Shares Of African-American Focused Harlem Bank Go Parabolic, Up Over 853% on “Buying Black” and “Buy The Block” Optimism

Isheka N. Harrison
Written by Isheka N. Harrison
As a result of a “Buying Black” frenzy, a Harlem bank that focuses on serving Black Americans saw an immense increase in the purchase of its stock shares. Photo by Taylor Grote on Unsplash

“Buying Black” is not a new concept, but the movement has been reinvigorated in the wake of protests against racism and police brutality after George Floyd’s murder by former Minneapolis police officer Derek Chauvin. As a result, a Harlem bank that focuses on serving Black Americans saw an immense increase in the purchase of its stock shares.

Carver Federal Savings Bank’s shares jumped at least 853 percent, 100 times the three month daily average, reported Yahoo Finance via Bloomberg.

According to its website, Carver was “founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services.”

Listen to GHOGH with Jamarlin Martin | Episode 72: Jamarlin Martin

Part 2. J. Edgar Hoover, the first director of the FBI, may not be around but his energy is present in new Black politics.FBI agents and informants were used to weaken Marcus Garvey, the Nation of Islam and the Black Panthers — in many cases for money and career advancement. How could this energy metastasize into the “New Blacks” politics in 2020? Jamarlin goes solo to discuss who is doing the trading and what is being traded to weaken the aggregate Black political position.

As Juneteenth – the holiday which commemorates the day the final slaves in Texas found out they were free in 1865, two years after President Abraham Lincoln signed the Emancipation Proclamation – approached, “Buying Black” and “Buy The Block” investments were at pitch. Optimists hope it will continue even after protests die down.

On Twitter, Carver thanked customers for their support and announced its branches were closing early to commemorate Juneteenth.