Saturday, October 15, 2022

Is Pnc Bank Black Owned

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Where They Are What They Provide And How They Help

Online bank helping Black, Latino communities

Ever since the founding of the Bank of North America in 1781, banking has played a critical role in facilitating the American Dream. These institutions provide indispensable monetary services, ranging from accepting deposits to offering loans. is king in the United States, and without high-quality financial institutions, countless Americans would struggle to acquire vehicles, housing, and other essential items.

However, like pretty much all of the nations older institutions, banks have also played a significant part in Americas racist past. Racial discrimination in the banking industry and financial system has targeted African Americans, and challenges to ending discrimination persist today. Black-owned banks arose as an alternative to larger institutions, to provide greater access to banking services as well as an opportunity to support local communities.

According to the Federal Deposit Insurance Corp. , a minority depository institution is …a federal insured depository institution for which 51 percent or more of the voting stock is owned by minority individuals or a majority of the board of directors is minority and the community that the institution serves is predominantly minority. Ownership must be by U.S. citizens or permanent legal U.S. residents to be counted in determining minority ownership. Of the 20 Black-owned banks featured in this article, two fall into the latter category.

Hill District Federal Credit Union

Hill District Federal Credit Union got its start in 1970 and has provided financial services to its members for 50-plus years. People who live, work, or worship in Pittsburghs Hill Districtas well as members of an organization that provides economic assistance in the same areaare eligible to join this institution.

  • Branches: Hill District Federal Credit Union
  • ATMs: N/A
  • State: Pennsylvania
  • Availability: Brick-and-mortar and online

Carver Federal Savings Bank

Carver Federal Savings Bank was founded in 1948 to serve African American communities with limited access to mainstream financial services. The majority of its branches and ATMs are located in low- to moderate-income neighborhoods. Carver Federal Savings Bank is one of the three banks that are considered Black-operated instead of Black-owned.

  • Branches: Atlantic Terminal Branch , Bedford-Stuyvesant Restoration Plaza Branch , Crown Heights Branch , Flatbush Branch , St Albans Branch , 125th Street Branch , and Malcolm X Boulevard Branch
  • ATMs: Atlantic Terminal Branch , Bedford-Stuyvesant Restoration Plaza Branch , Crown Heights Branch , Flatbush Branch , St Albans Branch , 125th Street Branch , Malcolm X Boulevard Branch , and all ATMs in the JPMorgan Chase, Wells Fargo, and Allpoint networks
  • State: New York
  • Availability: Brick-and-mortar and online

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A Brief History Of Racism In Banking

To illustrate the history of racism in banking, here is an overview of the rise and fall of the Freedman’s Savings Bank, according to information from the Office of the Comptroller of the Currency.

In 1865, the Civil War ended and the 13th Amendment abolished slavery. Around that time, Congress acknowledged that Black people would need education, financial services, and capital.

The Freedman’s Savings Bank was established in March 1865 to provide Black people with the same types of banking services formerly reserved for white men. But, as explained by author Shawn Rochester, the bank was marketed as a Black bank, but it was actually run by white managers. They controlled around $3 million from 61,000 Black depositors, and they made risky investments with those funds.

The bank appeared to grow quickly, but not quickly enough to pay for overexpansion. Plus, a volatile postwar economy led to a financial crisis known as the Panic of 1873, which further reduced the bank’s investment portfolio.

While the government promised to return some of the lost funds to customers, most received nothing — or pennies on the dollar. This is just one example of why Black Americans have lost faith in the banking system. And many are unwilling to trust their hard-earned money to an institution that does not look out for them.

Read more:Beginner’s Guide to Banking

Pnc Foundation Launches Fund To Support 100 Black

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The PNC Foundation has pledged $600,000 to launch a new fund in support of Black entrepreneurs and business owners in the city of Milwaukee.

The new Black Business Boost Fund is designed to expand access to capital and provide more resources for small businesses in Milwaukees disinvested communities. The fund will be administered by Wisconsin Womens Business Initiative Corp., which will partner with the Housing Authority of the City of Milwaukeeto provide technical assistance and educational and mentoring opportunities for Black entrepreneurs.

Support will come in the form of direct equity investments and working capital for Black-owned businesses, business education classes and workshops provided by WWBIC, credit recovery assistance, and access to co-working spaces and incubation programs.

The announcement follows Pittsburgh-based PNC Banks commitment in June 2020 to dedicate $1 billion to address systemic racism and support the economic empowerment of Black Americans and low- and moderate-income communities nationally. The bank said it has so far invested $27 million in underserved communities in Wisconsin this year.

We believe this alignment between the public and private sector creates economic vitality in areas of Milwaukee that could benefit from it the most, he said. Wed love to see this program grow.

Baumann implored more funders to join the effort.

Common Council president Cavalier Johnson applauded the new program.

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Toledo Urban Federal Credit Union

Toledo Urban Federal Credit Union originally opened its doors on July 21, 1996, to help its members achieve economic empowerment. Membership in the first community development credit union in Toledo, Ohio, is available to individuals who live, work, worship, perform volunteer services, or participate in associations headquartered in the central city community, in addition to their families.

  • Branches: Toledo Urban Federal Credit Union
  • ATMs: N/A
  • State: Ohio
  • Services: Checking and share accounts, loans , credit and ATM/debit cards, credit counseling, and other services
  • Assets: $13.25 million
  • Availability: Brick-and-mortar and online

Southern Teachers & Parents Federal Credit Union

With more than 80 years of service, Southern Teachers & Parents Federal Credit Union provides personalized financial services to its members. Those eligible for membership include alumni, employees, parents, and students of Southern University employees in Louisianas Assumption, East Baton Rouge, Lafourche, and West Feliciana parishes employees in Thibodaux and the Lafourche Parish Juvenile Justice Facility and their family members.

  • Branches: Main Office and Lafeda Branch
  • ATMs: Part of the CULIANCE network
  • State: Louisiana
  • Services: Accounts , loans, and other services
  • Assets: $32.72 million
  • Availability: Brick-and-mortar and online

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How To Choose The Right Black

If you’re interested in helping the Black community , one way you can do it is by becoming a customer.

Here are just a few of the services Black-owned banks offer:

  • Serve as a community development financial institution
  • Provide loans to small businesses
  • Help home buyers purchase their first home

If you’re not Black, it’s not a problem. Black-owned banks do not discriminate.

To find the right bank for you, take the following steps:

  • To narrow your search, decide how you want to bank. Do you want a bank that’s close to home or would you prefer to do your banking online?
  • Determine which financial services are important to you. You may want a no-fee bank — or one that pays competitive rates on a savings account, money market account, or certificate of deposit.
  • Request a copy of your top banks’ terms and conditions. Read these documents carefully so you know what you’re agreeing to and can pick the right option for you.
  • Some Black-owned banks have branches, while others allow you to bank entirely online. That means if the bank you’re interested in joining is based in North Carolina but you’re in South Carolina, New Orleans, San Francisco, or New York, you can still become a bank customer. One of the advantages of having online access to your bank is that you can take it with you. Like any big national bank, you don’t have to worry about there being a branch wherever you go.

    How To Change Banks

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    If you decide that you want to make a new bank your primary one, here are the steps you should take.

    1. Open a checking account at your new bank without closing your existing bank account . Thats a relatively easy online process done in person, it can take 30 minutes to an hour. Opening an account may require only a small deposit or even none at all.

    2. Contact your employer to move direct deposit of your paycheck to the new institution. Direct deposit may also make you eligible for free checking. To get the new account up and running fast, you could go online to your former bank or use a money transfer service such as Zelle to transmit funds to your new account. Or write a check from the old account to deposit into the new onebut see steps 3 and 4 first.

    3. Stop automatic bill payments. This can be easily done if youve been using the banks online bill payment feature, where you control when so-called push payments are sent out. If you autopay by authorizing a payee to pull the payment from your account, youll need to contact the company and follow its procedures for stopping payment. Then we recommend that you never use the pull method again so that you retain complete control of your account.

    4. Keep the old account open. Be sure to keep your old account open until the last check you wrote has been cashed or deposited and has cleared. As added security you may want to wait one more billing cycle to avoid missing any outstanding charges youve forgotten about.

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    The Harbor Bank Of Maryland

    Originally opening its doors in September 1982, The Harbor Bank of Maryland offers banking and other financial services, primarily in the Baltimore metropolitan area. Harbor Bank was also the first community bank in the U.S. to have an investment subsidiary and the first to receive funding from Fannie Mae via the Community Development Financial Institution program. Harbor Bank is one of the three banks that are considered Black-operated instead of Black-owned.

    • Branches: Fayette Branch , Harbor East Branch , Pimlico Office , Research Park Office , Science & Technology Park Branch ,Randallstown Office , and Silver Spring
    • ATMs: Fayette Branch , Harbor East Branch , Pimlico Office , Research Park Office , Science & Technology Park Branch ,andRandallstown Office , in addition to any ATMs in the AllPoint network
    • State: Maryland
    • Services: Personal and business banking, in addition to loans
    • Assets: $369.53 million
    • Availability: Brick-and-mortar and online

    St Choice Credit Union

    Founded in 1946, the Hospital Authority Credit Union was created to provide financial services to employees of Grady Hospital. In 1991, the organization became known as 1st Choice Credit Union.

    • Branches: Auburn Avenue Administrative Office and Grady Memorial Hospital
    • ATMs: Crestview Health & Rehabilitation Center and Ponce De Leon Center
    • State: Georgia
    • Services: Personal and business checking and savings, in addition to loans
    • Assets: $36.32 million
    • Availability: Brick-and-mortar and online

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    First Security Bank And Trust Company

    First Security Bank and Trust Company is located in the heart of Oklahoma City. The bank was among the states top ten participating banks in the SBAs Paycheck Protection Program, supporting local small businesses hardest hit by the subsequent economic lockdowns. According to First Security’s website, 96% of its PPP loans went to minority-owned businesses throughout 2020 and 2021.

    • Branches: Main branch
    • ATMs: N/A
    • Availability: Brick-and-mortar and online

    Overcharging Of Black And Hispanic Borrowers By National City Bank Before Its Acquisition By Pnc

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    In December 2013, the Department of Justice and the Consumer Financial Protection Bureau announced that they had reached an agreement with National City Bank to resolve allegations that the bank had charged Black and Hispanic borrowers higher prices for mortgages between 2002 and 2008, before the acquisition by PNC. Regulators claimed that National City had violated the Fair Housing Act and Equal Credit Opportunity Act by charging more than 75,000 borrowers higher loan rates based on their race or ethnicity rather than their risk level. National City’s lack of pricing guidelines resulted in black borrowers being charged an average of $159 more in extra upfront fees or higher interest than white borrowers. Black borrowers also paid an average of $228 more annually over the life of the loan than white borrowers. Hispanics paid $125 more upfront and $154 more annually than white borrowers. Under the terms of the settlement, PNC was required to pay victims $35 million.

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    Pnc Bank Launches Minority Business Development Group Odneal To Lead

    PNC Bank launched a new minority business development group, which will deliver products, solutions and resources focused on advancing the financial wellness of emerging minority-owned businesses.

    Comprised of bankers and advocacy partners, the minority business development group will help prepare minority-owned businesses for effective growth, development and sustainability. The group will invest in and leverage technology and financial solutions in order to empower, educate and accelerate entrepreneurial success.

    By making this investment, we are further reinforcing our local market commitment to small businesses and ensuring we are doing all that we can to help minority-owned businesses succeed and grow, Alex Overstrom, head of small business at PNC, said. PNC is dedicated to being an advocate and champion in this space, so Im excited to see the team bring this commitment to life in communities across the country.

    Small businesses are the fabric of our communities, and its our privilege to help and support them, Odneal said. Through this work, we hope to become a true partner to minority business owners and arm them with the tools and support they need to be successful. Our team will be a part of these communities, fulfilling our mission of financial wellness for all by ensuring equitable access to products and solutions that will help these businesses thrive.

    Financial Health Federal Credit Union

    Financial Health Federal Credit Union has been serving its local community, which is more than 10,000 Indianapolis members strong, since 1971. Membership is limited to employees of Indiana University Health and its affiliates as well as individuals who live, work, worship, or attend school in one of 12 Indianapolis ZIP codes.

    • Branches: IU Health West Hospital , East Branch ,Indianapolis Urban League Branch , IU Health Medical Tower , Sunstone Branch , and University Branch
    • ATMs: IU Health West Medical Center , IU Health North Medical Center , East Branch , Indianapolis Urban League Branch , IU Health University Hospital , Methodist Hospital , and Sunstone Branch , in addition to any ATMs in the Alliance One network)
    • State: Indiana
    • Availability: Brick-and-mortar and online

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    Pnc Bank Holds Webinar Featuring University Dean To Discuss Hbcus Impact On Black

    On Wednesday, February 16, PNC Bank held a special Black History Month webinar in which School of Business Schools from various historically black colleges and universities were in attendance to speak on HBCUs role in supporting black businesses across America.

    PNCs enterprise risk management executive Stephanie Jasper addressed the revenue gap between black-owned and non-black-owned businesses across the US, which Jasper said is growing to $1.6 trillion and more. Citing research conducted by McKinsey & Company, he also mentioned how black businesses are both fewer and smaller than their non-black counterparts.

    After this the stage was opened for the Dean present in the webinar. David Yen, dean of Texas Southern Universitys School of Business, emphasized the importance of HBCUs to meet the needs of students, especially after the pandemic. He spoke about his hopes and thoughts as the school progresses.

    At Texas Southern University we are doing many things. First, we want to continue to meet the needs of students, he said. We need to improve our curriculum. We not only need to match our competition but need to develop our new curriculum to match our local needs and services.

    The subject was then turned again to the growing wealth gap, which Dr. Sivanus J. of Atlanta University spoke to. Udoka spoke. Udoka believes the best way to tackle this inequality is to own a business that promotes high employment through initiatives from the black community.

    Where Can I Learn More About Black

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    Check out this list, of course, and read “Let Us Put Our Money Together: The Founding of America’s First Black Banks,” a publication of the Federal Reserve Bank of Kansas City.

    And if you want more information on MDIs, including those owned by Hispanic Americans, Asian Americans, and Native Americans, visit the webpage of the National Bankers Association. For historical data on MDIs , visit the FDIC’s webpage.

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    Pnc Is Proud To Partner With The Dusable Museum Of African American History To Curate Stories Of Our Past And Build A Better Future For 10+ Years Pnc And The Dusable Museum Have Collaborated On Numerous Efforts Including Black History Month Financial Education And Pnc Grow Up Great The Organizations Early Childhood Education Initiative

    Azie Taylor Morton was denied entrance into graduate school in the 1950s. Even though she faced barriers, she pursued a career in public service. In 1977, Azie Taylor Morton was appointed the first Black Treasurer of the United States.

    Madam C.J. Walker was a businesswoman and the first self-made female millionaire. She revolutionized hair care for Black women, and in 1910 she founded the Madam C.J. Walker Manufacturing Company in Indianapolis, IN.

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