Black Entrepreneur Launches First AfroLatina-Owned FDIC Bank

Benaisha Poole-Watson, a native of the South Central Los Angeles Crenshaw District, used her upbringing as motivation for her success. 

She served in the military and worked as a corporate executive, but she was interested in pursuing a career in real estate. In 2018, she opened Bailey Watson Real Estate Group with a friend, Lori Bailey. According to Essence, she established Prime One Lending Group And Home Loans, a federally chartered bank, in 2021.

Growing up in the Crenshaw District, Poole-Watson was surrounded by the result of a system that disproportionately affects people of color. In her city, she observed the effects of poverty. She was raised alongside her sister, who passed away at 10. When Poole-Watson’s African American father and Guatemalan mother divorced, her mother began to work a surplus of hours to make ends meet. 

Poole-Watson credits her work ethic to her mother. 

Watson received a modeling opportunity that provided her with the necessary funds to purchase her first investment property at 19 years old. “I had no idea that my process would take me here,” she said. 

Since launching Bailey Watson Real Estate Group, Poole-Watson has been ranked in the top 1% of realtors in the United States. She sells homes starting from $60,000 to as much as $10 million. Poole-Watson has a passion for helping people find and purchase homes. She also helps people with Section 8 Vouchers rent homes. 

“I sell real estate—I don’t want to own and fully operate a bank on my own,” she said about owning a bank. “But I learned that I could hire the right team with know-how.” She established Prime One Lending Group and Home Loans, a Fannie Mae-approved direct lender. As a direct lender, she sought a route to benefit underserved populations during the application process. “I didn’t want any restrictions,” she said. “I was able to create all of this on my own. When you’re creating your bank, if you get to that point where you’re able to do this, you have the ability to pick and choose how you want to run your programs…I chose to set a 580 credit score as my limit because I knew this is where minorities sat.”

Prime One Lending Group and Home Loans does not currently provide customers with a checking or savings account. However, Poole-Watson says there are plans to expand the company.