Urban Trust Bank Seeks to Empower Diverse Communities

BET founder Robert Johnson recently announced that his Urban Trust Bank (UTB) will begin leasing space inside Wal-Mart stores. UTB plans to offer a wide range of banking products to customers and Wal-Mart employees.

The company issued statements indicating that it will also provide expanded access to credit and financial education for the diverse communities that staff and patronize Wal-Mart. UTB's ultimate aim is to help members of the community create wealth through an expanded access to capital and financial education.

"Our banking alliance with Wal-Mart extends a philosophy that is intent upon providing additional wealth creation opportunities for Wal-Mart customers and associates," Johnson said. "Our alliance will allow Urban Trust Bank to reach its target market, to provide more convenient locations to our customers, and grow our customer base."

UTB is a federally chartered savings bank headquartered in Bethesda, Maryland. The venture is a savvy one and represents a fine example of ingenuity and adaptability that many other black-owned businesses would do well to emulate.