Saturday, August 17, 2013

Aug 14 (1947) NBA Hall of Famer and Bank Owner Magic Johnson is born: "Money has changed"

Today, in 1947 Earvin "Magic" Johnson, Jr was born. Not just an NBA hall of famer, Magic is a also bank owner and financier. In the early 1990s, he purchased a major stake in Founders National Bank, which merged with OneUnited Bank in 2001.  A certified Community Development Financial Institution (CDFI) with over $600 million in assets, OneUnited Bank is the largest African-American-owned-bank in the US.

Magic also created the MAGIC card, a prepaid debit card designed for underserved populations, specifically those without a traditional banking relationship, as an alternative to credit cards (and credit card debt).  Magic says:

"Money has change. Cash is no longer king. I want people to know this is my card, I'm not some paid celebrity. This is my business, and it's a good business."

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Flannery O'Connor

You shall know the truth and the truth shall make you odd.