Campaign Seeks Customers for Black-Owned Banks

Recycling Black Dollars, an African American marketing company, is scheduled to kick off its “Change Bank Month” campaign today to encourage people to open accounts at one of three black-owned banks with branches in Central Los Angeles, Mid-Wilshire, Inglewood, Compton and Pasadena in February.

“One advantage is that it strengthens the bank and the bank can become a better source of jobs and pride in the community,” said Muhammad Nassardeen, president and founder of Recycling Black Dollars. “We don’t want our banks to appear to be weak or not credible. We want to allow them to be beacons in the community.”

The campaign’s goal is “to get 20% of African American dollars in the three banks by the year 2000,” Nassardeen said. The banks are Broadway Federal, Family Savings and Founders National Bank.

Nassardeen emphasized that all Los Angeles residents, not just African Americans, are invited to switch to the black-owned banks.

“Anyone interested in supporting the black community can do so safely by supporting our banks. Their money is federally insured. By making a large deposit in one of the banks you can help create businesses and opportunities,” Nassardeen said.

Information: (310) 673-7777.