San Antonio Spurs swingman Harrison Barnes has purchased a bank in his home state of Iowa.
Talk about generational wealth.
NBA champion Harrison Barnes has definitely accumulated generational wealth during his successful career.
But purchasing a bank in his home state of Iowa is next level, even for a multimillionaire professional athlete.
Andrew Jamieson of Mens Journal reported, “Today, more and more NBA players are taking advantage of off the court opportunities.
“San Antonio Spurs forward Harrison Barnes is the latest example, as the 34-year-old recently purchased Community State Bank in Paton, Iowa, according to Paul Davis for the Bank Slate. He has invested $25 million of his own money into the bank.
“Barnes was born in Ames, Iowa, in 1992 and went to Ames High School, where he was rated the No. 1 high school basketball recruit in the United States during his senior year in 2010…
“His purchase of Community State in Paton, Iowa, a town with a population of around 220, comes as Barnes has accumulated $224.1 million over his NBA career, according to Spotrac.”
While NBA players investing in businesses comes as no surprise, even some of Barnes’ basketball comrades were shocked with his investment even though he told them his plans beforehand.
On social media, Indiana Pacers star Tyrese Haliburton said, “HB told me this was the plan my rookie year!! I couldn’t believe what I was hearing. That was the first time I realized dudes in the NBA got real and are real adults like wtf lol.”
Some of Barnes’ other investments include: HBT Financial, Triumph Financial, Live Oak Bank, Cass Informational Systems, Bank of N.T. Butterfield & Son Limited, Oak Valley Bancorp, Westamerica Bancorporation and FFB Bancorp.
Barnes said, “I saw community banks as economic first responders during COVID. They proved to be the most effective way to distribute PPP loans and proved their value to their customers and their communities.”
The NBA veteran added, “I think the biggest thing is that you have to be where your feet are.
“When I’m focused on basketball and I’m in that lane, I’m 100 percent a basketball player. When I’m here trying to figure out how to best support and serve Community State Bank, I’m 100 percent in this lane, right? When I’m at home and I’m with my family, I’m a 100 percent a husband and a father, right? Like, I think every time that you step into a room, you step into a space, you are 100 percent where your feet are at, and that’s how I find the balance.”
According to Barnes’ company website, “Barnes & Co. mission is to protect and develop the human, intellectual, financial and social capital of the Harrison & Brittany Barnes Family. The non-indexed portion of the firm’s holdings, are focused in financial services. Investments in a concentrated core of traditional financial institutions are complemented by select involvement in venture-backed B2B financial technologies.”
The news about Barnes’ investment comes shortly after two iconic Black banks merged in the Carolinas.
Richard Francis or RegalMag.com reported, “[In July], Optus Bank and Mechanics joined forces with Farmers Bank in a $105 million deal, resulting in the largest Black-owned financial institution in the United States, holding approximately $1.27 billion in assets…
“When the deal is approved, the partnership will spread to over 10 locations in North Carolin and South Carolina.
“M&F’s President James H. Sills will serve as chief executive officer, while Paul Mitchell of Optus Banks will serve as chairperson.
“The deal is expected to close in the fourth quarter of 2026.”
BlackAmericaWeb reported, “The big wigs at Optus Bank and Mechanics & Farmers Bank have come together for an agreement that would consolidate approximately $1.27 billion in assets and over 220 years of Black banking experience. Based on the official press release…, parent companies Optus Financial Corporation and M&F Bancorp Inc. are now awaiting approval from shareholders of the latter and a set of required regulatory approvals as well. The ultimate goal is to position both entities as one united front with enhanced impact, expanded access to capital and advanced economic opportunities overall within the community.”
A statement from M&F Bank reads, “The Transaction represents one of the most significant MDI combinations in recent years and underscores the enduring strength and relevance of mission-driven banking. By combining complementary capabilities and deep community roots, the resulting institution will be uniquely positioned to enhance its impact while preserving the legacy and purpose that have defined both organizations.
“The announcement comes at a pivotal time as Optus Bank prepares to celebrate 105 years of ‘Banking on Communities’ this October. Founded in 1921 as Victory Savings Bank, Optus has evolved into one of the nation’s leading MDIs and certified Community Development Financial Institutions (‘CDFIs’), dedicated to expanding access to credit, capital, and financial services. Similarly, M&F Bank, founded in 1907, has a longstanding history of empowering individuals, families, and businesses throughout North Carolina and is widely recognized as one of the nation’s oldest and most respected African American-owned financial institutions. United by a shared vision and purpose, the two organizations are well-positioned to expand economic mobility and community impact.”
After the deal is complete, the banks will have over 10 locations in North Carolina and South Carolina.
During the Black Lives Matter movement around 2020, many Black Americans began putting their money into Black-owned banks at the behest of activists like Grammy award winning rapper Killer Mike.
The Georgia rapper also co-founded a digital bank called Greenwood in honor of one of the major streets in Black Wall Street in Tulsa, Okla.
