Bernard Garrett facts for kids

Bernard S. Garrett Sr. (born September 19, 1925 – died September 9, 1999) was a smart American businessman, investor, and banker. He became known for building a large real estate and banking business, especially during a time when many Black Americans faced unfair treatment.

Early Life and Education

Bernard Garrett was born in Willis, Texas, on September 19, 1925. He finished school up to the 11th grade in Houston, Texas. He married his first wife, Eunice, and they moved to Inglewood, California. Their son, Bernard Garrett Jr., was born in 1958. Bernard and Eunice later separated.

In 1960, Bernard met Linda Marie Guillemette, and they married in 1962. By 1963, Bernard and Linda had bought many properties all over California. This included the important Bankers Building in downtown Los Angeles, which they purchased that same year. They also took part in Martin Luther King Jr.'s famous March on Washington for Jobs and Freedom in August 1963.

Bernard Garrett's Business Journey

Bernard Garrett started his career with a cleaning business in Texas. In 1945, his family moved to California. There, he started another cleaning business and also a business collecting wastepaper.

Building a Real Estate Empire

Garrett wanted to buy an apartment building in a neighborhood in Los Angeles that was mostly white. He made a deal with the owner, Mr. Barker. Mr. Barker and a bank loaned Garrett money to fix up the apartments. Garrett was very good at renting the units to Black residents and paid back his loans. Because of this success, he and Barker became partners and invested in more real estate together.

By 1954, Garrett had about $1.5 million. He suggested to another Black businessman, Joseph B. Morris, that they buy real estate together. Morris was a smart person who had owned nightclubs. Joe and his wife, Cora, became good friends with Linda and Bernard. Together, they bought the Bankers Building, which was the tallest building in Los Angeles at the time.

They found a clever way to succeed: Linda, who had fair skin, and sometimes other white people, would pretend to be in charge of their businesses. This made it seem like white people were running the operations. But in truth, Bernard Garrett and Joseph Morris were the real owners and managers of all the properties.

Challenges in Banking

Morris and Garrett went on to buy several banks and savings & loan companies in Texas. They bought their first bank in Texas in 1964 and then four more. However, some powerful people who held unfair views about race tried to stop the Garretts from owning and controlling banks that served white communities in Texas.

In 1965, Senator John L. McClellan from Arkansas called Garrett to appear before a special Senate committee. The Garretts hired famous lawyers, Melvin Belli and Joe Tonahill, to help defend him. Bernard Garrett faced legal challenges and was held for a period at Terminal Island Federal Facility in Long Beach, California, in 1967. This happened shortly after his second daughter, Sheila, was born.

New Beginnings in the Bahamas

After these challenges, the Garretts decided to build another real estate business. This time, they focused on the newly independent country of the Bahamas. By 1976, they moved their family, which included six children, to the Bahamas. They bought a large marina there and hoped to get approval to own banks in the Bahamas.

However, they faced another setback. Their request to own banks in the Bahamas was turned down because of the previous legal issues he faced in Texas, which were influenced by racial discrimination. Eventually, they moved back to the United States.

Personal Life

Bernard and Linda Garrett had six children together. The couple divorced around 1977 or 1978. Bernard Garrett later married Kathy Ussery, and they had two sons. Bernard Garrett passed away in 1999.

Bernard Garrett is the father of actress and helper Cynthia Garrett and also of venture capitalist Christian Garrett.

Legacy

The amazing story of Garrett and Morris was made into a movie in 2020 called The Banker. Many people praised the film.

Bernard Garrett built a real estate and banking business that was worth tens of millions of dollars. This would be worth well over $100 million today.

In 2020, Bernard Garrett Sr.'s family started The Bernard Garrett Sr. Foundation. This foundation helps teach African Americans about money and creates opportunities for them.