Black banks have historically been at the epicenter of wealth creation for Black communities by providing mortgages, small business lending, and providing access to financial services in communities that predominantly-white, large banks excluded. However, Black banks are experiencing a sharp decline with over half ceasing to exist after the recession of the late 2000s, due to historic undercapitalization. In 2001, there were nearly 50 Black owned banks, today, less than 22 exist.

Bank Black and Green is a campaign led by Hip Hop Caucus’ economic justice platform. It is a multi-year campaign encouraging Black-owned banks to commit against funding the fossil fuel industry and mass incarceration, and to deploy capital to frontline communities of color. To increase resources for frontline communities of color, Bank Black and Green encourages value-based impact investors to shift financial capital to Black-owned banks.

As investors we support the mission of Minority Depository Institutions, racially diverse ownership of financial institutions, and the Bank Black and Green campaign. We know the financial industry has contributed to the racial wealth gap, and we can also be part of the solution to close it. Having banks thrive in communities that have been underrepresented in financial markets is part of that solution. Supporting this effort is a way to create more inclusive markets and increase wealth in the communities the banks serve. This is a direct way investors can both enhance their portfolios with diverse representation and create a more just economy. 

Currently, investors have the ability to move deposits to the banks that have signed the pledge. A commitment of support to this campaign is a necessary step to show the banks that there is investor interest and financial viability to making their own commitments, upgrading infrastructure and issuing products to investors in coming years.

We ask that your institution sign in a show of support to this campaign, and if applicable, add the amount you may be able to deposit in Black owned banks over the next 3 years. By signing, only your firm names will be public. Commitment amounts and assets under management will be updated periodically, in aggregate only, never individually.