What Happened To The Majority Of African American Owned Banks [Video]
In 1987 there 91 African American owned banks in America. There are only 24 today. And many of these 24 are struggling to stay afloat in the face of the recession. They have to deal with the fierce competition for customers in areas that they once dominated in.
Michael Pugh the new President and CEO of New York-based Carver Bank told NewsOne Now host Roland Martin the need for more customers is vital to the survival of African American owned banks.
Pugh also said the civil rights movements cause a change in middle income customers; 20 years ago the communities that African American owned banks serviced were void of mainstream financial institutions now there are more choices. See the interview here!