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Ohio’s only Black-owned bank — and the first established and approved in the U.S. since 2000 — has tripled its assets since inception. Columbus Business Journal reports Adelphi Bank was founded in January 2023 and is led by Chairman and CEO Jordan Miller, who had spent over three decades in business and initially retired in 2019 as Central Ohio president for Cincinnati’s Fifth Third Bank. He returned to the industry to get Adelphi up and running with a mission of dismantling financial inequities and helping customers create streams of income without bias. He is joined by Kevin Boyce, co-founder and vice chairman. Upon its launch, Adelphi received local support from large corporations in central Ohio. “It feels like family,” Miller expressed, according to the outlet. “Banks can be intimidating places.” Columbus-based Adelphi Bank currently offers certificates of deposit, checking and savings accounts, and loans for personal use. It plans to provide home mortgages in 2025. For...
The Trump administration is reportedly looking to dismantle the Department of Education. According to CNN, sources close to the matter stated an executive order is in the works. President Donald Trump’s intentions were present in Project 2025, which is a list of proposals across 900 pages that imposes a conservative agenda, BBC mentions. It was created by the Heritage Foundation, a right-wing think tank, and is supported by more than 100 organizations with a mission “to take down the Deep State and return the government to the people” through policy, personnel, and training, its website notes. Within the lengthy proposal, it states the closing of the Department of Education. NPR reports Betsy DeVos suggested during Trump’s first term, while she served as the Secretary of Education, that the department should reinvest money benefiting lower income students through the Title I program and instead allocate it towards grants proposed in Project 2025. This signals that the closure of the...
Black residents in Chicago, IL, will be able to invest their dollars in its first casino. The TRiiBE reports locals gathered for an information session hosted by City Treasurer Melissa Conyears-Ervin and members of the Chicago Aldermanic Black Caucus to buy shares in Bally’s Casino, a $1.6 billion project in the 21st Ward that will also feature a hotel, a 3,000-seat theater, and a Riverwalk extension to Chicago Ave. A requirement for the casino is that at least 25% of the investment must come from minorities and women. “Tonight is about a new opportunity on how to participate, about not just being a consumer but to be an owner,” Ald. Ronnie Mosley (21st Ward) said at the pulpit of Third Baptist Church, according to the outlet. Conyears-Ervin added: “Remember when they legalized marijuana a few years ago? We knew that we were the community that was affected the most by it, but we felt that we did not have access to being owners. Well, this, ladies and gentlemen, is quite different.”...
It’s been 100 years since the Tulsa Race Massacre reshaped the world as we know it. What once was known as The Black Wall Street, the Greenwood District was singlehandedly destroyed at the hands of white rage and today (June 1), OWN is keeping its legacy alive through “The Legacy of Black Wall Street.” The new two-part special OWN Spotlight event will track the rise of Black Wall Street in Oklahoma’s Greenwood District up until it was destroyed through the tragic 1921 Tulsa race massacre. Angela Davis / Photo Courtesy of OWN: Oprah Winfrey Network “We’re proud to tell this powerful story and commemorate the triumphant survivors who worked to rebuild and reclaim Black Wall Street,” said Tina Perry, President, OWN in an official news release. “This is a significant moment in our history that will not be forgotten. We will continue to amplify Black excellence and resilience on OWN as we make strides on the road to healing.” Healing that present-day activist and Tulsa native, Jerica...
The National Black Bank Foundation (NBBF) is adding some heavy hitters to its board. According to Business Wire , NBBF is a racial justice nonprofit committed to ensuring the communities of color have access to capital in order to build wealth through the Black banking sector. Just last week the board appointed King Center CEO Dr. Bernice A. King and actor Hill Harper to its board of dynamic leaders. Harper and King will join a board of directors that includes ESPN analyst and Super Bowl XLIII winner Ryan Clark, National Bankers Association Chairman Robert James II, Aspen Institute Fellow Yolanda Daniel, and founder and CEO of Calliope Advisors Lauren McCann. “Black banks help Black families escape the continuum of poverty by building real wealth , which is why the work of uplifting these community anchors is so urgent,” said NBBF Board Chair and St. Louis Mayor Tishaura Jones. “We’re deeply honored that Dr. King and Hill have invested themselves in our mission.” Today there are...
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...
Executive Kalina Bryant has accomplished the impossible — namely, by being unapologetically Black and female in a white male-dominated Silicon Valley. And at night, she spills the real corporate tea in her podcast, UnapologeTECH. For Black women looking to penetrate that world, Bryant’s podcast is a salvo. But, she said, that salvo goes both ways. “When the George Floyd murder happened, I said to myself, ‘who could I turn to, in tech, about this?'” she told AfroTech. “When your colleagues don’t look like you, they may mean well, but they can’t relate to you on a real level. But on my podcast, we can talk that real talk and address those real issues with people that look like us .” Bryant also brings some of her experience as a consumer advocate to the podcast, where she talks to both her audience and guests about the pitfalls and privileges of the tech world. Her experience as the “lonely only” is not an unusual one for Black women, but Bryant aims to educate above and beyond the...
Northwestern Mutual’s latest investment is one that we could all possibly benefit from. Zirtue — the world’s first and only relationship-based lending app — has received a huge investment from Northwestern Mutual Future Ventures. Northwestern Mutual’s corporate venture capital fund investment combined with Zirtue’s seed round brings the fintech startup company’s total amount raised to $4 million. Other investment funds include Google for Startups Black Founders Fund, the Jaylon Smith Minority Entrepreneurship Institute Capital Fund, Revolution’s Rise of the Rest Seed Fund, plus more. The funds will be used to not only grow the team but also add product offerings. Photo Credit: Courtesy of Zirtue In an effort to further its commitment to accelerating financial technology startups, Northwestern Mutual is committed to working with startups like Zirtue, which are focused on historically underbanked and underfunded populations. They are also committed to investing in Black founded...
New York Life — known as America’s largest and most admired mutual life insurer — has made a huge stride toward closing the racial wealth gap. In a press release provided exclusively to AfroTech, New York Life has announced a $1 billion impact investment initiative aimed at addressing the looming issue that comes along with the racial wealth gap. The initiative includes investing in both underserved and undercapitalized communities over the course of the next three years with a primary focus on affordable housing, community development, and supporting small businesses. “We are focused on investments that promise to not only deliver meaningful societal impacts but also those with the potential to generate market returns for New York Life’s policy owners,” said Tony Malloy, Executive Vice President & Chief Investment Officer, in an exclusive interview with AfroTech. “Generating positive market returns is key to driving sustainable and positive economic outcomes in underserved 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...