Submitted by The Rev. Jonathan L. Weaver
In virtually every major economic indicator, African Americans seriously lag behind other ethnic groups. The Collective Banking Group, Inc. (CBG) forcefully advocates the black church as the most effective vehicle to bring about economic empowerment, wealth building, and a community of educated consumers.
The CBG, a Christian ministry, draws together leaders from the faith, business, and public service sectors to develop and enhance economic empowerment strategies for our members and communities they serve.
The Collective Banking Group, Inc. (CBG) was formed in 1993 as a result of concerns raised by pastors and church members in Prince Georges County and the Metropolitan D.C. area regarding inequitable access to services provided by local banks and businesses. Churches were faced with severe challenges due to redlining and other questionable practices.
As a result, a group of pastors met to discuss means by which to gain economic empowerment and justice in their business dealings. After several meetings, the group decided to join its efforts under the name The Collective Banking Group of Prince George’s County, (MD) and Vicinity. The Rev. Jonathan L. Weaver, pastor of Greater Mt. Nebo AME Church, was elected president and has served in that capacity for more than ten years.
In 1992, the CBG began the process of interviewing 16 banks, for the purpose of establishing a covenant relationship, whereby churches and its members would receive favorable banking services. By 1995, the CBG had signed its first covenant with four (4) banks: Riggs Bank, Industrial Bank, Enterprise Federal Savings Bank, and the Harbor Bank of Maryland .
Since its inception, the CBG has continuously grown to its present membership of more than 150 churches, representing over 200,000 persons. As of 2004, CBG member churches have been approved for more than $300-million dollars in loans and have on deposit in excess of $130-million dollars with area banking partners. The collaboration between the CBG, its member churches, covenant banks and business alliances have offered significant savings and other benefits to the community at-large.
For more information, visit http://www.collectivebankinggroup.com/