Tag: black wealth

The A.M.E. Church and 19 Black-Owned Banks Team Up to Launch New Partnership for Longterm Black Wealth

Leaders of the AME Church announced the partnership late last month. (Photo by Klarque Garrison/Trice Edney News Wire)

The African Methodist Episcopal Church, the first independent Black denomination in the U.S., has teamed up with 19 Black-owned banks across the nation to form a partnership aimed at bettering financial vitality among Black Americans.

Bishop Reginald T. Jackson announced the new partnership at the 2018 Council of Bishops and General Board Meeting in Atlanta on June 26, pegging the initiative as an opportunity to “increase Black wealth,” business development and homeownership.

“This initiative will strengthen Black banks across the U.S. and increase their capacity to lend to small businesses, to secure mortgages, to provide personal lines of credit, and to offer other forms of credit to AME churches and our members,” said Jackson, president of the Council of AME Bishops. “This, of course, includes enabling members and their families to become homeowners.”

Jackson explained the partnership was inspired by an initiative formed in Washington, D.C. in 2015, called Black Wealth 2020, which he said “… is providing an economic blueprint for Black America.”

Through the initiative, faith leaders and bank presidents hope to increase deposits and loans with Black-owned banks; up the number of Black businesses from 2.6 million to 4 million; and grow Black homeownership to more than 50 percent nationwide, according to a press release.

Speaking to The Atlanta Voice, General Board Chair Bishop Vashti Murphy McKenzie said she believes the church-bank collaboration is especially important for African-American youth.

“We want to be able to teach fiscal responsibility before [students] get to high school,” she said. “[It’s important] to learn the value of saving, the value of investing.”

Michael Banks, former head of the National Bankers’ Association, said he sees the partnership as imperative in regards to growing Black homeownership.

“We are educating ourselves and not only teaching our people how to get a home but also how to stay there,” Banks told the newspaper. “We worry about gentrification, but we have more power than we realize. (It’s important) to (buy) a home, and hold on to a home, and then encourage all young people to do the same.”

With over 6,000 AME churches across the U.S., faith leaders say the partnership is a real opportunity to boost wealth among Black Americans if everyone takes part.

Read more: http://atlantablackstar.com/2018/07/08/ame-churches-black-owned-banks-team-up-to-launch-new-partnership-for-longterm-black-wealth/

Diddy Tops Forbes’ List of Richest Hip-Hop Artists

Puff Daddy walking out of Chateau Marmont Saturday night with a bottle of wine.

Sean “Diddy” Combs ranks No. 1 on this year’s Forbes Five, the magazine’s list of hip-hop’s wealthiest artists, with an estimated net worth of $580 million.

The bulk of the Bad Boy Records founder’s wealth comes from non-musical ventures, namely his deal with Diageo’s Ciroc. The agreement entitles him to eight-figure annual payouts and a nine-figure windfall if the brand is ever sold—and Ciroc’s value has never been higher.

“It is one of the fastest-growing brands within vodka,” says Jack Russo, an equity analyst at Edward Jones & Co. “Consumers are feeling a little bit better about their situation, and with that, they’re willing to spend more on premium products.”

The No. 2 spot goes to Shawn “Jay-Z” Carter, with a net worth of $475 million. He’s still rolling in cash from megadeals like his $204 million Rocawear sale in 2007 and his $150 million pact with Live Nation the following year. He continues to hold stakes in Roc Nation, Carol’s Daughter, the Brooklyn Nets—and, more significantly, the Barclays Center itself—while adding new partnerships with the likes of Duracell, Budweiser and Bacardi’s D’ussé Cognac.

Andre “Dr. Dre” Young ranks third with $350 million, thanks mostly to his Beats by Dr. Dre headphones. A year after selling 51% of the company to handset maker HTC for $300 million in August 2011, Dre and his partners bought back half of the half they sold in 2012—and their investment continues to soar in value due to Beats’ whopping 65% market share of the premium ($99 and up) headphone market.

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