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Building the Black MetropolisAfrican American Entrepreneurship in Chicago$
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Robert E. Weems and Jason P. Chambers

Print publication date: 2017

Print ISBN-13: 9780252041426

Published to Illinois Scholarship Online: May 2018

DOI: 10.5622/illinois/9780252041426.001.0001

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PRINTED FROM ILLINOIS SCHOLARSHIP ONLINE (www.illinois.universitypressscholarship.com). (c) Copyright Illinois University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in ISO for personal use.date: 03 August 2021

The Rise and Fall of Jesse Binga, a Black Chicago Financial Wizard

The Rise and Fall of Jesse Binga, a Black Chicago Financial Wizard

(p.61) Chapter 3 The Rise and Fall of Jesse Binga, a Black Chicago Financial Wizard
Building the Black Metropolis

Robert Howard

University of Illinois Press

The chapter surveys the life and career of Jesse Binga, a prominent local real estate mogul and banker. At the peak of his career, Binga controlled the Binga State Bank (BSB) and built the Binga Arcade Building, a five-story office building in the heart of the 35th and State Street black business district. With the onset of the Great Depression, the Binga State Bank, like many others, began to experience financial difficulties. What made matters worse for Binga were revelations that he apparently embezzled money from the BSB to help keep his financial empire afloat. In the end, the Binga State Bank closed its doors and Binga spent time in prison. His dramatic rise and fall represents a fascinating case study of African American entrepreneurship.

Keywords:   Jesse Binga, Binga State Bank, Binga Arcade Building, Great Depression, African American Entrepreneurship

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