As the call for African-Americans to #BankBlack reaches a fever pitch, another Black-owned bank has a reason to celebrate. Washington D.C.-based Industrial Bank crossed the $1 million mark when customers flocked to the institution.
Industrial earned $2.7 million in new deposits due to an increase in patronage by 1,500. The bank shared the news on Twitter earlier this month.
This will have a HUGE impact in our community! Thanks for choosing Industrial & for inspiring others to do the same! pic.twitter.com/7THHJOCWYU
— Industrial Bank (@BankIndustrial) August 4, 2016
Black Enterprise reported the surge is thanks to D.C.-area activists who launched #DivestToInvest. It encouraged African-Americans to support Black-owned banks.
“At this critical time, we believe that we must band together and leverage our resources to support African-American banks that are more inclined to lend to small businesses in our communities,” spokesperson Waikinya Clanton told the Black financial website.
Her statement echoes the larger national movement for African-Americans to open accounts at Black-owned financial institutions. And many celebrities have rallied fans to follow suit.
In July, Atlanta Black Star reported Solange Knowles moved her income to a Black bank, though she did not reveal which one.
That same month, Houston rappers including Slim Thug met with Mayor Sylvester Turner to discuss solutions to police violence against Blacks. The issue is what began the #BankBlack movement after the police killings of Alton Sterling and Philando Castile. After the meeting, the hip-hop performers opened accounts at Unity National Bank.
Additionally, outspoken MC Killer Mike challenged Michael Jordan to move profits earned from his Olympic-themed Air Jordan to a Black-owned bank. He previously told African-Americans to take their money to Citizen’s Trust until white banks took interest in Black issues.
Industrial Bank’s achievement follows OneUnited Bank’s $10 million transfers in less than a month. Black non-profit BMe revved up the #BankBlack challenge by depositing $1 million in the financial institution this month.
“This #BankBlack movement is about more than us moving our money,” OneUnited president and chief operating officer Teri Williams said at the time. “It is about us moving our minds or just sort of opening up our minds to appreciating the power of our $1.2 trillion in spending power.”