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Subject: "Greenwood: Killer Mike is opening a bank" Previous topic | Next topic
legsdiamond
Member since May 05th 2011
73076 posts
Sun Oct-11-20 07:41 AM

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"Greenwood: Killer Mike is opening a bank"


          

https://www.cnn.com/2020/10/10/business/killer-mike-greenwood-bank/index.html

New York (CNN)A new majority Black and Latinx-owned and operated digital bank hopes to make supporting Black-owned banks and businesses a little easier for consumers.

Greenwood was created by Bounce TV founder Ryan Glover and his close friend, rapper-activist Michael "Killer Mike" Render. The leadership team at Greenwood, which includes former Atlanta Mayor Andrew Young, unveiled their new platform on Thursday after raising more than $3 million in seed funding in June.

Glover has been working on Greenwood since early 2019, but he said interest in the venture spiked after the police killing of George Floyd in Minneapolis sparked a nationwide reckoning with racism that has inspired many Americans -- including many in the corporate world -- to support Black-owned businesses and financial institutions.
While the bank doesn't open until January, the company launched its website on Thursday and there is already a waiting list for those who want to open a Greenwood account.

"I will say we're in the tens of thousands," Glover told CNN Business on Friday. "That number is increasing by the day."

From left, Greenwood bank founders Michael "Killer Mike" Render, former Atlanta Mayor Andrew Young and Bounce TV founder Ryan Glover
From left, Greenwood bank founders Michael "Killer Mike" Render, former Atlanta Mayor Andrew Young and Bounce TV founder Ryan Glover
What is Greenwood?

Like its competitors Chime, Aspiration, Money Lion and Vero, Greenwood is a digital bank whose financial services -- including checking and savings accounts, mobile deposits and peer-to-peer transfers -- are fulfilled almost entirely online. The bank offers a global ATM network, Apple and Android Pay services, and two-day advances on paychecks for customers who sign up for direct deposit.
close dialog

Unlike its peers, however, Greenwood's target audiences are Black and Latinx communities and anyone else who wants to support Black-owned businesses. Glover says the bank will specialize in financing Black and Latinx entrepreneurs who typically have a harder time securing loans from mainstream commercial banks.

"In order to build wealth, you need bank capital," Glover said. "We will identify qualified entrepreneurs, business owners and creatives to equip them with the capital needed to make their dreams a reality."

Greenwood is named after the former Greenwood district of Tulsa, Oklahoma, an early 20th century African-American business community that was so prosperous it was nicknamed Black Wall Street. A mob of White Americans destroyed the Greenwood district during the 1921 Tulsa race massacre.
Why bank Black?

Before it was destroyed nearly a century ago, Glover said, a dollar spent in Tulsa's Greenwood district would circulate 36 times before leaving the community.
"Today, a dollar circulates for 20 days in the White community, but only six hours in the Black community," Render said in a written statement. Black Americans are twice as likely to be denied mortgage loans by traditional banks, but minority depository institutions have a better track record of lending to non-White individuals.

"This lack of fairness in the financial system is why we created Greenwood," Render added.

Why create a digital bank?


Glover points out that Americans have been banking online almost exclusively at higher rates in recent years. It's a trend major commercial banks have been slow to embrace and a sector Glover says hasn't done much to reach out to minorities.

"There were no digital banking solutions that cater to the African-American or Latinx communities until Greenwood," Glover said.

In 2017, about 17% of Black Americans didn't have a bank account, compared to just 3% of White Americans, according to an FDIC study.

There are only 23 minority-owned banks in the US today. Glover says those brick-and-mortar institutions have done a "fairly good job" supporting minority communities over the years, but "today is a new day."

"We believe there is an opportunity to continue to super serve our community by creating a digital bank that maybe the traditional African-American, Latinx banks just don't understand," he said. "We certainly know the traditional larger banks don't understand our community."

Glover founded Bounce TV in 2010 before it was sold to TV station owner E.W. Scripps in 2017 -- an acquisition deal that included two other networks -- for $292 million, according to Deadline. The self-described serial entrepreneur was inspired to create Greenwood in 2018 after noticing his son and daughter did all their banking online.
"I believe digital banking is the wave of the future, not just something that's popular now," he said.

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TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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Greenwood: Killer Mike is opening a bank [View all] , legsdiamond, Sun Oct-11-20 07:41 AM
 
Subject Author Message Date ID
hes been running cover for brian kemp and trump lately.
Oct 11th 2020
1
What ? Damnnnnnnnnnn
Oct 11th 2020
3
RE: hes been running cover for brian kemp and trump lately.
Oct 11th 2020
4
He’s a grifter “seat at the table” type.
Oct 11th 2020
6
meeting Kemp opened up trade school opportunities
Oct 11th 2020
7
      The only thing Kemp has to trade is your legitimacy
Oct 11th 2020
8
      not this time
Oct 11th 2020
12
           Every time. No exceptions.
Oct 11th 2020
13
      someone doesnt know how state govt works.
Oct 11th 2020
9
      And dude is a straight villain to democracy
Oct 11th 2020
14
      Did you just spell voila as wallah?
Oct 11th 2020
15
           lmfao
Oct 11th 2020
16
           lmaooo fam its arabic.
Oct 12th 2020
17
                RE: lmaooo fam its arabic.
Oct 12th 2020
18
                     'no campaign contributions. no lobbying. just wallah.'
Oct 12th 2020
19
                          RE: 'no campaign contributions. no lobbying. just wallah.'
Oct 12th 2020
20
                          I don’t speak Arabic, I’m going by your translation
Oct 13th 2020
42
      Yeah, he did a good job of addressing it all
Oct 11th 2020
10
           exactly
Oct 11th 2020
11
                what was the real effect? more voter suppression?
Aug 19th 2021
69
Most of our banking is physical, same with Latinx communities
Oct 11th 2020
2
Good point (re: physical). A lot of major banks are already transitionin...
Oct 11th 2020
5
it's a completely bizarre thing to mention when you're opening
Oct 13th 2020
27
I used to really like this dude
Oct 12th 2020
21
dude always seemed sketchy and opportunistic to me
Oct 12th 2020
22
Tell me about the upstanding people you bank with
Oct 13th 2020
32
lol right?
Oct 13th 2020
34
      Ya'll know credit unions exist right?
Oct 13th 2020
35
           your question has nothing to do with WF.
Oct 13th 2020
36
                Your response to his false binary validates the binary. Wells Fargo is t...
Oct 13th 2020
37
                nobody said other options don't exist.
Oct 13th 2020
38
                We have an account at both
Oct 13th 2020
40
                     I use CUs for car loans.
Oct 14th 2020
44
                          Yeah. That’s the main reason we got a CU account
Oct 14th 2020
45
                               that is a good rate.
Oct 14th 2020
46
Mike? He does have a Jay Z vibe to me
Oct 13th 2020
41
      His dad is/was a cop
Oct 14th 2020
43
“Stacey Abrams won the hearts of the people and that’s good. But the...
Oct 12th 2020
23
I Think That's Great
Oct 12th 2020
24
maybe my conditioning been conditioned but this giving me RushCard
Oct 13th 2020
25
Right:. That’s the first thing I mentioned when I heard it
Oct 13th 2020
39
at least they actually got the rushcard out.
Feb 10th 2021
48
I mean we'll see what happens when it's....actually available
Oct 13th 2020
26
For no reason at all: Credit Unions vs. Banks
Oct 13th 2020
28
Instead, there only are about 20 applications to start banks in the U.S....
Oct 13th 2020
29
Slightly related...
Oct 13th 2020
33
2017 FDIC National Survey of Unbanked and Underbanked Households
Oct 13th 2020
30
Methods Banked Households Used to Access Their Accounts
Oct 13th 2020
31
whatever happened with this? its been 4 months.
Feb 10th 2021
47
I was going to blame it on covid
Feb 10th 2021
49
that 1st faq answer is embarrassing and sounds like some hucksters
Feb 10th 2021
50
      Damned if you do / don't
Feb 10th 2021
53
           how about not doing an entire media rollout and promotion campaign
Feb 10th 2021
55
           That's your issue. Not mine
Feb 10th 2021
57
                youre sure there are examples of something you dont know?
Feb 10th 2021
59
                     About as sure as you are of this statement:
Feb 10th 2021
61
           name three tech companies who've done this waitlist thing
Feb 10th 2021
67
moving up/down the waitlist based on referrals is bullshit
Feb 10th 2021
51
exactly.
Feb 10th 2021
52
yup.. but so is offering new customers better rates to join
Feb 10th 2021
64
So pessimistic man.
Feb 10th 2021
54
lol 'hey lets open a bank with that rapper thats in that group
Feb 10th 2021
56
      RE: lol 'hey lets open a bank with that rapper thats in that group
Feb 10th 2021
58
      bernie MADE OFF
Feb 10th 2021
63
      LOL
Feb 10th 2021
66
consultant/grifter got their fees and moved on, most likely
Feb 10th 2021
65
Mike's politics on wax and his politics in life do not align
Feb 10th 2021
60
after reading 'The Color of Money', I did my DD and feel conflicted.
Feb 10th 2021
62
I see a lot of people still talking about being on the waiting list.
Jun 19th 2021
68
It's not a good look.
Aug 20th 2021
70
These niggas cap
Sep 23rd 2021
71
damn its almost been a full year since the announcement.
Sep 23rd 2021
72
WTF They Still Haven't Opened Up Yet?
Sep 23rd 2021
73
Stop waiting for these clowns, use my mans bank/lender
Sep 23rd 2021
74
I hope the initial investors are getting more communication than we are
Sep 23rd 2021
75
navy fed is so dope.
Sep 23rd 2021
76
      You know the vibes
Sep 23rd 2021
79
could not agree more
Sep 23rd 2021
77
      also if you need a celebrity endorsement...
Sep 23rd 2021
78
           RIGHT
Sep 23rd 2021
80
           LOL yeah
Jan 12th 2022
82
I got an account opened up
Jan 12th 2022
81

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