In “Econ for the Rest of Us,” Dr. Karama Neal would quote Langston Hughes and discuss how wealth without equity of opportunity means very little
The President of Southern Bancorp Community Partners takes a pause to answer some questions with Mighty.
9-22-2020
Name: Karama Neal
Age: A year older than last year
Neighborhood: Little Rock, Arkansas
Occupation: President of Southern Bancorp Community Partners, a CDFI loan fund and development partner of Southern Bancorp that promotes economic mobility in rural Arkansas and Mississippi through development lending, public policy advocacy, and asset building programs. Former adjunct professor and program director at Emory University. Board member of the Little Rock Branch of the St. Louis Federal Reserve Bank. Frequent speaker regarding economic opportunity.
Where do you bank?
Southern Bancorp.
Why did you choose it?
They're a great partner professionally, so I'm happy to work with them personally.
What’s the top thing you need in a bank?
Fast transactions and a community focus.
Describe what you do in your job, in one sentence.
I work with families to achieve savings, home-ownership, and/or entrepreneurship so that they can build their net worth and improve their economic mobility.
Are you a finance person?
When I need to be.
What’s a finance person, anyway?
Let me know when you find out.
What was the name of the first bank you ever had an account with?
The first bank I ever had an account with was a small bank that has since been acquired numerous times. I still have the account.
Do you remember anything from going to the bank as a kid?
I remember being in the car with my mom at the bank drive-thru and looking forward to getting a lollipop.
We remember this, too! We’d sit up real tall in our seats to make sure the teller could see us.
Tell us about a neighborhood that’s special to you, and why it’s special.
Little Rock's South End is special to me. The neighborhood and my family and friends living there have always been a constant in my life.
What’s the last thing you used cash for?
I used cash to make a church offering, back when we were all meeting face to face.
Cash, card, or Venmo?
Card. I see that you didn’t give checks as an option.
What are checks?
What finance-related article, book, or movie has made an impression on you?
I've really been enjoying the Planet Money Summer School podcast.
If you were the professor of an economics class, what would your course be called?
“Econ For The Rest Of Us”
What does wealth mean to you?
Equity in opportunity.
Can you give a recent example of how you used your money to make a difference?
I bought books from a local Black-owned bookstore. I purposefully chose to do so because I wanted to support local jobs and culture.
What will you do with all the bank interest you’ll earn in the next year?
Keep it in my account and save it.
Finish this sentence: Banks_
should finance the change they want to see in the world. This is a saying we have at Southern.
Finish this sentence: Mighty _
is helping us ensure that we and our money are working toward the same goals.
What’s a dream you have for the world?
In the words of Langston Hughes: “A world where Black or White, whatever race you be, will share the bounties of the Earth, and every[one] is free."
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