Black banking has been seen as both a shield and a sword through American history.
On this last day of Black history month, we'd like to take a break from the news and tell you the story of Jesse Binga, a titan of banking in the early 20th century. The Binga State bank, which he founded in 1908 in Chicago, was one of two pre-eminent Black-owned financial institutions in the U.S. until its collapse during the Great DepressionBinga's rise and fall — he died virtually penniless — shows how overt racism affects market values and businesses.
In his prime, "[Binga] was a hero of entrepreneurs and an icon of success and hope," says Don Hayner, the author of "Binga: The Rise and Fall of Chicago's First Black Banker."Born in Detroit in 1865, Binga established himself in Chicago first as a real estate broker during the At the height of its success, Binga's bank was "consistently more capitalized" than its white counterparts and seen as "a model of sound banking," she writes.
That was Binga's downfall. When the Depression hit, he turned to the Clearinghouse — where he'd paid dues for more than a decade. They didn't even acknowledge he was a member, Hayner said.The bank closed in 1930 and Binga's customers, including many prominent Black Chicagoans, lost most of their money. All the other Clearinghouse members made it through the Depression, Baradaran notes.
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