NASHVILLE, Tenn. — Banking is something that comes easy for all of us now. Still, access to banking wasn't always an option for Black Americans. One bank helped change that.
The oldest, continuously operating Black-owned bank in the country, Citizens Bank, is in Nashville.
This Nashville bank still impacts minority-owned businesses in the region, such as Mama Blanche and YayYay's on Jefferson Street. So when CEO and Chef-Owner of Mama Blanche and YayYay's, Charlotte Miller, thinks about having her business on Jefferson Street, it brings her pride.
"This was the epicenter of excellence. This was the epicenter of Black excellence," Miller said. "And I wanted to remind everyone, that's what we were, and that's what we are still."
For this Black business owner, where her businesses stand is as important as who she does business with.
"I want to make sure that my growth happens on Jefferson street. The only way you make sure that happens is to put your money where your mouth is," Miller said. "So I literally put my money on Jefferson Street because I thought that would say more than just giving lip service."
Her money sits at Citizens Bank on Jefferson Street.
"We are the oldest Black-owned bank in the nation founded here in North Nashville," said Jeff McGruder, the Chief Relationship Officer with Citizens Bank.
Citizens Bank is a historical fixture on Jefferson Street and is over 100 years old. The bank, which also has a location in Memphis, celebrated its 118-year anniversary on January 16.
"The establishment of the bank in 1904 came out of a place of scarcity. There wasn't a place for Black people to bank," McGruder said. "They pulled resources in North Nashville to start this bank, which lifted the bank to create assets, lend money, and grow. So people could buy homes, cash checks, buy groceries and just extend themselves and also to start businesses."
McGruder said 90% of their customers are minorities. Their mission is still the same as when the bank first started: serve the underserved in the banking industry.
"Especially in the minority groups, they have a difficult time getting access to capital, primarily because of the fact that their current standing from a credit standpoint, is lower than what a normal or a traditional bank would like to have," said Sergio Ora, the president and CEO of Citizen Savings Bank.
It's a hurdle that Miller said he knows can be tough to overcome.
"But I can tell you right now that getting a loan? Absolutely not. And I know other businesses are," Miller said. "You can see the same ideas in gentrified neighborhoods; 12 South and East Nashville getting scooped up by other people that's doing the very same thing and getting money thrown at them."
"We need to be a partner with them, in essence, provide them with assistance in terms of knowledge, in order to be able to do what they would like to do and to do it well so that they can be successful," Ora said.
Business owner, Charlotte Millet, believes that a partnership mindset makes a difference.
"They know my business. They use my business," Miller said. "And they also understand our goal, and we are in alignment with that goal and for this neighborhood."