Long before "black capitalism" be came a politically popular catch phrase, Negro-owned "soul banks" started sprouting in ghetto areas. In 1962, there were ten Negro-owned and operated banks in the U.S., mainly in the South.
Now there are 20. Their total assets are still quite low less than 1% of the $24 billion of the Bank of Amer ica, the nation's largest and their performance has been less than sparkling.
As a group they have earned no profit for the past three years. The failure is due to the lack of trained management and to all the handicaps of...
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