Full Citation
Title: Whom do Black-Owned Banks Serve?
Citation Type: Miscellaneous
Publication Year: 2014
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Abstract: Much attention has been paid to the overall banking industry in the wake of the 2008 financial crisis but not much to black-owned banks (BOBs). What has been their approach to banking since 2008? What has been their role in communities? Past literature focused on minority-owned banks efficiency relative to other banks, with some authors finding insignificant differences, and others suggesting nonminority-owned banks were more efficient. Later work showed that minority-owned banks, BOBs in particular, paid higher interest rates on certificates of deposit (CDs) than nonminority-owned banksusing CD rate premiums to help insulate customers from the effects of the recession. That is part of a pattern in which BOBs have been known to serve their neighborhoods as sources of credit and other support.
User Submitted?: No
Authors: Kashian, Russell D.; McGregory, Richard; McCrank, Derreck G
Publisher: Federal Reserve Bank of Boston
Data Collections: IPUMS USA
Topics: Other, Race and Ethnicity
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