Report: Black-Owned Banks Are Diminishing

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Report: Black-Owned Banks Are DiminishingBlack-owned banks have long offered financial stability and credit to the African-American community. But lately, black-owned banks have been harder to find.

In 1994, there were 54 black-owned banks across the nation, but today there are only 28 according to the FDIC.

Experts say the reason for the decline are the affects of the recession.

There are several banks that are struggling to survive, and are reaching out to larger institutions for financial help.

Last year Carver Bancorp, one of the largest black-owned financial institutions in the nation, staved off a possible collapse by raising $55 million dollars by key investors such as Goldman Sachs, Citigroup, and Morgan Stanley.

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