Jesse Binga
Encyclopedia
Jesse Binga was born in Detroit, Michigan
in 1865. He moved to Chicago
to start a bank
in 1908. The bank was made primarily for African-Americans, since during that time many banks would not allow African-Americans in. The Great Migration
came, and Binga State Bank grew more popular. Jesse Binga grew to be a rich man and eventually he and his wife bought a house at 5922 South Park Avenue, which is now known as King Drive, which was a strictly white neighborhood, and his house was bombed five different times by racist neighbors.
In 1929 the Great Depression
hit, and Binga Bank was forced to close. Then bank examiners said that Binga State Bank was run illegally and Jesse Binga was sent to jail on a ten year sentence. After a few years Binga was released thanks to many protests and petitions. Binga was given a $15 a week job as a janitor at St. Anselm's Church. He died at age 85.
Jesse Binga was once one of the richest men of his time, but when the depression hit he lost everything and died as a poor man in June 1950.
Binga was an honorary member of Alpha Phi Alpha
fraternity.
, but when the Great Migration in the 1900s came, the Binga Bank was opened to become a public bank. The Binga Bank treated all African-Americans like Caucasians were treated in other banks, because African-Americans could not get as much out of those banks as Caucasians could.
The bank was located at the corner of 35th and State Street in Chicago, and many African-Americans used it. A Binga Arcade was opened in 1929, which held offices, stores, and even a dance floor. When the Depression hit, the banks assets were too heavily invested in mortgage loans to black churches and fraternal societies, many of which could not meet their payments after their members lost their jobs. Binga refused to seize the properties of these community institutions. He was sentenced to prison in 1932 for misuse-of-funds.
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
in 1865. He moved to Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
to start a bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
in 1908. The bank was made primarily for African-Americans, since during that time many banks would not allow African-Americans in. The Great Migration
Great Migration (African American)
The Great Migration was the movement of 6 million blacks out of the Southern United States to the Northeast, Midwest, and West from 1910 to 1970. Some historians differentiate between a Great Migration , numbering about 1.6 million migrants, and a Second Great Migration , in which 5 million or more...
came, and Binga State Bank grew more popular. Jesse Binga grew to be a rich man and eventually he and his wife bought a house at 5922 South Park Avenue, which is now known as King Drive, which was a strictly white neighborhood, and his house was bombed five different times by racist neighbors.
In 1929 the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
hit, and Binga Bank was forced to close. Then bank examiners said that Binga State Bank was run illegally and Jesse Binga was sent to jail on a ten year sentence. After a few years Binga was released thanks to many protests and petitions. Binga was given a $15 a week job as a janitor at St. Anselm's Church. He died at age 85.
Jesse Binga was once one of the richest men of his time, but when the depression hit he lost everything and died as a poor man in June 1950.
Binga was an honorary member of Alpha Phi Alpha
Alpha Phi Alpha
Alpha Phi Alpha is the first Inter-Collegiate Black Greek Letter fraternity. It was founded on December 4, 1906 at Cornell University in Ithaca, New York. Its founders are known as the "Seven Jewels". Alpha Phi Alpha developed a model that was used by the many Black Greek Letter Organizations ...
fraternity.
The Binga Bank
The Binga Bank was originally a private bankPrivate bank
Private banks are banks that are not incorporated. A private bank is owned by either an individual or a general partner with limited partner...
, but when the Great Migration in the 1900s came, the Binga Bank was opened to become a public bank. The Binga Bank treated all African-Americans like Caucasians were treated in other banks, because African-Americans could not get as much out of those banks as Caucasians could.
The bank was located at the corner of 35th and State Street in Chicago, and many African-Americans used it. A Binga Arcade was opened in 1929, which held offices, stores, and even a dance floor. When the Depression hit, the banks assets were too heavily invested in mortgage loans to black churches and fraternal societies, many of which could not meet their payments after their members lost their jobs. Binga refused to seize the properties of these community institutions. He was sentenced to prison in 1932 for misuse-of-funds.