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Wall St. and Business and Wednesdays: * Update On The "Business and Building" Black-Owned Bank Initiative

This week we begin contacting individuals - registered for our Initiative - who live in the vicinity of the eight banks that we have nominated for consideration to receive the endorsement and eventually our deposits. The objective of this approach is to enlist the insight, assistance, and help from those who live closest to these institutions and who know their reputations 'on the ground.'

There has been a change to the list of the banks under consideration.

* Due to the recent change in ownership at Independence Bank in Washington, D.C., we have replaced that bank with Industrial Bank (

So, now the list of 8 banks reads:

1. Bank: Broadway Federal Bank
Location: Los Angeles, California
Ticker: BYFC (Nasdaq)

2. Bank: Carver Bancorp Inc.
Location: New York, New York
Ticker: CNY (Amex)

3. Bank Name: Citizens Trust Bank
Location: Atlanta, Georgia

4. Bank Name: Douglass National Bank
Location: Kansas City, Missouri

5. Bank Name: First Tuskegee Bank
Location: Tuskegee, Alabama

6. Bank Name: Illinois Service Federal
Location: Chicago, Illinois

7. Bank Name: Industrial Bank
Location: Washington, D.C.

8. Bank Name: OneUnited Bank
Location: Boston, Massachusetts

On Wednesday, July 11, 2007, the official letter, written to each of the 8 institutions will be published at That letter is being drafted right now.

It will detail our desire, interests and the process we would like to follow. We will allow 30 days for the banks to respond accordingly before providing another public update at this website. We will then officially enter into negotiations with any interested banks, with the tentative goal of their completion in between 30 to 45 days afterward.

If you feel it is worthy, we encourage you to continue to spread the word of this effort and discuss our selection process ( with your friends, family, and acquaintances. The more serious, sober, and enthusiastic our participants, the more leverage we will have in negotiating with the prospective institution and extracting the most benefit for ourselves and our wealth creation and community development objectives.

All information submitted through our sign up form ( is private and only used for the purpose of this Initiative.

Cedric Muhammad

Wednesday, June 20, 2007

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