Racial segregation in the United States

====1929–1953====
Only five banks were opened during this time, while seeing many black-owned banks closed, leaving these banks with an expected nine-year life span for their operations.<ref>{{cite journal|last1=Ammons|first1=Lila|title=The Evolution of Black-Owned Banks in the United States Between the 1880s and 1990s|journal=Black Studies|date=March 1966|volume=26|issue=5|page=473}}</ref> With blacks continuing to migrate toward northern urban areas, they were challenged by high unemployment rates, due to whites taking their jobs.<ref>{{cite book|last1=Thieblot|first1=A.|title=The Negro in the Banking Industry: Report no. 9|date=1970|publisher=University of Pennsylvania, Wharton School of Finance and Commerce, Department of Industry|location=Philadelphia}}</ref> At this time, the entire [[Banking in the United States|banking industry in the U.S.]] was stagnated, and these smaller banks even more for having higher closure rates and lower rates of loan repayment. The first groups of banks invested their profits back into the black community, whereas banks established during this period invested their finances mainly in [[mortgage loan]]s, [[fraternal societies]], and [[U.S. Bonds|U.S. government bonds]].<ref>{{cite journal|last1=Ammons|first1=Lila|title=The Evolution of Black-Owned Banks in the United States Between the 1880s and 1990s|journal=Black Studies|date=March 1996|volume=26|issue=5|page=476}}</ref>