Cast Of ‘Spider-Man: Across The Spider-Verse’ Opens Up About Real-Life Superheroes
How do you follow up “Spider-Man: Into the Spider-Verse,” an Oscar-winning best-animated feature that grossed over $380 million? Almost two weeks into its theatrical release, the highly-acclaimed sequel to the franchise, Spider-Man: Across The Spider-Verse, has instantly become a blockbuster hit, shattering box office records and skyrocketing to the top spot.
With an ensemble voice cast, including Issa Rae as Spider-woman Jessica Drew, Luna Lauren Velez as Rio Morales and Brian Tyree Henry as Jeff Morales, BLACK ENTERPRISE sat down with these spidey superheroes to talk about the preparation for bringing their animated characters to the big screen, real-life parallels and the strength and empowerment their on-screen characters exemplified which has resonated with audiences worldwide.
In tackling your role, what would you say your character taught you about yourself?
Luna Lauren Velez: I based Rio [Morales] on my mom, and I hoped to be the same parent my mom was. It taught me what it takes to raise a young man. You have to give up in some ways, a part of yourself and a part of your life, to help, specifically this young Afro-Latino man, to make sure he navigates his way in the world confidently. Also, ensuring that he knows he’s loved and has the power to be anything he wants because it lies within himself. That realization that you can, as a human being, help someone understand their own power is really what I’ve learned in this movie.
In your eyes, who was your real-life superhero growing up?
Issa Rae: My mom, and as I’ve grown, she has been a constant staple. But then I think about so many of my teachers. I have several superhero teachers who have been absolutely amazing, especially when you think about how undervalued they are. I would not be here without so many of my incredible teachers.
The impact of teachers is so invaluable, and they don’t get the credit they deserve, but they have a tremendous effect on many people’s lives.
IR: They are taken for granted, and the good ones will literally make your life. I think about so many of the teachers from my past, and so much of the encouragement I’ve received with what I’m doing today has come from the foundation of the best teachers.
What did you learn and love the most about voicing Jeff Morales’ character?
Brian Tyree Henry: I learned from Jeff that he’s very kind, loving, funny, and loves his wife. Watching his son grow up, he’s also discovering many things about himself. There’s also that brotherhood connection between him and his late brother, a sense of responsibility. But I also tried to portray him as the father I wish I had seen while watching films like this. In hindsight, movies like this didn’t exist. When I get a chance to play a Black father, I want to make sure the portrayal is relatable and obtainable and what I wish I had seen because I didn’t receive a lot of those reflections. I didn’t have many Jeffs, so I wanted there to be kindness to him.
There are also these moments where you see him not knowing what to do. There’s a wonderful scene between him and Spider-Man talking on a pier where he asks, “My son, what would you do? I wish I could reach him, and I don’t know.” It’s so beautiful because he is talking to this person who is his son, and he doesn’t know that, but he’s still trying to figure out a way to reach him. I want there always to be that kind of wonder, and that’s what I loved the most about playing Jeff.
From your perspective, what makes a real-life superhero?
IR: A real-life superhero has selflessness and a genuine desire to make the world better. Through their acts of kindness and consideration, I know many real-life superheroes, and I admire that.
What steps did you take to fully understand the depth and importance of your character in this story?
IR: Thankfully, I didn’t have to do as much research because I am such a big fan, and so much of the Spider-Man universe is embedded in my core. But for my character in particular, I could ask the filmmakers directly because this was a hybrid creation of Jessica Drew and Spider-Women. Internalizing their intentions and thinking about the film’s mission really helped inform my performance.
Celebrating and appreciating fathers, especially Black dads on Father’s Day is a wonderful gesture. In our culture, it’s usually assumed that the family will go all out for mothers day. Yet dads don’t always get the same amount of attention on their special day. With that, here are eight affordable ways to dote your father while keeping the expenses reasonable:
1) Homemade Meal
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Prepare your dad’s favorite meal or organize a family barbecue. Spending time together and enjoying a delicious homemade meal is a heartfelt way to celebrate Father’s Day without breaking the bank.
2) Handwritten Letter
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Write a heartfelt letter expressing your love and gratitude for your dad. Share specific memories and qualities you appreciate about him. Handwritten letters are personal and meaningful gestures that are cherished for years to come.
3) Handmade Gift
Askar Abayev | Pexel
Tap into your creativity and make a handmade gift for your dad. It could be a personalized keychain, a painted picture frame, or a customized mug. Handmade gifts show thoughtfulness and effort, making them extra special.
4) Plan a Movie Night
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Choose your dad’s favorite movies or ones that reflect his interests. Set up a cozy movie night at home with popcorn, snacks, and drinks. Spend quality time together watching movies and enjoying each other’s company.
5) Offer a day of relaxation
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Let Dad unwind and relax on his special day. Create a spa-like atmosphere at home by running a bubble bath, giving him a massage, or setting up a cozy corner where he can read his favorite book or watch a movie. Sometimes, the gift of relaxation is the most appreciated.
6) Take care of his usual house duties
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Give him a break from his usual responsibilities by taking care of his “chores” for the day. Whether it’s mowing the lawn, doing the dishes, or cleaning the house, taking the load off his shoulders will make him feel appreciated and loved, and also let’s him know you pay attention to how he keeps a clean and safe home.
7) Create a Memorial Tribute
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For those grieving their fathers, this holiday can be emotionally heavy. You may want to still honor your dad, though, and find a tradition that carries on during your lifetime. One way would be to create a memorial tribute that celebrates your father’s life. You can gather photographs, videos, and mementos that remind you of him and create a collage, scrapbook, or digital presentation. Share it with your family or close friends, and spend time together reminiscing about the special moments you shared with your dad.
8) Volunteer or Donate in his Name
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Whether your father is living or has passed, you can honor your father’s life by giving back to the community or supporting a cause that was important to him. This can be an amazing surprise for you father, or a loving way to honor his memory. Volunteer at a local charity or donate to an organization that he cared about. This act of kindness in his name can be a beautiful way to carry on his legacy and make a positive impact, just as he did during his lifetime.
Remember, the most important aspect of celebrating Father’s Day sentimentally is to demonstrate your love, appreciation, and thoughtfulness towards your father. Choose gestures that align with his personality and interests to create an experience that will be truly meaningful to him and his honor.
Philip Bailey Of Earth, Wind & Fire Reflects On His Storied Career And Shares The Keys To His Success
Songwriter, musician and lead falsetto vocalist Philip Bailey rose to prominence as an integral member of Earth, Wind & Fire. Critics have widely recognized the group’s unformidable force in dominating the airwaves with timeless hits, dubbing the band “The Black Beatles.” Amassing legions of fans across genres and generations, and influencing artists such as Mary J. Blige, Usher, Beyoncé and Janelle Monáe, is a testament to the legendary group’s undeniable impact.
With more than five decades in the industry, Bailey continues to utilize his platform to uplift, empower and advocate for other artists and foster care youth.
Through his Music is Unity foundation’s Backstage Soundcheck program, foster care teens are invited to attend backstage sound-checks while on tour, introducing kids to various facets of creating a musical production.
In honor of Black Music Month, BLACK ENTERPRISE spoke with the Rock & Roll Hall of Fame inductee to learn more about his foundation, storied career and the indelible mark he has made through his art and advocacy.
Let’s talk about your Music is Unity foundation. Can you tell me more about why foster care advocacy is so near and dear to your heart?
Philip Bailey: My daughter and I created the foundation about 15 years ago to provide financial resources, mentorship, and support to youth aging out of the foster care system. Such a large population of kids are left to the wolves. I’m a father of seven and a grandfather of seven. I can’t imagine my kids having no one to turn to, no support and being thrown into this cruel, cold world. A portion of our Earth, Wind & Fire ticket proceeds go to “Music is Unity,” and we fund different organizations helping and supporting foster youth with their needs and necessities.
Aside from donating, what can others do to help enhance the lives of children in foster care?
People can get involved in their communities with foster care agencies because people everywhere need support and encouragement. The sad thing about this is foster youth find themselves in situations by no fault of their own.
Can you take us back to when Earth Wind & Fire was in the studio writing and recording songs such as “Keep Your Head to the Sky,” “Reasons” and “Fantasy”? Did you realize then that these songs would resonate for generations to come?
Well, we were young enough and had yet to have any prior recording experience except for Maurice. We wanted to make the best music because we were inspired by the greats that came before us. We were trying to pass the test and make music that resonated with us. We had the great Charles Stepney, our co-writer, producer, and a great mentor who helped us understand what we were doing. We were signed to Columbia Records with Clive Davis. He was someone who championed our musical aspirations.
Is there a record from your catalog with your group or solo that you think should have been a bigger hit?
The first one that came to mind was the Faces album for Earth, Wind & Fire. That should have been more successful because it was a good record. I did a record a couple of years ago called “Love Will Find a Way,” and I had a lot of wonderful young musicians who were great in their own right on that record. I would’ve liked to have seen that do a lot better. But it is a different day. It’s a different time. Music doesn’t fill the space it used to because there’s so much vying for our attention. We have hundreds of stations on the television, the internet, and your phone. People don’t sit down and listen to music the way we did.
Who are some of the current artists that you admire?
Lucky Daye because he’s a very talented singer and musician. I love Gregory Porter and Christian McBride, and there are many other different artists that I really like.
What skills or personal attributes do you think are most important to be successful in sustaining career longevity?
Career longevity comes from having empathy, tenacity, and the ability never to stop learning because we’re all students of life.
What has been the most challenging part of your journey so far?
One of the most challenging parts is staying humble, grounded, and not believing your own press.
Your career has evolved so much throughout the years. What do you want your art to say about you when it’s all said and done?
I want my art to say, “He lived his life in a way that was a positive contribution to society and a blessing to his creator.”
Ex-NBA Player Tony Snell Reveals Shared Autism Diagnosis With Son
Former NBA player Tony Snell has learned he has autism spectrum disorder after finding out his toddler’ has the same diagnosis.
As a guest on the Today show on June 16, the father of two spoke about how his son Karter’s diagnosis last year encouraged him to inquire if he too was on the autism spectrum.
The Los Angeles native detailed his new journey with autism to the morning show with Snell admitting that he was not shocked by the results.
“I was not surprised because I always felt different, “ shared the doting dad. “It just made my whole life, everything about my life, make so much sense. It was like a clarity, like putting some 3-D glasses on.”
In his conversation with Today’s Craig Melvin, the ex-professional athlete spoke on how autism goes under diagnosed in the Black community despite new data revealing it is more common amongst Black children.
“We don’t have much knowledge of it. And I think some people are nervous to open up. People got a lot of stuff going on individually. It’s hard to open up to things that people might not know about. “
Despite not knowing about his condition, Snell went on to have a successful career in the NBA since being the 20th pick in the 2013 draft. Originally starting with the Chicago Bulls, the 6’6 forward went on to play on many teams, including the Atlanta Hawks, Milwaukee Bucks, and Detroit Pistons. His final official season was with the New Orleans Pelicans, according to ESPN. As for the most recent season, he played for the Boston Celtics’ G League team.
However, the primary concern nowadays is supporting his son through their walk with autism, not wanting him to feel alone and different as he did growing up.
“I want to make sure my son knows that I have his back,” shares the family man.
Retired Olympian Allyson Felix Pens Heartbreaking Essay On Black Maternal Health Crisis After Tori Bowie’s Death
Allyson Felix, retired Olympic athlete and teammate to Tori Bowie, voiced her concerns about the Black maternal health crisis following Bowie’s death.
Felix penned a heartfelt essay for TIME where she said Bowie’s death from pregnancy complications – possibly respiratory distress and eclampsia – cannot be “in vain.”
According to USA Today she said, “We must see this clearly for what it is – a maternal health crisis. That is why we must continue to fight to protect the lives of every woman and every mother in our nation.”
“When I became pregnant my doctor didn’t sit me down and tell me, ‘these are things that you should look for in your pregnancy, because you are at a greater risk to experience these complications.'”
Felix made it known that the Black Maternal Health Crisis impacts everyday Black women and celebrity Black women in the same way. The athlete revealed that three of the four women who won an Olympic gold medal alongside Tori had pregnancy complications.
“Here you have three Olympic champions, and we’re still at risk.”
“Three gold medalists from that 4 x 100 relay team in Rio set out to become mothers. All three of us—all Black women—had serious complications,” the athlete said in her essay.
Felix went on to name other well-known Black women who had pregnancy complications including, Serena Williams and Beyoncé.
Felix has advocated for expectant mothers in more ways than one. She founded Saysh, footwear brand for women after the popular shoe brand Nike switched up on her when she became pregnant. BLACK ENTERPRISE covered her brand is the first-ever to offer maternity returns. In 2019 Felix, the most decorated athlete in the U.S. was offered a 70 percent cut in pay all because she was expecting.
Banking On Self-Reliance: A History Of Black Banks From 1930-Present
“Banking on Self-Reliance” continues … with Black bankers and communities pushing forward in their quest for financial freedom after the Freedman’s Savings Bank folded. Get into the history of Black banks from 1930 to the present:
“Solid as the ‘Rock of Gibraltar’”
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The resilience of the Black banking enterprise remained unbroken even in the face of the Freedman’s Bank’s failure and the Panic of 1873, which was felt for several years and contributed to the Long Depression, a period of economic stagnation in the United States and other parts of the world. Between 1882 and the Great Depression, there was a remarkable surge in the establishment and growth of Black banks in America.
In a climate where white-owned institutions withheld credit and capital from Black businesses, it was the Black churches, mutual aid societies, and fraternal organizations that emerged as the bedrock of Black communities, much as they had been for free Blacks in the North during the pre-Civil War era.
Utilizing assets such as real estate, buildings, and Sunday offerings, the churches not only fostered wealth for their own ministries, including schools, but also channeled capital into Black-owned banks, insurance companies, newspapers, and various other business ventures. This collective effort catered to the needs of Black communities and contributed to the flourishing of a vibrant economy. The first generation of Black bankers worked hard to demonstrate their incalculable worth to their communities.
“It has often been stated that not many depositors have suffered from the failing of a Negro bank in the United States,” The Nashville Globe reported in 1910 as it reflected on the fallout over the Freedman’s Bank. “Thus this first failure right in the door of the nation’s capital has served to strengthen the confidence as well as to educate the Negro in the financial world.”
The paper also noted, out of the scores of failures reported by the press during the Banker’s Panic of 1907, “not one was chalked up against the Negro Bank. Their annual statements, instead of showing a decrease in clearance, showed an increase.” Black banks were as “solid as the ‘Rock of Gibraltar.’”
Black banks emerged as a formidable presence in numerous thriving cities.
During the first decade of the 20th century, over 60 prosperous Black banks dotted the urban landscape of the South. Like ethereal mushrooms, these institutions seemed to sprout overnight, garnering attention from newspapers of all shades, whether Black or white. Maryland, Virginia, North Carolina, Georgia, Florida, Alabama, and Mississippi stood as the very backbone and sinew of the Black banking industry, with Virginia boasting an impressive 13 banks and Mississippi with 11. The Nashville Globe, in 1909, revealed that Mississippi’s Blank banks had witnessed a staggering increase in total assets, soaring from $50,000 in 1904 to an impressive $750,000 by 1908.
In their nascent days, these early Black banks bore names that evoked purpose and resilience: One Cent Savings Bank in Nashville, Solvent Savings in Memphis, People’s Investment in Birmingham, The Sons and Daughters of Peace, Penny,
Nickel and Dime Savings in Newport News, and the Star of Zion Banking and Loans Association in Salem, Virginia.
Banking and insurance, long revered as the pinnacle of business pursuits, have always commanded utmost diligence and financial acumen. As such, prevailing notions of Black intellectual inferiority and unfounded associations with criminality denied Black people the chance to acquire financial knowledge within the domain of white establishments. White banks limited the prospect of Black individuals to menial roles as janitors while withholding their patronage. In stark contrast, within the realm of Black banking institutions, the spectrum of stockholders spanned from tender two-year-old children to seasoned elders, fostering a remarkable inclusivity, and embracing the wisdom and aspirations of all generations.
From The Denver Star, May 1914: “How he has succeeded in mastering the banking and insurance businesses without opportunities to learn is almost a great wonder . . . That he has learned the banking and insurance businesses, has developed them, and is now conducting these branches of business with success constitutes one of the best possible answers to the statements by anti-race men that the Negro is an inferior race.”
During this era, a constellation of pioneering Black banks graced the financial landscape. Notable among them was the Capital Savings Bank, established in 1888 in the heart of Washington, D.C. It stood as a testament to Black excellence, being the first bank conceived and operated by African Americans. Within four years of opening, the bank’s deposits burgeoned to surpass the remarkable sum of $300,000.
That same year, the True Reformers Bank of Richmond was established under the visionary leadership of Rev. William Washington Browne, a former slave and Union Army officer from Georgia. Born from the inspiration of the Grand Fountain United Order of True Reformers, a revered Black fraternal organization founded by Browne, this financial institution emerged as a response to an arduous challenge.
The initial intent had been to establish a local branch of the fraternal organization in Virginia, and its savings were entrusted to the care of a white storekeeper. But the scourge of racial tensions, stoked by a lynching in Charlotte County, aroused suspicions among local whites regarding the organization’s intentions with the funds. Determined to safeguard their finances from white scrutiny, Browne made
the pivotal decision to open a bank catering exclusively to Black clientele in Richmond. The bank flourished and expanded its reach across more than 20 states, an enduring testament to its legacy.
In 1889, the Mutual Bank and Trust Company of Chattanooga took its place among these venerated institutions, followed shortly thereafter by the establishment of the Alabama Penny Savings Bank of Birmingham in 1890. Another notable addition to this illustrious roster was the North Carolina Mutual Life Insurance Company, which found its footing in 1898 and swiftly amassed a remarkable quarter of a million dollars in revenue by 1910. Today, it proudly stands as one of the oldest and most distinguished Black-owned insurance companies in the United States.
The Mutual Bank and Trust Company of Chattanooga was established in 1889, followed by the Alabama Penny Savings Bank of Birmingham in 1890. Drawing inspiration from the biblical tale of the virtuous servant who returned with ten talents after being entrusted with five, William Rueben Pettiford established the Alabama Penny Savings Bank. When he established his bank, incredulous white men did not regard it as serious enough to last and many Black folks regarded it with distrust. By 1914, his magnificent building at 310 18th Street North was the home of over $500,000 in resources and regular annual dividends paid, attesting to its wise and prudent management. Inspired by the success of this bank, others sprung into existence in other states.
The North Carolina Mutual Life Insurance Company, which was established in 1898, grossed a quarter of a million dollars by 1910 and stood as one of the oldest and most prominent Black-owned insurance companies in the US until 2022 when it came to an end.
The year 1900 bore witness to the founding of The National Negro Business League by the visionary Booker T. Washington. It 1966, it would be reborn as The National Business League, leaving an indelible mark on the landscape of Black entrepreneurship. This influential league provided unwavering support to Black visionaries, nurturing the growth and prosperity of their enterprises. Its impact resonated across the nation, with an impressive network of 600 chapters established throughout the United States.
“The Negro Yearbook,” a diligent chronicler of Black banks, revealed a captivating glimpse into their ascendancy. By 1912, 64 Black banks were thriving, collectively doing annual business of about $20 million as these institutions
increasingly earned community trust. Meanwhile, the National Negro Bankers Association, established in 1924 by Richard Wright, Sr. and Charles C. Spaulding, held annual meetings of Black bankers to discuss cooperation and to exchange information on how to foster cooperation between Black business and banks.
The Colorado Statesman newspaper said, “The Negro banker is about the safest banker on earth. He knows that strong forces are against him, not because he’s a Negro, but because he is a competitor in the sanctum sanctorum of modern power; he knows, too, that the world is watching him and that he has to depend for business on a people many of whom would rather for their money to gown in the crash of a white bank than to be safe in a Negro bank. In other words, the negro banker has more to gain by being straight and more to lose by crookedness than any other class of bankers in the world.”
“Let us put our moneys together.”
FRAMED PHOTOGRAPH OF MAGGIE WALKER AND STAFFS OF IO OF ST LUKE AND ST LUKE PENNY SAVINGS BANK .
The early decades of the 20th century embodied a period of experimentation and a “golden era of Black banking.” Within the pages of Black newspapers, resounded the resolute calls for a Negro Banking Directory, a symbol of unity that aimed to retain Black wealth within Black institutions and communities. These newspapers urged Black banks to join hands with the media, weaving a tapestry of advertisement to showcase their invaluable services within Black communities.
From The Nashville Globe: “The Negro is handling many thousands of dollars monthly that could be passed through Negro banks in their various communities. They are handling hundreds and thousands of dollars annually that go through post office money orders and by registered mail that could easily be transferred by exchange checks from Negro banks if the public knew that such institutions were in existence and were doing a general banking business.”
In a 1910 interview with The Colorado Statesman, Rev. Pettiford, the president of the Alabama Penny Savings Bank of Birmingham, said that “the greatest problem of the banking institutions conducted by the race was to educate our people to know the purpose and appreciate the value of these institutions.”
Collaboration was deemed indispensable for all Black individuals involved in the field of banking, as emphasized by early leaders. As the Great Depression loomed closer, the urgency of these calls for unity grew louder. Richard Wright, Sr. foresaw that without such a collective alliance, the Black banking sector would struggle to rebound from the impending financial devastation.
“We must unite all the Negro banks in the country to restore confidence in our business. No bank can stand alone,” Wright wrote in 1932.
In the captivating history of Black banking, where the narratives of Black men have often taken center stage, the vital contributions of Black women emerge as a beacon of empowerment, resilience, and defiance against racial and gender discrimination.
One notable figure in this history is Maggie Lena Walker, who became the first female bank president. In 1903, she founded the St. Luke Penny Savings Bank in Richmond, Virginia.
With a resounding call to action, Walker urged, “Let us use our moneys; let us put our moneys out at usury among ourselves and reap the benefit ourselves. Let us have a bank that will take the nickels and turn them into dollars.”
Eliza Allen, a former slave, co-founded the True Reformers Bank in Richmond. Her remarkable leadership extended to creating secret societies of enslaved women, providing vital mutual aid. She holds the distinction of being the sole woman named on the charter of the first Black-owned bank in the United States, the True Reformers Savings Bank.
Mabel Z. Mollison was the first African American female cashier of the Lincoln Savings Bank in Vicksburg, Mississippi, from 1892 to 1908, where she was responsible for all the bank’s financial transactions and served as its public spokesperson.
The Nashville Globe lauded Walker’s astuteness, portraying her as a formidable force capable of navigating any challenge that might arise. Walker “has proven by her wise manipulations in the money market to be equal to any and every emergency that should or could arrive.” Meanwhile, it described Mollison the “moving spirit” in the Lincoln Savings Bank, a testament to her influential role in shaping its success.
Lillian H. Payne, dubbed “the Banker’s Banker,” co-founded the People’s Savings Bank in Kansas City in 1904 and helped it become one of the largest Black-owned banks in the country at that time.
The Depression of the 1930s and its painful global economic impact hindered the progress of many Black banks and led to the closure of several institutions. However, this period of adversity proved to be a transformative moment for Black businesses, as they gleaned a crucial lesson: the importance of financial strategies such as mergers, cost reduction, cooperative collaboration, resource pooling and more scientific management practices.
“Deposit your money in a Black bank”
A mutual aid program set up to support veteran Black Panther Party members recently announced it raised nearly $5,000 over the past two months. (Image: Twitter/@Pateron)
Calls to entrust wealth to Black banks echoed during the transformative era of the Great Migration when millions of Black people left the South in search of better lives in cities of the North and Midwest. It was in these urban landscapes where racial barriers enforced by white-dominated financial institutions propelled Black banks to the forefront, catering to an expansive market of migrants seeking avenues to acquire homes and establish enterprises.
Fast forward to the resounding voices of the 1960s and 1970s, when the Civil Rights movement spurred an impassioned rallying cry for support of Black banks. Rev. Martin Luther King, Jr., in his powerful orations, urged communities to redirect their financial allegiance from white banks to Black-owned institutions. “Take your money out of the banks downtown and deposit your money in a Black bank,” he preached.
“Take your money out of the banks downtown and deposit your money in a Black bank.” -Rev. Dr Martin Luther King Jr.
Malcolm X, with penetrating clarity, questioned why outsiders should dictate the financial destiny of Black communities, “Why should white people be running the banks in our community?” Meanwhile, the Black Panthers rallied communities behind black businesses that nutured and fortified their neighborhoods:
“Support the businesses that support our communities.”
By the late 1970s, a tapestry of over 50 Black-owned banks were in operation in the United States. Although their numbers endured the tumult of the 1980s savings and loan crisis and the subsequent trials of the Great Recession, which inflicted immense hardships on Black households through foreclosures and equity losses, those that persevered emerged as crucial anchors in their communities, deploying resources with a profound understanding of the unique needs of Black businesses, homeowners and nonprofit organizations.
This rich and enduring history of Black banking teaches us a profound truth as we celebrate Juneteenth: in the absence of Black banks, the essential needs of our communities remain unmet, as they often represent the sole source of equitable and compassionate financial support. Embracing the philosophy of relationship banking, these institutions delve beyond mere credit scores, embracing a holistic comprehension of their customers’ financial circumstances, thereby serving as a vital and irreplaceable lifeline for individuals and Black enterprise in America.
Celebrate Juneteenth 2023 with BLACK ENTERPRISE with month-long content that explores the history of prosperity and banking, and the future of investing and financial literacy for Black communities.
Banking On Self-Reliance: A History Of Black Banks From 1888-1930
Are you familiar with the concept of “Big Bank Take Little Bank?”
Rap artists, from Ice Cube to 2 Chainz, have amplified this phrase as a succinct depiction of the harsh realities within the financial world, where larger banks and affluent individuals exert their dominance over their smaller counterparts.
However, this game has a rich historical background, tracing its origins back to the late 19th and early 20th centuries. During this time, African Americans, acutely aware of the transformative potential of formalized financial systems within a capitalist society, established thriving banks and insurance companies. Visionary pioneers, lacking access to white-operated banks and opportunities for clerical and managerial experience, embarked on a journey of trial and error. The resulting institutions, both large and small, emerged as beacons of liberation, defiantly challenging the pervasive grip of deeply rooted racism.
Prior to Emancipation, the establishment of Black-owned banks in America was non-existent. However, on the eve of the Civil War, free Blacks residing in the North engaged in discussions about the importance of credit and banking and began exploring avenues to establish such institutions.
In the face of exclusionary practices and discriminatory Jim Crow policies, African Americans took matters into their own hands. Between the years 1888 and 1930, they demonstrated remarkable independence by organizing and operating over 100 banks, along with thousands of other financial entities, that catered specifically to the needs of their communities. These customer-centric banking systems bolstered successful entrepreneurs and safeguarded Black businesses and individuals who were routinely robbed by white predatory practices and terrorism. They also provided a source of credit, loans, economic development, jobs, and training opportunities for their communities.
The rapid growth of Black banks, which allowed Black wealth to stay within our communities and even outperformed some larger white institutions during financial panics, marked a monumental achievement for the first generation of emancipated people.
An editorial published on May 16, 1914, in The Denver Star remarked: “How the Negro has succeeded in this branch of business without previous experience,
without a coach and even without the semblance of encouragement is really more surprising to white men than to the Negro himself.”
Yet, the success of these institutions, such as those along the prosperous district Tulsa’s Black Wall Street, made them prime targets for racism and violence, laying the groundwork for our present-day profound intergenerational consequences on Black wealth.
Presently, we witness a stark reality: Blacks remain more unbanked or underbanked than any other racial group. Our reliance on fringe banks, often ensnaring us in cycles of debt, is a distressing truth. Additionally, we contend with higher interest rates on mortgages, small loans, and basic services compared to our white counterparts. The decline in the number of Black-owned banks, dwindling from their peak of 100 to a mere two dozen today, stems from consolidation within the banking industry, mounting regulatory burdens, exorbitant compliance costs, limited access to capital, and the persistently higher unemployment rates and lower wages prevailing in our communities.
However, this is not yet another story about Black suffering, failure, and repeated injustices, although these forces undoubtedly form a crucial backdrop to any historical reflection on Juneteenth. Instead, this is a moment of celebration and spotlighting the early organizing efforts and heroic struggles of individual Black bankers, who despite their limited or nonexistent access to the circle of finance, emerged triumphant in their quest for racial uplift.
As we delve into the annals of history, particularly through the pages of esteemed Black media outlets such as The Nashville Globe, The Crisis, The Cleveland Call and Post, The New York Age, BLACK ENTERPRISE, and others, we can see how Black people made it a point to celebrate their hard-won successes. An inspirational narrative unfurls before our eyes – a tapestry woven with threads of triumph, resilience, and unabating dedication to the achievements of Black financial institutions. Through these reports and impassioned editorials, we witness a profound story that transcends time—one of unwavering racial pride, Black protest and unity, and the pursuit of self-determination.
“Blood and Tears”
Flyer announcing a slave sale, 1859, United States. (Photo by: Photo12/Universal Images Group via Getty Images)
Emerging from the shackles of slavery with their spirits unbound, millions of formerly enslaved African Americans had little grasp of the intricate operations of businesses and banking institutions. After all, these were a people who were deprived of self-ownership, as they were legally defined as human chattel for three centuries.
The bodies of enslaved people were used as collateral for thousands of mortgages and to finance the acquisition of land or goods, serving as a haunting reminder of their commodification. Reduced to mere transactions, enslaved Blacks were traded to offset debts or torn apart from their children who were callously handed over to creditors by the merciless hands of the courts.
While slaves were forbidden to own anything, free Blacks residing in the north had faced limited opportunities for wealth accumulation due to pervasive discrimination. Undeterred, they formed mutual aid societies and fraternal organizations which provided financial assistance and social networks. These organizations pooled money to ensure dignified burials, extended monetary aid in times of need, and fostered economic cooperation and solidarity among Black communities. Black leaders like Frederick Douglass and David Walker used their platforms to advocate for equal rights, access to education, economic justice, and to promote self-reliance.
“America is more our country, than it is the whites—The greatest riches in all America have arisen from our blood and tears,” proclaimed Walker in his influential 1829 “Appeal to the Colored Citizens of the World.”
“America is more our country, than it is the whites—The greatest riches in all America have arisen from our blood and tears,”
-David Walker
Douglass remarked that “the history of civilization shows that no people can well rise to a high degree of mental or even moral excellence without wealth. A people uniformly poor and compelled to struggle for barely a physical existence will be dependent and despised by their neighbors and will finally despise themselves.”
Walker expressed the belief that African Americans had played a significant role in building the wealth and prosperity of the United States through their forced labor and suffering under slavery. Meanwhile, Douglass believed that without wealth and economic stability, Black people would face constant hardships, leading to dependence on whites and a diminished sense of self-worth. For Walker and Douglass, wealth would not only provide material well-being, but also enable Black individuals and communities to pursue higher ideals, intellectual growth, and moral progress.
Not surprisingly, the transition from bondage to freedom was marked by poverty, insecurity, and violence. Emancipated slaves found themselves trapped in a state of destitution, lacking financial resources and access to formal employment opportunities. The institution of slavery had systematically denied them the ability to accumulate wealth, property, or monetary savings. They often had little more than the clothes on their weary backs and lived in dilapidated and overcrowded housing, with limited access to safe and sanitary living conditions. Some former slaves resorted to squatting on abandoned or unclaimed lands or lived in makeshift shelters.
Freed slaves faced significant obstacles in securing employment. Many were coerced into continuing their toil on plantations or in other agricultural labor, subjected once again to exploitive conditions reminiscent of their time in slavery. Others sought employment in cities and towns, but faced discrimination, low wages, and limited opportunities for advancement.
African American’s initial experiences with formalized banking as a collective began during the Civil War through military savings initiatives which granted Black troops the opportunity to save their pay. The culmination of these efforts materialized in 1865 when Congress established the Freedman’s Savings and Trust Company, known as the Freedman’s Savings Bank, headquartered in Washington, D.C. With 32 branches principally located in the South, this visionary institution attracted over 61,000 Black depositors, channeling over $55 million to their quest for financial security.
Initially, the bank was decently run. However, a pivotal turning point arrived in 1870 when the bank’s charter was amended, permitting investment in risky real estate mortgages. This amendment marked the beginning of a tumultuous period for the institution.
The bank’s leadership became entangled in speculative ventures, embracing high-risk investments, often without proper due diligence. Those investments were not always aligned with the best interest of depositors. The absence of robust oversight and regulator mechanisms, coupled with inadequate supervision of bank officials, resulted in mismanagement of depositors’ funds. Henry Cooke, the bank’s president, and other officials engaged in self-serving practices, extended loans to themselves, their associates, and family members without sufficient collateral or evaluation of creditworthiness.
Furthermore, the economic upheaval of the post-Civil War era, including the Panic of 1873, had a significant impact on the bank’s financial stability. The culmination of these factors resulted in the defrauding of thousands of Black depositors who had entrusted their savings and hopes for a better future to the Freedman’s Savings Bank. The failure of the bank and the subsequent loss of funds dealt a severe blow to the economic aspirations and progress of African Americans at that time. It served as a clarion call for the establishment of stronger safeguards and regulatory oversight within financial institutions, essential pillars of financial justice.
American social reformer and abolitionist Frederick Douglass (c.1817 – 1895), circa 1880. (Photo by Graphic House/Archive Photos/Getty Images)
When Frederick Douglass was appointed as the last president of the bank, he remarked that the institution was, “the black man’s cow but the white man’s milk.”
“the black man’s cow but the white man’s milk.”
-Fredrick Douglas
Reflecting on this era, the eminent civil rights activists, W.E.B. DuBois, mourned the consequences of the Freedman’s Bank’s failure, stating that it “not only ruin[ed] thousands of colored men but taught thousands more a lesson of distrust which it will take them years to unlearn.”
But the story of Black banking did not culminate with the disastrous failure of Freedman’s Bank, which left a staggering debt of over one million dollars to its depositors at the time (equivalent to around $30 million today).
Despite the profound disillusionment caused by the bank’s demise, Black communities still held the institution in high esteem. At a time when opponents argued that ex slaves were incapable of self-sufficiency, the existence of the Freedman’s Bank served as undeniable evidence that they could indeed thrive.
Resilient and undeterred, Black people refused to rely on the slow progress of justice. Instead, they charted their own independent path in the realm of banking, leveraging their collective ingenuity and unwavering determination.
Celebrate Juneteenth 2023 with BLACK ENTERPRISE with month-long content that explores the history of prosperity and banking, and the future of investing and financial literacy for Black communities.
Former Starbucks Manager Awarded $25M Settlement After Infamous Arrest Of 2 Black Men
A former regional manager of a Philadelphia Starbucks has been awarded $25 million following a lawsuit against the coffee corporation in which she alleged that she was fired because she was white, according to The New York Times. The New York Times reports that, in April 2018, two Black men entered a Starbucks in Rittenhouse Square Neighborhood, where they waited for a business meeting with a white man who had not yet arrived. The two men were waiting in the coffee shop prior to ordering when one of the men requested to use the bathroom. He was denied and an employee asked them to leave. After the two men remained, an employee called the police who then arrested the pair. This incident, which was recorded and posted online accumulating millions of views, sparked national outrage and boycotts.
The Chief Executive of Starbucks, Kevin R. Johnson, issued a public apology and condemned the employee’s actions on Starbucks’ official site. According to the New York Times, the corporation shut down 8,000 Starbucks locations to teach employees about racial bias, and the regional manager of the shop, Shannon Phillips, was subsequently terminated from her position.
The public backlash to the arrests was swift as was her firing, which came less than one month after the video’s release according to Newsone. Upon her dismissal, Phillips filed a lawsuit against her former employer, claiming that she had been fired on account of her race, CNN reports. Phillips sued the Starbucks company for the loss of earning capacity, benefits, “pain and suffering, embarrassment, humiliation, loss of self-esteem, mental anguish, and loss of life’s pleasures,” Newsone reports. Now, five years after the incident, she is receiving compensation.
CNN states that Phillips has denied any involvement in the two men’s arrests and claims that she was fired for opposing placing the white district manager at the 18th and Spruce Streets store on administrative leave. According to Newsone, the district manager of the location had been facing administrative leave for allegedly paying Black employees a lower salary than white workers.
Newsone reports that, in her lawsuit, the former Starbucks employee stated that Starbucks tried to “punish white employees who had not been involved in the arrests, but who worked in and around the city of Philadelphia, in an effort to convince the community that it had properly responded to the incident.” The suit also alleges that Starbucks did not take action against the store’s Black regional manager, who is being accused of promoting the employee who did contact the police during the incident.
According to Newone, Phillips asserts that her performance has been more than good, having received a bonus just one month before she was excused from her role. She also claims that she was set to be promoted before the arrests took place.
Thanks To The Internet, ‘The Home Depot Girl’ Is Forced To Quit After Harassment And Doxxing
Ariana Cossie, the Christian Influencer, who the internet recently dubbed “The Home Depot Girl” is the subject of conversation once again. The social media influencer, who gained attention on Twitter for holding down a retail job whilst being beautiful, is now facing backlash.
However, Cossie started to receive hate after popular social media page DailyLoud shared her selfie seen ’round the world, asking their following in a now-deleted tweet if the internet beauty should start an OnlyFans account.
Cossie proceeded to condemned the use of OnlyFans, a website popularly used by sex workers, due to her religious beliefs. Critics began to flood her comments, leading to Shaquille O’Neal, aka Shaq, to send her a message of encouragement.
Despite Shaq coming to her defense, the content creator shared that she has to find a new home and source of income due to the backlash and doxxing of her work location.
Cossie’s picture of a mirror selfie while wearing her work uniform went viral on June 8, making the college student the ultimate trending topic among the Black Twitter community on how attractive women should be for certain jobs. The conversation of the “Home Depot Girl” and beauty in the workplace made rounds on multiple platforms including Instagram and Tiktok. She claims that she has since had to leave her role at Home Depot, the very job she was initially praised for having despite her looks, due to all the attention–and harassment.
“Since I blew up on the internet, I’ve had so much backlash,” shared the viral social media user. “So now I’m going to have to probably move and, you know, kind of relocate and start fresh.”
The influencer posted a final selfie to Instagram in her Home Depot apron, sharing to her over 170k followers that things unnecessarily escalated,
The ‘Critter Fixers’ Team Up With PetSmart To Open Black Owned Veterinary Hospital
Veterinarians and reality show stars Drs. Vernard Hodges and Terrence Ferguson are partnering with PetSmart to open a new animal hospital in the Atlanta suburb of Smyrna, Georgia. The hospital is located inside PetSmart which is located at 2540 Cumberland Blvd. SE., according to Pet Product News.
The pet doctors believe partnering with PetSmart allows them to assist emerging vets in starting their own businesses.
It’s very expensive to open a hospital,” Dr. Vernard Hodges told The Atlanta Journal Constitution.
“With the PetSmart model, you can come in at a really low cost.”
The new clinic is also co-owned by. Dr. Paul Norwood. The Tuskegee University graduate will serve the clinic’s primary veterinarian.
“You know, we wouldn’t hook our wagon up with someone that we don’t know or didn’t feel comfortable with and know that they’re gonna treat people and treat pets just like Hodges and myself do,” he said.
A grand opening celebration is happening on Sat., June 17 from 11a.m. to 4p.m. The first 50 attendees will receive a $10 gift card and the first 25 pets will receive a free dental exam.
Doctors Hodges and Ferguson will also open another hospital at the PetSmart in Warner Robins, Georgia, where Dr. Clarissa Porter will serve as its head veterinarian.
Dr. Porter worked as a technician in the Critter Fixers hospital before becoming a veterinarian. The hospital is expected to open in September 2023.
Veterinarians Hodges and Ferguson gained popularity via their reality show Critter Fixers: Country Vets which documents their daily activities as they care for household pets, farm animals and reptiles in their bustling animal hospital located in Bonaire, Georgia. The show, which appears both on the National Geographic Network and The Disney Channel, has been on the air for five seasons.
The Critter Fixers: Country Vets received a Critics Choice Award for best animal/nature show in 2022.
