Citizens Trust Bank — anchored in metro Atlanta, Columbus, Ga., Birmingham, Ala., and Eutaw, Ala. — said it has received about 8,000 new applications for depositors in recent days.
One of the catalysts: Rapper Killer Mike called in to a town hall meeting on MTV and BET on July 8 to implore the black community to deploy “a portion” of its financial resources to make a difference.
He wants 1 million people to deposit $100 apiece in small black-owned banks or credit unions, believing that those financial institutions will be more likely than other banks to make loans to black citizens and businesses — and more likely to treat them fairly in general.
“We cannot go out in the street and start bombing, shooting and killing,” the rapper said during the town hall. “I encourage none of us to engage in acts of violence that will cause more peril to our community and others that look like us. I encourage us to take our warfare to financial institutions.”
Other supporters have posted similar remarks on Twitter, Instagram and Facebook, urging people to consider shifting their money to black-owned institutions.
The biggest beneficiary so far is 95-year-old Citizens Trust Bank, which Killer Mikehas specifically promoted on social media, using the hashtag #BankBlackBankSmallBankLocal.
Citizens Trust BankWe thank @KillerMike for his call-to-action. Together, we can change the conversation. Cynthia N. Day, Pres and CEO
