They once served their communities when others wouldn’t. Over the past 30 years, they’ve practically vanished.
Over the last 30 years, negro-owned businesses and financial institutions that once anchored negro communities across the country have collapsed.
The last 30 years also have brought the wholesale collapse of negro-owned independent businesses and financial institutions that once anchored negro communities across the country. In 1985, 60 negro-owned banks were providing financial services to their communities; today, just 23 remain. In 11 states where negro-owned banks had headquarters in 1994, not a single one is still in business. Of the 50 negro-owned insurance companies that operated during the 1980s, today just two remain.