Greenwood Acquired The Gathering Spot

Greenwood, an independent Black-owned financial institution, has acquired The Gathering Spot, a network of Black professionals, to enhance the financial and social means for Black people and other minorities. Michael “Killer Mike” Render and former Mayor Andrew Young co-founded the Atlanta-based Greenwood, to close the financial gap for Black people who have been discriminated against by mainstream banks. Greenwood acquired The Gathering Spot, also based in Atlanta, to extend its social footprint for Black professionals across the country. The Gathering Spot started in 2016 in Atlanta and now has over 12,000 members including other cities like New York, Chicago, and Charlotte. The social network wants to extend financial access to its members through Greenwood’s services. When the communities combine, they are reaching a total of one million people nationwide.

How does this acquisition impact the Black community? Black companies working together to own financial services and social networks provide more opportunities for growth and connections in the Black community. The companies have a mutual mission to “support financial freedom for minorities through community building, entrepreneurship, group economics, and wealth-building.” Greenwood wants to extend social networks to their customers to celebrate themselves socially building a bridge to resources. The Gathering Spot wants to provide a full range of financial services to its members, including financial education and banking. The Gathering Spot provides access to spaces for a variety of Black and Latinx professionals, including workplaces, concierge services, meeting rooms, and a restaurant. They also provide in-person and online content with business and cultural leaders.

Greenwood Bank promotes banking in your own community, by investing in yourself and your community. The bank saves customers money without minimum balance fees, overdraft penalties, and no monthly fees. It has over 500,000 customers using its digital platform. Paul Judge, Greenwood board member, recognized that it is important to see two Black companies both on the sides of Merging and Acquisitions (M&A), redefining the term “Black-on-Black.” Judge further explained that this merger expands the collective power of the Black community to reduce the wealth gap.

For more information about the new partnership, go to https://bankgreenwood.com/tgs/