Unraveling the True Story Behind The Banker: How Long Were Bernard Garrett and Joe Morris In Jail?
The two pioneering businessmen behind the inspirational story portrayed in the movie The Banker built impressive banking and real estate empires in 1950‘s America, despite rampant racism that largely excluded African Americans from financial industry leadership roles at the time. But their ingenious scheme of covertly buying and managing banks ultimately led to felony convictions in 1965. Surprisingly, Garrett and Morris served only brief 9-month jail sentences for their controversial business dealings. This comprehensive guide dives deep on their biographies, barriers-breaking accomplishments, legal troubles and lasting legacies.
Garrett and Morris: Bios of Two Visionary Entrepreneurs
Bernard Garrett and Joe Morris came from humble beginnings but steadily built fortunes in real estate and finance.
Bernard Garrett
– Born in Louisiana in 1899, he worked as a janitor before finding success in Los Angeles real estate with Dalton & Singer firm in the 1940s.
– Co-founded Broadway Federal Savings and Loan in 1947, soon running an empire worth $100 million.
Joe Morris
– Born in Texas in 1920, he was an insurance salesman before partnering with Garrett.
– Handled PR, recruitment and frontman duties for their ventures given racist obstacles to black leadership.
Both men possessed natural business savvy, determination and grit to achieve the near-impossible as black bankers in the 1950s/60s era.
Rise to Bank Leadership Through Covert Ownership
Shut out of professional business roles, Garrett and Morris pioneered covert bank ownership tactics.
- In the 1950s, they secretly purchased 2 Texas banks, training white men to pose as bank presidents and representatives.
- This concealed their ownership to bypass racist regulations preventing blacks from leadership positions.
Under their influence, the banks grew substantially:
| Bank | Location | Year Purchased | Growth Under Garrett/Morris |
| Unity Bank & Trust Co. | Houston, TX | 1957 | From $250,000 to $3.7 million in assets |
| Continental National Bank | Fort Worth, TX | 1958 | From $500,000 to $5.6 million in assets |
They built a network of over 100 "phantom" corporations and branches concealing minority ownership and empowering African American communities.
Controversial Practices Led to Fraud Convictions and Brief Jail Time
In 1963, regulators uncovered Garrett and Morris‘s ownership scheme, leading to felony fraud charges:
- Their banks were seized in 1963 and merged into larger Texas institutions.
-
They were arrested and convicted of illegally misapplying $189,000 in bank funds for personal gain.
-
In 1965, Garrett and Morris were sentenced to 3 years in federal prison.
-
However, they served only 9 months before release. This was a relatively light sentence considering the scale of their financial deception.
The brief jail term derailed their trailblazing banking ventures. Morris retired from business after his release.
Garrett‘s Post-Jail Success and Lasting Legacy
Freed from jail in late 1965, Bernard Garrett quickly resumed his ascent in real estate:
- He shifted focus to developing affordable apartment buildings and homes in LA‘s minority areas.
-
Over his lifetime, Garrett built an estimated $100 million real estate/finance portfolio, considered massive wealth for a black man in that era.
-
Though criminally convicted for his unconventional banking activities, Garrett‘s perseverance and pioneering spirit made him an icon of black business success.
-
His legacy paved the way for future generations of African American entrepreneurs.
Garrett‘s Inspiring Rags-to-Riches Story Remembered Thanks to Film
Bernard Garrett died in 1999 at age 99, but his against-the-odds rise from extreme poverty to banking tycoon was nearly forgotten over time. It wasn‘t until 2015 that his son brought the story to producers, resulting in 2020‘s acclaimed movie The Banker, starring Anthony Mackie and Samuel L. Jackson. This film shined a spotlight on Bernard Garrett and Joe Morris‘ tenacity in the face of seemingly insurmountable racial barriers. Though the racist realities of 1950‘s America cut their bold banking venture short, confining them to just 9 months in jail, their pioneering achievements outshined this brief setback. Garrett and Morris‘ legacy as two of the early African American business leaders who found success by any means necessary continues to inspire future generations.