Independent Banker - February 2022 - 59

size. There were two reasons for
this, Williams explains. One was the
pandemic, when going to a branch
wasn't an option. The other was an
increased awareness of systemic
racism in the United States.
" People wanted to move their
money to an institution that had
found the Black Economic Council
of Massachusetts to advance the
economic well-being of Black people
after a report by the Federal Reserve
Bank of Boston found that the median
net worth of nonimmigrant Black
Bostonian families was only $8-not a
typo-compared with white families'
$247,500.
" That's not right, and we have to
adjust it, " Williams says. " We see our
role as being, for lack of a better term,
a beacon of hope. It's important for
us, not just the Black community, but
for everyone, for America to know
that we've come a long way in a short
period of time. We have more work to
do, but it's not all doom and gloom. "
MYTH BUSTING
" We also try to dispel myths, "
Williams adds. " The racial wealth gap
didn't happen because Black folks
don't know how to save or because
we're not good with our money. There
were systemic challenges that were
put in front of us that have resulted in
us having less wealth. So, dispelling
those myths is also important, because
you can't solve the problem if you
don't understand the problem. "
In 2006, OneUnited became the
nation's first Black digital bank,
partly because of a need to manage
geographically diverse branches but
also to attract the next generation of
customers. It was an early strategic
move that has paid off, most notably
in 2020, when the bank doubled in
a social activist agenda, " she says.
" We had been supporting Black
Lives Matter and the social justice
movement for years, not just in 2020,
so people came to us for that as well. "
Today, OneUnited boasts
customers in all 50 states and
describes itself as " unapologetically
Black, " stating on its website, " We
want you to stand up and represent.
We want you to be part of the
movement-to BankBlack and
#BuyBlack-to demonstrate our
economic power. Yes... Black Lives
Matter. Black Money Matters. "
CUSTOMER STORY
WILLIE SIMMONS &
DARRIN JENKINS
PUBLIC SECURITY, INC.
LOS ANGELES, CALIF.
It's a testament to the success of OneUnited that Willie Simmons and
Darrin Jenkins, co-owners of Public Security, Inc., in Los Angeles,
don't see the bank as minority focused. Public Security, Inc., which
provides security personnel for clients across southern California,
has been with OneUnited for 25 years now.
With years of experience in law enforcement, Simmons and Jenkins
wanted to create a work environment where officers were treated
fairly and compensated well for their work, and OneUnited has
helped them pursue this goal. They received a line of credit to build
the business and recently had the bank's help securing a PPP loan.
Their employees, the majority of whom are African American, go to
OneUnited to cash checks, and its bankers have helped them open
savings accounts.
" They've just been a good partner for our firm, " Simmons says.
" Any of the banking services that I've needed, they've been able to
take care of. "
independentbanker.org Q 59
Photos courtesy OneUnited Bank
http://www.independentbanker.org
Independent Banker - February 2022

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