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MassMutual is linking up with Michigan’s only Black-owned bank to work toward closing the racial wealth gap! According to the news release , First Independence Bank (FIB) is the only Black-owned bank in Michigan and through the new strategic alliance with MassMutual Great Lakes (MMGL), they’ve committed to helping the underserved reshape how they view money. “At MassMutual Great Lakes, we believe every individual, small business owner, and corporation deserves the right to financial services and strategies designed to create stability,” said MassMutual Great Lakes Manuel Amezcua in an official news release. “Our commitment is to develop meaningful relationships that reshape the financial well-being and success of a diverse group of individuals and institutions in the communities we serve.” Since its launch in 1970, FIB has served the dreams and financial needs of Black Americans and is one of only 155 minority depository institutions, according to Black Enterprise, in the nation and...
When it comes to wealth, Black Americans have always gotten the short end of the stick. In part, a lot of this is due to the lack of financial literacy which comes from a deep history of racism that has held our community back for centuries. “It is the most important issue facing Black Americans. Period,” said Kevin Cohee, Owner, Chairman & Chief Executive Officer of OneUnited Bank. In an interview with AfroTech, he told us the role that the largest Black-owned bank in America plays when it comes to not only teaching the importance of financial literacy but providing the community with the tools and resources needed to survive and thrive in a place where the playing field has been everything except level. “It’s fairly understandable how we got into this situation,” continued Cohee. “We were slaves, then we weren’t but we were given no education, we were given no money, no compensation, and we were denied the opportunity to do things like for example, live in neighborhoods where...