Binga: The Rise and Fall of Chicago's First Black Banker

by Don Hayner

Binga is the definitive full-length biography of Jesse Binga, the first black banker in Chicago. Born into a large family in Detroit, Binga arrived in Chicago in 1892 in his late twenties with virtually nothing. Through his wits and resourcefulness, he rose to wealth and influence as a real estate broker, and in 1908 he founded the Binga Bank, the first black-owned bank in the city. But his achievements were followed by an equally notable downfall. Binga recounts this gripping story about race, history, politics, and finance.

The Black Belt, where Binga’s bank was located, was a segregated neighborhood on Chicago’s South Side—a burgeoning city within a city—and its growth can be traced through the arc of Binga’s career. He preached and embodied an American gospel of self-help and accrued wealth while expanding housing options and business opportunities for blacks. Devout Roman Catholics, he and his wife Eudora supported church activities and various cultural and artistic organizations; their annual Christmas party was the Black Belt’s social event of the year. But Binga’s success came at the price of a vicious backlash. After he moved his family into a white neighborhood in 1917, their house was bombed multiple times, his offices were attacked twice, and he became a lightning rod for the worst race riots in Chicago history, which took place in 1919. Binga persevered, but, starting with the stock market crash of October 1929, a string of reversals cost him his bank, his property, and his fortune.

A quintessentially Chicago story, Binga tells the history of racial change in one of the most segregated cities in America and how an extraordinary man stood as a symbol of hope in a community isolated by racial animosity.

Genres: Book Club, Nonfiction, History, Biography

314 pages, Kindle Edition

Published November 15, 2019

About the author

Don Hayner is the retired editor-in-chief of the Chicago Sun-Times. During his tenure as managing editor and editor, the Sun-Times was awarded multiple national and local awards for investigative reporting and breaking news, including the Pulitzer Prize for Local Reporting in 2011. Hayner is the co-author, with Tom McNamee, of Streetwise Chicago: A History of Chicago Street Names, The Metro Chicago Almanac: Fascinating Facts and Offbeat Offerings about the Windy City, and The Stadium: 1929–1994, The Official Commemorative History of the Chicago Stadium. Hayner is a graduate of Ripon College and John Marshall Law School.

Reviews

[2TReads · Rating 4 out of 5]

This biography of Jesse Binga, Chicago's first black millionaire was really interesting.
It told the story of Jesse's rise to economic prosperity, and also his fall, which can be attributed to various reasons. However, the main issue was the amount of power and wealth he had amassed and his threat to the status quo, ie: whites in Chicago. Those who were not happy about his lead a campaign to destroy his empire.
A great biography of a man who seized every opportunity that came his way, and never let anything stop him.

[Beachcomber · Rating 2 out of 5]

I received an ARC copy of this via NetGalley in return for an unbiased review. Apologies for the delay in getting to this. Though as you can see, it took me 2 months to read even when I had started it. It was slooooow going. It sounded fascinating on paper, the story of the first black bank owner in Chicago. I read fairly widely but this seemed something outside my usual fare and so I requested it. But as others have said, it meandered and repeated itself. One minute in this year, the next skipping ahead and then back, even within a few paragraphs. Other people would get introduced and have quite a discussion of them, then back to Binga briefly. And as another reviewer said, it spends a lot of time lauding Binga, then fairly suddenly we’re in the chapters where the bank fails and he’s in jail. No wonder it felt slow going though, my Kindle version said it was 20% bibliography so when it felt like I’d read for ages and only managed a few % progress, that wasn’t accurate really. Somewhat of a relief to finally finish this, unfortunately.

[Mary · Rating 3 out of 5]

I read an ARC version from NetGalley and was glad to discover a new Chicago leader.

A brief review of what I liked and what could be improved.

Pro's

- Introduced a pivotal leader of the black community in Chicago during much of the 20th century
-Well documented
- As someone who grew up in Chicago, the depiction of life during Binga's era matched stories my grandparents told
- Key players are easily researched
- Images were quite helpful in telling the story

Con's

- The book meandered thru the story and the author often repeated himself for no clear reason
- It felt like I was reading a Senior history thesis rather than a biography of an influencer

Not a bad book but could benefit from better writing/editing.

[Brandon Bierley · Rating 3 out of 5]

This was an interesting story about an interesting man. My only criticism is that the book often repeated itself. The first three quarters of the book were spent endlessly praising Binga, almost to a fault - again, often repeating things already said without advancing the story in any meaningful way. Then, suddenly, without warning, the last quarter focuses on his trial and imprisonment, which feels a little rushed compared to the time spent heaping praise. The material for a good book is all there, but the emphasis and organization left a lot to be desired.

Copy provided by Netgalley in exchange for an honest review.

[Joanna Hazelden · Rating 5 out of 5]

This one was a wonderful encapsulation of the history of Chicago's Black Belt. In addition to Jesse Binga's story, Hayner also managed to squeeze in luminaries such as Robert Abbott, the creator and publisher of The Defender. The story also covers redlining and how Binga's efforts to stretch the areas were black families could live through his real estate business, lead to his own home being bombed and death threats. For someone so private, Hayner managed to create a real portrait of a stubborn, self-made man who contributed to his own downfall, but never lost his dignity. He was hugely influential and a real symbol of courage and black capitalism.

[Kodi McGlathery · Rating 4 out of 5]

Starts out a little slow, as you cover off the earlier years. But, is still a good book with a ton of historical references

[L.D. Barnes · Rating 5 out of 5]

Binga gives a view of the history and origins of today's Bronzeville that is captivating, entertaining and scholarly without being dull. For my complete review follow this link to the online version at NewCityNews Lit section - https://lit.newcity.com/2019/11/11/th...

Spoiler Alert - I really liked it!

[Clarence Goodman · Rating 4 out of 5]

A worthy telling of one of Chi-Town's most compelling stories.