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Bank addresses national outcry of support for the plight of immigrant communities currently under siege  

In celebration of Immigrant Heritage Month, OneUnited Bank, the nation’s largest Black bank, has released a statement in support of the immigrant community currently under intense national scrutiny. Concurrently, the bank releases the Justice Card featuring on its face a young black woman, fist out in solidarity and draped in flags to celebrate cultures that are the mosaic of America. The artwork was created by internationally celebrated muralist Addonis Parker.  

 

Statement from Teri Williams, President & Owner of OneUnited Bank 

 

As the largest Black-owned bank in America, we appreciate the difficult journey of immigrants and recognize their vast economic contributions to our country. Despite what we read in the press, immigrants contribute immensely to America’s success. Many of us are immigrants, children of immigrants or grandchildren of immigrants. We relate to our ancestral countries – such as Jamaica, Haiti, Trinidad or Barbados – while also embracing America. We consider ourselves to be Black, African-American and/or Caribbean-Americans. We strongly agree with Martin Luther King Jr. – “Injustice anywhere is a threat to justice everywhere.” 

 

A recent internal study by the Department of Health and Human Services found immigrants brought in $63 billion more in government revenues than they cost the government.  A 2017 paper by Evans and Fitzgerald, “The Economic and Social Outcomes of Refugees in the United States: Evidence from the ACS” found that immigrants pay $21,000 more in taxes than they receive in benefits. Immigrants are also linked to greater invention and innovation in the U.S. According to a recent report by the National Foundation for American Policy, “immigrants have started more than half (44 of 87) of America’s startup companies valued at $1 billion dollars or more.” For many immigrants, business ownership is part of their cultural DNA. Recent studies, including “Achieving the American Dream: Cultural Distance, Cultural Diversity and Economic Performance,” show that immigrants overcome cultural differences and achieve economic success over time, especially in environments that are open to diversity and ready to accept their talents.  

 

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