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Tuesday, February 28, 2017

TO ROUND OUT BLACK HISTORY MONTH, in reactivating this blog near the end of February posting started off with a quick post about Seaway National Bank. Seaway was one of the largest Black-owned banks in the country until it's untimely failure in late January 2017 and is now owned by the Indian-American owned State Bank of Texas.

The question posed in a post (you will see it embedded below) on my Sixth Ward IG page is what we can do about the dwindling number of Black-owned banks in this nation? I only wish there was an easy answer, but for a 52 year old neighborhood lender to go under as it had is certainly a shock and was years in the making.

Here's hoping that in striving to make Black communities very prosperous places to live we keep an eye on our businesses and support them. And conversely they continue to provide the necessary products and services with excellent customer service. There are definitely lessons to be learned here to insure we make it very difficult for something like this to happen again.

In the meanwhile feel free to click on this link which is basically to all posts labeled Seaway Bank over at The Sixth Ward. Perhaps I'll continue to talk about this bank and it's history. What I fear is that this once very important financial institution will be forgotten in the future. It shouldn't be as many others have been.