The Rise and Fall of Jesse Binga

Today the street where Jesse Binga lived is named for Dr. Martin Luther King.  That’s appropriate.  When the street was called South Park Avenue and Binga occupied house at #5922, the building became a symbol of the civil rights struggle.

Jesse Binga was a go-getter.  Born in Detroit in 1865, he started out to be a barber like his father.  He moved through a number of jobs before settling in Chicago at the time of the 1893 World’s Fair.  A few years later he entered the real estate business.

Chicago’s African-American population was small at the turn of the 20th Century, but that was about to change.  Here Binga saw his opportunity.

During the first decades of the new century, Southern blacks began moving north.  Chicago’s neighborhoods were segregated, like most northern cities.  The newcomers settled in a narrow section of the South Side.  But as more people arrived, they began to burst the boundaries of the “Black Belt.”

Jesse Binga became the main agent of racial succession.  He bought property from whites who wanted to move out, fixed it up, then resold to blacks who needed a place to live.  He helped his community—and he got rich.

From real estate he moved into banking.  He took over a failed bank at 36th and State, and reopened it as the Binga Bank, the city’s first black-owned financial institution.  In 1910 he ran for the County Board as a Republican, but lost.  After that he steered clear of politics.

Binga moved into 5922 S. South Park Avenue in 1917.  The Washington Park neighborhood was then all-white.  He received death threats and the house was repeatedly bombed.  He had to hire 24-hour security guards. Binga defiantly refused to move, saying he was an American citizen and could live where he pleased.  Years passed before the violence stopped.

The Binga business empire reached its peak during the 1920s.  He rechartered his bank as the Binga State Bank and erected a new building at the northwest corner of 35th and State.  Next to it he constructed a five-story office building called the Binga Arcade.  He announced plans to open another, federally-chartered bank.

Then the Stock Market crashed.  The Depression followed, the Binga State Bank failed, and thousands of African-American depositors were wiped out.

Jesse Binga was wiped out, too.  He later served a prison sentence for embezzlement, though many people thought the charges were trumped up.  He spent his last years working as a janitor at St. Anselm Church, for $15 a week.

Jesse Binga died in 1950.  His home is a registered Chicago Landmark, and is privately owned.

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