Black-owned banks have been in the news this year. It started when a rapper who goes by the name “Killer Mike” called on people to open accounts at a bank in Atlanta after police shootings of African-American men. There is only one black-owned bank in Texas, and it’s Unity National Bank in Houston’s Third Ward.
CEO John Scroggins says the bank continues to see an uptick in new accounts after the summer, when many people wanted to make a statement in response to the deaths of African-Americans in interactions with police.
Scroggins says there used to be many more black-owned financial institutions, but their numbers plummeted during the Great Recession.
In an interview with News 88.7’s Florian Martin for the latest edition of the Bauer Business Focus, Scroggins says he hopes more African-Americans will invest in community banks and explains just how big an increase in business he’s seen.
(Above: Houston’s Unity National Bank. Photo: Michael Hagerty, Houston Public Media. At Right: John Scroggins is the president and CEO of Unity National Bank in Houston’s Third Ward. Unity is the only black-owned bank in Texas. Photo: Houston Public Media)