Benaisha Poole-Watson is the first Afro-Latina to own an FDIC bank, and the significance of this milestone cannot be overstated. As a native of South Central Los Angeles’ Crenshaw District, Poole-Watson witnessed firsthand the devastating effects of poverty and institutional failure. Her mother’s perseverance and determination to provide for her family despite systemic barriers undoubtedly influenced her entrepreneurial spirit and current success.
Like many immigrants and people of colour, Poole-Watson had to work tirelessly to achieve her goals. She had a child by the age of 19 and worked multiple jobs, including serving nine years in the United States Air Force, training to be a flight attendant, and working in law enforcement. But despite the obstacles she faced, she never lost her passion for learning and improving her financial literacy.
“My mother is an immigrant, and she didn’t get a 401k until she was in her 40s. She worked at a job and didn’t have her retirement set up. So when learning about finances, I learned indirectly. I was just curious and asked the questions. I watched the people around me and noticed the mistakes they would make. So I dug deeper and familiarized myself with how money works,” Poole-Watson explained in an interview with Revolt.
Poole-Watson’s entrepreneurial journey began in 2018 when she established the Bailey Watson Real Estate Group with her friend Lori Bailey. In just a few short years, she has become one of the top 1% of realtors in the country, with over 400 homes sold each year. But she didn’t stop there. Inspired by a suggestion at a real estate conference, she founded her own Fannie Mae-approved and federally regulated bank, Prime One Lending Group, and Home Loans, in 2021.
“I’m just here to empower our community and inspire our people to let them know that there is a safe place that you can do business, where we can loan you money in an equal and equitable manner and get you to your next step into generational wealth,” Poole-Watson said of her new venture.
Her bank is a game-changer for underserved communities, as FDIC data shows that only 23 out of 5,400 insured financial institutions in the United States are Black-owned and operated. By providing a safe and equitable space for financial services, Poole-Watson is giving marginalized communities the resources they need to break the cycle of poverty and build generational wealth.
Poole-Watson’s success is not just a personal victory but a win for all Black and Brown women who are fighting to break through systemic barriers and achieve their dreams.
