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Janet and Magic...putting their money where their mouths are...
(8/1/02, 6 p.m. ET) -- Singer Janet Jackson is among the shareholders of the largest black-owned bank in the United States. Jackson, as well as former Los Angeles Lakers star Magic Johnson, are owners of shares in Boston Bank Of Commerce, which has just merged with Family Savings Bank, making the resulting entity the biggest banking institution owned by African-Americans.
Bank executives say the $460 million deal will result in more banks being built in black neighborhoods across the U.S., and is meant to inspire others. Boston Bank Of Commerce's Kevin Cohee said, "This merger will serve as a model and source of strength for black businesses as we unite to share resources and expertise."
Cohen has also described Johnson's successful efforts at bringing movie theaters, Starbucks coffee shops, and T.G.I. Friday's restaurants to inner-city neighborhoods as an example of what the merged banks hope to accomplish once the deal is approved by stockholders and regulators.
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