Citizens Trust Exec Fred Daniels Shares Practical Steps to Financial Fitness for Men

Recently On "Let's Talk About It With The Turners" Frederick “Fred” L. Daniels, Jr., Executive Vice President and Chief Credit Officer at Citizens Trust Bank, offered straightforward guidance on achieving financial fitness for men and fathers.

With more than 30 years of banking experience, Mr. Daniels oversees credit risk, portfolio management, and loan operations for the $450 million-asset, Black-owned community bank, which has branches in Atlanta, Columbus, and Birmingham, Alabama.

Mr. Daniels highlighted the institution’s 105-year history and its mission to help close the racial wealth gap. “Citizens Trust has been here for 105 years,” he said. “We stand on the mighty shoulders of men and women that came before us. And it’s our goal to bridge this wealth gap that we know is prevalent within our community.”

He explained that where people choose to bank directly affects community prosperity. Historically, Citizens Trust provided essential first-home loans in Black neighborhoods and supported civil rights leaders with bail bonds. During economic downturns, community banks like Citizens Trust remain steady when larger institutions reduce lending.

Mr. Daniels pointed to the Paycheck Protection Program (PPP) during the COVID-19 pandemic as a key example. The bank initially planned to lend about $5 million in forgivable loans that required minimal credit checks. When major banks turned away established customers, Citizens Trust responded to heavy demand. “We ended up doing almost $80 million in PPP loans,” he said. All loans were repaid in full, reflecting strong community trust.

“When you bank with us, you have an opportunity to make sure that your community prospers,” Mr. Daniels added.

For men, particularly younger ones, seeking to start businesses or improve financial stability, Mr. Daniels provided clear, practical steps. He urged listeners to prioritize personal health as the foundation for building wealth and to write down specific goals. “Take a piece of paper and write down your goals,” he advised. “If you don’t write down your goals, if you don’t write down what your aspirations are, then it’s just talk.”

He encouraged the use of free online tools such as ChatGPT, Copilot, or Gemini to research business plans, industry basics, timelines, and legal structures like LLCs or sole proprietorships. When applying for loans, Mr. Daniels said, applicants should show “skin in the game” by contributing personal savings or equity to demonstrate commitment.

He also recommended beginning to save consistently, even small amounts, suggesting people start with $25 per paycheck and build the habit over time. Mr. Daniels encouraged maximizing employer-sponsored retirement plans such as 401(k)s or 403(b)s, which offer tax advantages and often include employer matching contributions. “There is not another investment that’s legal that’s gonna match you year after year after year at 50 cents on the dollar,” he said.

Mr. Daniels emphasized a fundamental distinction: “Wealth is not income.” Higher earnings provide more opportunity to save, but true wealth requires shifting from spending to disciplined saving to create emergency funds, home down payments, or retirement security.

To listen to the full interview, click the link above.