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Call To Invest In Black-Owned Banks Gains Traction In Chicago

(CBS) – A national call to support black banks is taking Chicago by storm.

CBS 2's Dorothy Tucker takes a look at an economic movement to empower the black community.

For the first time in her life, entrepreneur Latatia Shroud has an account at a black-owned bank. She moved $10,000 to Seaway National.

She was inspired by a #moveyourmoney campaign on Twitter, Facebook posts and private texts asking people to move money to black-owned banks to spur economic empowerment.

"I felt it was way past time me, being a black business owner, to subsidize my community. I owe them that," she says.

She is among the more than 100 new customers in just the last few weeks.

Bank manager Daryl Newell says new money has helped Seaway boost the bottom line by $1.6 million.

"On average during the week we do about $200,000 per week. So far this week we've done $305,000 and it's not even Friday," he said.

On Friday, they could have more because Rev. Leslie Sanders is calling on all pastors.

"We're asking each church to deposit at least $1,000," he said.

Black radio is also driving the deposits to black banks.

"Those deposits go into the bank, that deposit comes out in the form of a small business loan, mortgages, investment into the community. Jobs come out of that," says Matt McGill, a WVON talk show host.

Supporters of the campaign point out they're not asking people to close accounts at other banks, just move some money to black owned banks.

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