The Gathering Spot And Greenwood Forge Separate Paths After Turbulent Year
Atlanta’s Black-founded and centered membership club, The Gathering Spot (TGS), and digital banking platform Greenwood are going their separate ways.
The Events Leading Up To The Separation
Last May, The Gathering Spot was acquired by Greenwood.
Over the last year, however, there were reported disputes between the two companies, including reports of a lawsuit filed by TGS co-founders Ryan Wilson and T’Keel Petersen.
They alleged that Greenwood co-founder and CEO Ryan Glover, and board member Dr Paul Judge had committed fraud and deception.
In July of this year, Glover and Wilson announced they had resolved their disputes after Petersen exited the company, with speculation that he had been fired.
The announcement also stated that TGS would continue to operate as an independent subsidiary of Greenwood under the leadership of Wilson and Petersen.
However, now they have decided to go their separate ways.
The Gathering Spot Goes Independent
“Ultimately, the goal is to try to position both of these companies for success,” TGS CEO and co-founder Ryan Wilson told The Atlanta Journal.
“We wish each other well. Both of these companies play an important role in the community.”
Although the two will no longer participate in business with one another, TGS and Greenwood will maintain their partnership.
Wilson also disclosed that the decision to make the company independent was unrelated to the summer’s turmoil.
Greenwood CEO Ryan Glover will continue to serve as a TGS board member, and the banking institution will remain a shareholder.
“Both companies remain supportive of each other’s growth as they transition back to operating as separate entities,” said Glover, according to The Atlanta Journal.
“Greenwood and The Gathering Spot remain committed to the community, continuing to offer innovative solutions and services that foster growth and empowerment.”
Moving forward, Greenwood account holders who pay $200 monthly for the Elevate membership will retain access to The Gathering Spot locations in Atlanta, GA, LA, CA, and Washington, DC.
“We have an expanded vision for our future and a lot of new things to share that we think you will be proud of,” Wilson wrote on Instagram.
“Even more, we look forward to listening to you as we prepare to enter this new chapter.”
