A year ago, Killer Mike said in a TV interview that he wanted to see the black community put more of its money into black-owned banks and credit unions. Just days after the police killings of Alton Sterling and Philando Castile he returned to the #BANKBLACK idea. This social movement mandate has seen a rise in new account sign ups at Mechanics and Farmers bank here in our community.
According to Black Main Street Newsroom Buzz, Jasmine Parker of M&F Bank said in the past five days, online applications for new accounts have jumped from 500 a day to 2,500. The increase in new accounts adds up to an estimated $1.25 million in one week being moved into M&F Bank accounts from mainstream financial institutions. "It's good to see these dollars being recycled back into the community," Parker explained.
For this installation of #Beyu #BeConnected we have invited representatives from M&F Bank to chat about the recent trend and inform the community of what this all means for its constituency.