Bank Executive Shares Financial Wisdom for Next Generation




Teri Williams, President and Chief Operating Officer of OneUnited Bank, reflects on her family's rich history, tracing it back to her great-grandmother, Ma Honey, an enterprising businesswoman in Indiantown, Florida. Ma Honey's diverse ventures, including a candy store, barbecue joint, juke joint, and rental properties, not only secured her family's financial well-being but also provided opportunities, such as funding her grandparents' relocation for her father's high school education in a segregated era. Williams acknowledges that her great-grandmother's entrepreneurial spirit subtly influenced her own path to success, which began with scholarships to Brown University and Harvard Business School, leading to a distinguished career in national banking.
Williams, alongside her husband Kevin, co-founded OneUnited Bank in the mid-1990s by consolidating four banks serving the Black community. While building their banking empire and raising their two children, now 30 and 32, Williams instilled in them the paramount importance of saving. She stresses that savings are not just for security but enable individuals to take calculated risks essential for growth, including significant life investments like homeownership. Williams believes that a robust savings cushion mitigates the impact of inevitable financial missteps, fostering resilience and long-term prosperity.
Even with her background, Williams recognized the challenges in fostering financial literacy, not only for her children but also for the broader Black community. She authored a children's book addressing issues like check cashers and payday loans, integrating these concepts into OneUnited's school-based financial literacy programs. A revealing incident with her daughter, who mistook a credit card balance for available funds, underscored the complexity of financial terminology and the need for clear, accessible education. Williams embraces the evolving landscape of financial decisions, noting her children's preference for individual stocks and cryptocurrency over her traditional mutual fund investments. She holds an optimistic vision for future generations, hoping they will expand their financial influence globally, building upon the legacy of community service established by her great-grandmother and continued through OneUnited Bank.
Embracing financial knowledge and prudent saving strategies empowers individuals to navigate complex economic landscapes with confidence. By learning from past experiences and adapting to new financial tools, each generation can build a stronger, more equitable future, transcending economic barriers and fostering widespread prosperity.