Journal Article
Economic History: Maggie Lena Walker
Mullin, John (2022-10)
Maggie Lena Walker built the St. Luke Penny Savings Bank to last. When it opened its doors in Richmond's Jackson Ward district in 1903, Walker became the first Black woman to establish a bank in the United States. She would stand at its helm as president for nearly 30 years, safely steering it through periodic bouts of economic turmoil, eventually increasing its assets more than tenfold. To cap off her career, she would solidify the bank's long-term prospects by orchestrating mergers with two other banks during the depths of the Great Depression.
Econ Focus , Volume 22 , Issue 4Q , Pages 12-15

Journal Article
Minority-Owned Banks and Their Primary Local Market Areas
Toussaint-Comeau, Maude; Newberger, Robin G. (2017)
In this article, we analyze the experience and performance of MDIs in their primary local service areas in recent periods, including before, during, and after the 2008 financial crisis. We provide a review of the sector, highlighting key policies and initiatives pertaining to and affecting these institutions, and provide a brief review of previous research. We document trends in the sector, including: 1) the characteristics of the locations where MDIs tend to do business; 2) the changing landscape of MDIs in terms of openings, closings, and mergers by ethnic ownership; and 3) the performance ...
Economic Perspectives , Issue 4 , Pages 1-31

Journal Article
Resource Utilization among Black Small Business Owners in Detroit: Results from a Questionnaire
Toussaint-Comeau, Maude; Newberger, Robin G. (2014)
One of the most important ways for small businesses to access capital is through connections to resource networks. Business networks are the set of arrangements and information platforms that business owners use to increase exposure and sales, gain knowledge of their markets, develop financial management skills, and familiarize themselves with sources of financing. Networks can also connect people to other service providers, such as nonprofit organizations and professionals that support business owners through technical and financial training, referrals, legal services and procurement ...
Profitwise , Issue 1 , Pages 1-14

Briefing
How Big Is the Inheritance Gap Between Black and White Families?
Jones, John Bailey; Neelakantan, Urvi (2022-12)
One of the most striking differences between Black and White households is a large disparity in wealth. A potential source of this gap is differences in transfers of wealth within families through bequests or gifts. In this article, we document who receives such transfers and the distribution of transfers among those who receive them. Black individuals are much less likely to receive any inheritances or gifts. Black recipients receive smaller amounts and have a much lower probability of extremely large transfers.
Richmond Fed Economic Brief , Volume 22 , Issue 49