Business
The Dynamic History of African American $1 Trillion purchasing power
Peter W. Dauterive
In 1972, Peter W. Dauterive was the founding president and chief executive officer of Founders Savings & Loan Association, which bought the Santa Barbara Avenue branch of Santa Barbara Savings. Dauterive started the new company because he wanted to provide home loans for a community scarred by the 1965 Watts riots, which had made many financial institutions abandon the area.
“I look on this as an opportunity to provide this community with financial services it needed pretty badly,” he said in 1973.
Dauterive served as a director of the California Savings and Loan League and director and president of the American Savings and Loan League. The then president Reagan named him to the National Commission for Employment Policy, and he also served on several state commissions, including the California Economic Development Corporation.
Dauterive died of natural causes in 1983, but his wife, Verna Dauterive, a former principal of Franklin Avenue Elementary School and, USC student has continued to maintain his legacy. In 2008 She donated US$25 million in the memory of her late husband to USC, the largest single donation an African American has given to a university.
Broadway Federal Bank
Broadway Federal Bank was created in 1946 as a mutual savings and loan by a group of civic minded people interested in creating a financial institution that would serve the economic needs of African Americans living in Los Angeles after World War II. With an opening capital of US$150,000, the bank’s founders opened Broadway’s doors to welcome the first savers on January 11, 1947. H.A. Howard, a real estate broker and investor, was the first manager. The original Bank building consisted of a three-room office at 4329 South Broadway.
In 1949, Claude Hudson, a dentist and community leader became chair of the board of directors and supervised the management of the bank for the next 23 years. In April of 1972, leadership of Broadway was passed to Hudson’s son, Elbert Hudson, 10 years after Broadway’s board elected Paul Hudson as president and chief executive officer. Elbert Hudson continues to chair the board and the executive committee of the board.
A parent company, Broadway Financial Corporation, was created to hold what is now called Broadway Federal Bank. The bank has branches in Inglewood, midWilshire and near the Los Angeles Coliseum.
One United Bank
Founded in 1968, OneUnited Bank is an African American-owned and managed Massachusetts-chartered trust company headquartered in Boston, Massachusetts. The FDIC bank is also a community development financial institution (CDFI) as certified by the United States Department of Treasury. As of December 31, 2013, OneUnited Bank maintained US$616.4 million in total assets.
OneUnited Bank provides affordable and innovative financial products and services to fulfill its community development mission in the urban cortimunities of Boston, Massachusetts, Miami, Florida and Los Angeles, California. OneUnited Bank services not-for-profits, small business, affordable housing, churches, and others.
