The National Bankers Association (NBA) and popular syndicated radio personality Warren Ballentine are leading a national campaign to spur minorities and other residents in urban areas to utilize minority banks.
“The People’s Economic Movement,” was kicked off at a press conference, July 15, at the NBA’s headquarters in the District. The campaign is being planned to coincide with the unveiling of the Martin Luther King Jr. memorial statue, set to premier in the nation’s capital on Aug. 28.
“This self-help, empowerment movement is designed to stimulate much-needed economic development at our nation’s urban core,” Michael Grant, president of the NBA said in a statement. By depositing their money in minority banks, getting mortgages, small business loans or loans for college tuition from banks in their communities, consumers begin a process of harnessing the economic strength of the masses in a way that creates direct benefits to their communities which are still suffering from the worst economic crises since the great depression.”
The NBA is a consortium of African-American, Hispanic-American, Asian-American and Native-American owned banks. The organization’s member banks oversee branches in 29 cities throughout the U.S. The banks combined have over $15 billion in assets and serve over 3 million depositors.
The campaign will include NBA banks from all over the country, particularly in urban communities. So far, a bevy of notable figures have announced their support including the Rev. Al Sharpton, Boris Kodjoe, Roger Campos, CeCe Winans and many more.
“This recession has created not a moment in time but a movement in time,” Radio One talk show host Warren Ballentine said in a statement. “Community economic development will only come with an intelligent and targeted approach to managing money. By investing their money in the minority banks in their own communities, consumers will begin to see how to make capitalism work in their favor.”