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List of Black Owned Banks And Credit Unions In The USA

There are currently about 21 African-American owned banks with assets totaling about $4.7 billion or about 0.43 percent of African-America’s $1.1 trillion in buying power. In 1994, there were 54 African-American owned banks according to the FDIC. Now, there are 21. 

We have the power to generate over 1 trillion dollars annually but invest less than half a percent of that in our own financial institutions. It’s time to change these numbers!

Check out the list below:

1. One United Bank

Kevin Cohee is the Chairman and Chief Executive Officer of One United Bank

Kevin Cohee is the Chairman and Chief Executive Officer of One United Bank

 

 

 

 

 

 

 

 

 

 

 

 

 

One United is the first Black internet bank and the second largest Black owned bank in the country, with offices in Los Angeles, Boston andMiami.

They were awarded the highest Bank Enterprise Award by the U.S. Department of Treasury for our community development lending ten times!

Location(s): Los Angeles,California, Miami, Florida, Boston, Massachusetts

WebsiteOne United Bank

Minimum Deposit: $50

 

2. Citizens Trust Bank

Cynthia N. Day President and CEO Citizens Trust Bank

Cynthia N. Day – President and CEO Citizens Trust Bank

 

 

 

 

 

 

 

 

 

 

 

Citizens Trust Bank located in Atlanta, GA is a 95-year-old Black Owned and operated bank. In February of 2016, rapper Killer Mike, got together with R&B singer Usher and Producer Jermain Dupri to push an initiative to increase new accounts at Citizens Trust. Setting and achieving a goal to raise $1 Million for the bank.

Location(s): Atlanta, GA, Columbus, GA, Lithonia, GA, Stone Mountain, GA, N Birmingham, AL

Website: Citizens Trust Bank

Minimum Deposit: $50

Minimum Balance: No minimum balance required

 

3. Seaway Bank and Trust

Veranda L. Dickens, Chairman of the Board, Seaway Bank and Trust Company

Veranda L. Dickens, Chairman of the Board, Seaway Bank and Trust Company

Seaway Bank and Trust Company is a full-service Black Owned commercial bank located in Chicago, Illinois. Established in 1965 as Seaway National Bank of Chicago, it was created to counter discriminatory lending practices on Chicago’s South Side. The founders, a group of local businessmen, sold shares door to door throughout the community to raise the $1,000,000 in capital needed to secure the Federal charter. By the end of its first year, Seaway’s assets had climbed to over $5,000,000, and the bank has grown steadily over the years.

Location(s): Chicago, IL

Website: Seaway Bank

Minimum Deposit: $25

Minimum Balance: No minimum balance required

Monthly Fees: None

 

4. Carver Federal Savings

President and Chief Executive Officer - Carver Federal Savings

President and Chief Executive Officer – Carver Federal Saving

 

 

 

 

 

 

 

 

 

 

 

 

 

Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. Today, Carver is the largest African-American operated bank in the United States. Since its inception, the Bank has continuously been headquartered in Harlem, and most of our ten branches and 24/7 ATM Centers are located in low- to moderate- income neighborhoods.

Location(s): New York, NY

Website: Carver Federal Savings

5. Liberty Bank

Alden J. McDonald Jr. -President and CEO Liberty Bank

Alden J. McDonald Jr. -President and CEO Liberty Bank

 

 

 

 

 

 

 

 

 

 

 

 

In 1972, Liberty Bank was chartered in New Orleans, Louisiana, with a focus on service, integrity and a sincere interest in community and business development. Nearly four decades later, Liberty Bank has expanded to 18 branch offices in six states.

Liberty Bank established its Baton Rouge presence in 1994 and opened a third branch in 2004. Liberty then moved into Mississippi in 2003, acquiring First American Bank in Jackson. This was followed by expansion into the Greater Kansas City market with the acquisition of Douglass bank in Kansas City, Kansas, and Kansas City, Missouri, in 2008.

Location(s): New Orleans, LA, Baton Rouge, LA,  Jackson, MS, Kansas City, KS, Kansas City, MO, Detroit, MI, Chicago, IL, Tuskegee, AL, Montgomery, AL

WebsiteLiberty Bank

Minimum Deposit: No minimum opening deposit

Minimum Balance: No minimum balance required

Monthly Fees: $2 for electronic statements | $4 for paper statements

 

6. Industrial Bank

B. Doyle Mitchell, Jr., - President/CEO Industrial Bank

B. Doyle Mitchell, Jr., – President/CEO Industrial Bank

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Bank was founded on August 20, 1934, and is the oldest and largest African-American owned commercial bank in the metropolitan Washington, D.C. region.

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Since 1934, the bank has delivered essential banking and financial services which have contributed greatly to the growth and development of the Washington, D.C. community. From that first day in 1934, when Industrial Bank had just six employees and $192,000 in assets, Industrial Bank has grown into an institution with over 115 employees and over $389 million in assets.

Location(s): Washington, D.C.,

WebsiteIndustrial Bank

Minimum Deposit: $25

Minimum Balance: No minimum balance required

Monthly Fees: None

7. Broadway federal Bank

Wayne-Kent A. Bradshaw - President and CEO Broadway Federal Bank

Wayne-Kent A. Bradshaw – President and CEO Broadway Federal Bank

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadway Financial Corporation (the “Company”) is a bank holding company based in Los Angeles, California that conducts its operations through its wholly-owned subsidiary, Broadway Federal Bank, f.s.b. (the “Bank” and collectively with the Company, “Broadway”), which is the leading community-oriented savings bank in Southern California serving low-to-moderate income communities.

The Bank traces its origin to Broadway Federal Savings and Loan Association, which was founded in 1946 by a group of civic-minded men and women, including H.A. Howard, a real estate broker, Dr. H. Claude Hudson, a dentist and community leader, and Paul R. Williams, a noted architect. These leaders had identified the need for conventional loans to minority consumers, many of whom were returning veterans. They observed that minority consumers were being ignored by the then existing financial institutions, and loans, if available at all, carried high interest rates.

Location(s): Los Angeles, CA, Inglewood, CA

WebsiteBroadway Federal Bank

Minimum Deposit: $50

Monthly Fees: None

 

8. Mechanics & Farmers Bank

James H. Sills, III - President and CEO M&F Bank

James H. Sills, III – President and CEO M&F Bank

M&F Bank, a state-chartered commercial bank, was organized in 1907 under the authority of a charter issued by the Legislature of the North Carolina . The original incorporators were a group of nine prominent businessmen, headed by R. B. Fitzgerald. The other incorporators included: J. A. Dodson, J. R. Hawkins, John Merrick, Aaron M. Moore, W.G. Pearson, James E. Shepard, G. W. Stephens, and Stanford L. Warren.

Many people today lack appreciation of the origin of the Bank’s name. The founders and original customers represented various trades, crafts and professions where the African-American community had achieved success and prominence, so “Mechanics” likely was derived from the legal term “mechanics lien” that grouped such occupations together.

Location(s): Charlotte NC, Durham NC, Raleigh NC, Winston-Salem NC

WebsiteM&F Bank

Minimum Deposit: $25

Monthly Fees: None

 

9. City National Bank

Preston D. Pinkett, III - CHAIRMAN & CEO City National bank

Preston D. Pinkett, III – CHAIRMAN & CEO City National bank

 

 

 

 

 

 

 

 

 

 

 

 

City National Bank started in 1971 when a group of African-American community leaders recognized a tremendous economic void in Newark, the largest urban center in New Jersey. They believed Newark needed a financial institution that would be sensitive to the financial needs of minority residents whose access to credit and banking services was historically limited. Charles L. Whigham, a prominent local businessman, spearheaded a grassroots effort to raise capital.

Walking door-to-door, the founders met with church groups, people and various organizations to sell stock in the bank. In less than two years, $1.2 million was raised when nearly 1,800 shareholders purchased 60,000 shares. In 1973, City National Bank of New Jersey was established as a full-service commercial bank.

Location(s): Newark, NJ, Brooklyn, NY Harlem, NY

Website: City National Bank

Minimum Deposit: $50

Minimum Balance: No minimum balance required

 

FAMU Federal Credit Union – Tallahassee, Florida
Credit Union of Atlanta – Atlanta, Georgia
North Milwaukee State Bank – Milwaukee, Wisconsin
The Harbor Bank– Baltimore, Maryland
United Bank of Philidelphia – Philidelphia, Penn
Alamerica Bank – Birmingham, Alabama
Carver State Bank – Savannah, Georgia
Commonwealth National Bank – Mobile, Alabama
First Independence Bank – Detroit, Michigan
Illinois Service Federal – Chicago, Illinois
Unity National Bank – Houston, Texas
Tri-State Bank – Memphis, Tennesse
Citizens Bank – Nashville, Tennessee
South Carolina Community Bank – Columbia, South Carolina
Toledo Urban Credit Union – Toledo, Ohio
Hill District Credit Union – Pittsburgh, Pennsylvania
Omega Psi Phi Credit Union – Lawrenceville, Georgia
Phi Beta Sigma Federal Credit Union – Washington, DC

 

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Written by PH

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