request.

[andwhat]

Jul 10, 2016 23:12:02 GMT -5 sandsonik1 said:

Jul 10, 2016 19:34:50 GMT -5 forreals said:

I received a group text about the banks from a friend. In it, it also talked about boycotting a couple of places for the summer but not posting about this on social media. They were Target and Coca-Cola. Does anyone know the significance of boycotting those companies?

That's really weird. What would be the point of boycotting a company but not letting anyone knowing you're boycotting them?

There are other ways to get your message to the people you want to have it than social media.

But I have decided you are just a contrarian so I am done.

[cookiemdough]

Jul 10, 2016 23:53:13 GMT -5 sandsonik1 said:

Jul 10, 2016 22:49:03 GMT -5 andwhat said:

But the president of the bank and M&F Bancorp have always been black. And I think all their leadership positions on their BOD is black. I would call that a black bank.

I would have called that a bank that hires black people and that black people have historically invested in....figuring that once shares are on the market, controlling ownership is out of anyone's hands and can't be said to be black or white 

Unless the founders families held the controlling interests, and that's quite possible.  That could well be the case here.

But I guess I would have been wrong. 

I found this in an article about them naming their first white board member last year (they've added another since):

"The Durham-based financial institution’s CEO, James H. Sills III, told The News & Observer’s editorial board last month that the bank was planning to diversify its board and take steps to attract a younger and more diverse customer base.

Mechanics & Farmers is categorized as an African-American bank because more than half its shareholders are African-American.

Smith, a partner at Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, has a bachelor’s degree in political science/American government and a J.D. degree from the University of Pennsylvania.

“Mr. Smith brings considerable expertise in business as well as a fresh perspective to his position as director,” James A. Stewart, the bank’s chairman, said in a statement.

On Tuesday, Mechanics & Farmers is officially rebranding itself as M&F Bank, although it will take 90 to 120 days to change the interior and exterior signage at its seven branches. The name change aligns the bank with its corporate parent, M&F Bancorp."

So you are right, a majority of the holders are African American.  I was surprised, I didn't even know that was data that was collected anywhere.  I have some stock in my bank, but I don't recall being asked my race when I bought it, or seeing any data about the racial makeup of my  bank.  Now I'm trying to find that info and striking out so far...

There are plenty of public companies that are majority-held or controlled by one person or a few. Example... Facebook. Now this thread is not the place for this.

[skwcm80]

One of the banks on the list is local to me. While I can't move everything there, I can move my kids' savings accounts. Thank you for sharing.

[Deleted]

Jul 10, 2016 23:53:13 GMT -5 sandsonik1 said:

Jul 10, 2016 22:49:03 GMT -5 andwhat said:

But the president of the bank and M&F Bancorp have always been black. And I think all their leadership positions on their BOD is black. I would call that a black bank.

I would have called that a bank that hires black people and that black people have historically invested in....figuring that once shares are on the market, controlling ownership is out of anyone's hands and can't be said to be black or white 

Unless the founders families held the controlling interests, and that's quite possible.  That could well be the case here.

But I guess I would have been wrong. 

I found this in an article about them naming their first white board member last year (they've added another since):

"The Durham-based financial institution’s CEO, James H. Sills III, told The News & Observer’s editorial board last month that the bank was planning to diversify its board and take steps to attract a younger and more diverse customer base.

Mechanics & Farmers is categorized as an African-American bank because more than half its shareholders are African-American.

Smith, a partner at Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, has a bachelor’s degree in political science/American government and a J.D. degree from the University of Pennsylvania.

“Mr. Smith brings considerable expertise in business as well as a fresh perspective to his position as director,” James A. Stewart, the bank’s chairman, said in a statement.

On Tuesday, Mechanics & Farmers is officially rebranding itself as M&F Bank, although it will take 90 to 120 days to change the interior and exterior signage at its seven branches. The name change aligns the bank with its corporate parent, M&F Bancorp."

So you are right, a majority of the holders are African American.  I was surprised, I didn't even know that was data that was collected anywhere.  I have some stock in my bank, but I don't recall being asked my race when I bought it, or seeing any data about the racial makeup of my  bank.  Now I'm trying to find that info and striking out so far...

Unless you find info that this bank is doing business with the KKK please get out of here with this nonsense. Obviously there are not many resources for us to support 100% black owned banks and institutions (outside of small locally owned places and even that is often hard to find), but we are doing the best that we can. You're commentary and nit-picking is not helping. Damn.

[Deleted]

Jul 10, 2016 22:53:11 GMT -5 forreals said:

Jul 10, 2016 21:21:46 GMT -5 andwhat said:

If they asked not to post on social media, why are you posting about it here? Isn't this basically the same?

Because my friend didn't explain, my searches didn't provide an answer, and I am trying to find out more info so I can make an informed decision about the Target request.

Seriously? What is wrong with you people.

[orangeblossom]

45 Black-owned Etsy Businesses

[orangeblossom]

I Don't Do Clubs. List of Black-owned restaurants and businesses.

www.idontdoclubs.com/

[StrawberryBlondie]

Jul 10, 2016 23:53:13 GMT -5 sandsonik1 said:

Jul 10, 2016 22:49:03 GMT -5 andwhat said:

But the president of the bank and M&F Bancorp have always been black. And I think all their leadership positions on their BOD is black. I would call that a black bank.

I would have called that a bank that hires black people and that black people have historically invested in....figuring that once shares are on the market, controlling ownership is out of anyone's hands and can't be said to be black or white 

Unless the founders families held the controlling interests, and that's quite possible.  That could well be the case here.

But I guess I would have been wrong. 

I found this in an article about them naming their first white board member last year (they've added another since):

"The Durham-based financial institution’s CEO, James H. Sills III, told The News & Observer’s editorial board last month that the bank was planning to diversify its board and take steps to attract a younger and more diverse customer base.

Mechanics & Farmers is categorized as an African-American bank because more than half its shareholders are African-American.

Smith, a partner at Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, has a bachelor’s degree in political science/American government and a J.D. degree from the University of Pennsylvania.

“Mr. Smith brings considerable expertise in business as well as a fresh perspective to his position as director,” James A. Stewart, the bank’s chairman, said in a statement.

On Tuesday, Mechanics & Farmers is officially rebranding itself as M&F Bank, although it will take 90 to 120 days to change the interior and exterior signage at its seven branches. The name change aligns the bank with its corporate parent, M&F Bancorp."

So you are right, a majority of the holders are African American.  I was surprised, I didn't even know that was data that was collected anywhere.  I have some stock in my bank, but I don't recall being asked my race when I bought it, or seeing any data about the racial makeup of my  bank.  Now I'm trying to find that info and striking out so far...

This is a really weird thing to argue about.

[StrawberryBlondie]

Ladies, i just wanted to say thanks. This isn't something that was even on my radar until you posted about it.

[2curlydogs]

This is a link a friend on FB shared:

officialblackwallstreet.com/business-directory/

[sfy]

Jul 11, 2016 8:17:08 GMT -5 sandsonik1 said:

I found a couple of mutual funds you might be interested in.

"If your aim is to channel money into minority communities or businesses, you might consider the so-called socially conscious mutual funds. For instance, another Calvert fund-Social Investment Equity-buys shares in firms that are committed to equal-opportunity employment and that have minority managers, among other criteria. And the Working Assets Money Market Portfolio (800-223-7010) goes for companies that create jobs, finance moderate-income housing and honor fair-employment practices"

Thank you.  This is helpful.  I know by now, you must know, the other posts were not.  But bless your heart, because I really don't think you mean any harm lol.  Also, I don't think you have to worry about any shares that you buy flipping the company from black-owned to white-owned.  I think the majority shareholders are holding enough shares to ensure that isn't an issue.

I will also take this opportunity to shout out Ariel Investments.
Save

[Brie]

Shea Moisture Eczema soap is one of the only things that works on my kids that isn't crazy expensive. Highly recommend.

[breezy]

Afrobella has an amazing list of BOB's also.

www.afrobella.com/2015/11/28/350-independent-black-owned-businesses-to-support/

[andwhat]

I forgot to say. I love Curls brand for DD. It doesn't do much for my hair, but works really well on hers. From the Afrobella list they are black owned. I wasn't sure.

[threejs]

I have been meaning to open an account with Industrial for-ever. Adding it to my to do list this week.

I appreciate the other recommendations in this thread as well. Keep them coming!

[meshaliuknits]

Jul 11, 2016 9:10:06 GMT -5 orangeblossom said:

45 Black-owned Etsy Businesses

Thank you! I love me some etsy!

[meshaliuknits]

If H complains about $50 worth of hair adornments showing up at my house, Imma point him orangeblossom's way.

[orangeblossom]

Jul 11, 2016 16:38:21 GMT -5 meshaliuknits said:

If H complains about $50 worth of hair adornments showing up at my house, Imma point him orangeblossom 's way.

Oops, sorry Mr.  Meshaliuknits!  Tell him you're supporting the cause!

[thejackpot]

Great resource guys! I used to have an account at Industrial ages ago, Will need to open a new one.

[2curlydogs]

For my ladies who like their handbags...

www.africanglobe.net/business/top-6-black-owned-handbag-brands/

[sarabi]

I'm in Houston and just saw a Facebook live post showing tons of people waiting to open accounts at the local black owned bank. The president came out and spoke. Made me smile. I'll be moving some of my money too.

[sarabi]

Hotels

www.nabhood.net/home/index.php/hotels/hoteldirectory?sid=1

[NewOrleans]

Huh. Thanks, guys. I am in the market for a bunch of wall hangings / home decor so I can use this opportunity to seek out what I can.

[sarabi]

Jul 12, 2016 7:58:55 GMT -5 @246baje said:

Jul 11, 2016 23:20:43 GMT -5 sarabi said:

I'm in Houston and just saw a Facebook live post showing tons of people waiting to open accounts at the local black owned bank. The president came out and spoke. Made me smile. I'll be moving some of my money too.

Which one is that? There are actually several here in Houston.

Really? I only knew about Unity. They have two locations. One in third ward and one in Missouri City.

[andwhat]

Luxury Resort and Spa www.salamanderresort.com locations in VA, FL, and NC
Here is info about the CEO press.salamanderhospitality.com/bios/sheila-johnson

pixy0stix can we get this pinned at the top so we can find it? thanks