Are there any black owned banks

Based in Washington D. One of the primary goals of the Industrial Bank is to provide loans for low- and moderate-income African-American communities to improve their financial status. This black-owned bank is an Atlanta, Georgia-based bank with branches in Birmingham and Eutaw. Citizens Trust was established in to serve the black community in Atlanta.

The bank focuses on providing different types of loans, such as business and real estate loans. They even offer an affordable housing program for the black community, especially to those who need down payment assistance.

This black-owned bank is headquartered in Boston, Massachusetts. Citizens Bank is the oldest, continuously operating Black-owned bank in the U. Today, the bank plays an active role in providing sponsorship support for multiple community organizations.

Founded in , the Commonwealth National Bank is a full-service nationally chartered commercial institution. Commonwealth is the sole bank headquartered in Mobile, out of the 45 banks doing business there.

In , the Community Owned Federal Credit Union was founded to provide low-income communities in Johns Island and part of Charleston with financial services typically denied to them by mainstream institutions. Membership has since grown to include the entire Charleston area. Founded in , the Credit Union of Atlanta remained stable and secure throughout the Great Depression. Faith is one of the largest minority-owned Credit Unions in Ohio, and it is available to anyone who lives, works, worships, or attend school in Cuyahoga County as well as their family, business, and organization.

The story of the Faith Cooperative Credit Union is a tale of two different organizations. John Federal Credit Union was founded in On Jan. The Security Trust and Savings Bank first opened for business in The institution was acquired by Groupe Ndoum in , which led to its name change to GN Bank in The Greater Kinston Credit Union was founded in and provides a variety of loans and deposit accounts.

The Hill District Federal Credit Union got its start in and has provided financial services to its members for 50 years. Hope has since spread across the Deep South through its sponsors and by merging with other financial organizations, with the most recent being the Tri-Rivers Federal Credit Union in Originally chartered on Oct.

Industrial Bank first opened on Aug. Liberty Bank was originally chartered in New Orleans in Liberty Bank is the second-largest Black-owned bank in physical footprint, with branches in eight states. It received its Federal Charter on Oct. Officially chartered on Sept. Members, employees, students, or family of the Oak Cliff Bible Fellowship and its subsidiaries are eligible to join the organization. Founded in , the Omega Psi Phi Fraternity Federal Credit Union is open to members of the fraternity, including its chapters, districts, and other related organizations, and their families, in addition to employees of both the fraternity and credit union itself.

OneUnited Bank was the first online-only Black-owned bank and is the largest Black-owned bank in the U. OPTUS is committed to helping anyone, regardless of background or situation, build their wealth and improve their lives. Since , the South Side Community Federal Credit Union has offered access to credit and savings services for its members, in addition to financial education.

Originally chartered in as the Teachers Credit Union, St. Louis Community Credit Union offers both financial services and several programs to support consumers in the local community.

Louis City, Franklin, and St. Louis county in Missouri—as well as in St. Clair, Madison, Monroe, and Jersey counties in Illinois—are eligible for membership, in addition to their families.

Originally opening its doors in September , The Harbor Bank of Maryland offers banking and other financial services, primarily in the Baltimore metropolitan area. Harbor Bank was also the first community bank in the U. Toledo Urban Federal Credit Union originally opened its doors on July 21, , to help its members achieve economic empowerment.

Originally founded in , United Bank of Philadelphia offers personalized banking services in the Greater Philadelphia area to both individuals and businesses. The bank was founded in and chartered in Unity focuses on helping to rebuild the community with an emphasis on commercial loans and mortgages.

Urban Upbound was founded in , to provide five integrated programs to individuals living in public housing and and other low- and moderate-income neighborhoods.

The Encyclopedia of Greater Philadelphia. Federal Deposit Insurance Corporation. Freedman's Savings Bank. Partnership for Progress. Federal Reserve Bank of Chicago. Accessed Feb. Urban Institute. Black Perspectives. Mehrsa Baradaran. Harvard University Press, But anyone can join when they become a member of the Hill District Business Association. If you live, work or volunteer in Pittsburg, Pennsylvania, you may be eligible for membership. Contact the Hill District Federal Credit Union for more information about the qualifying boundary limits for membership.

United Bank of Philadelphia opened its doors in It offers personalized services to businesses and individuals in the Greater Philadelphia region, specifically Blacks, Hispanics, Asians and women.

Its goal is to foster community development and economic growth in underserved neighborhoods. It provides financial services to Brookland Baptist Church members and their families. Community Owned Federal Credit Union was founded by a small group in who wanted to provide broader financial access to low-income residents of Johns Island and the Charleston community. It is one of only two designated low-income credit unions in South Carolina. Immediate family members and employees of the Community Owned Federal Credit Union may also qualify for membership.

Today, the bank is committed to helping all people build wealth, regardless of their background. Today, it operates as the oldest continuously operated Black-owned bank in the US. It provides a variety of financial services to individuals and businesses. Tri-State Bank of Memphis was founded in Faith Cooperative Credit Union was founded as St. John Federal Credit Union in Its name changed after it united with Friendship-West Baptist Church to form a micro-loan institution. It was chartered in and operates as a faith-based non-profit institution.

Members and immediate family members of the Mount Olive Baptist Church can enroll in this credit union. Unity National Bank was founded in and charted in Its primary focus is in providing lending services to underserved communities in Texas and Georgia, but it also has a variety of personal and business bank accounts.

It has since expanded over the years, and was granted permission to change its name to Virginia State University Federal Credit Union in It provides a variety of financial services to Howard University employees and their families.

Branch locations: Washington, D. Industrial Bank was founded in and services businesses, homeowners and individuals in the Washington, D. It primarily offers mortgages and church loans, but it has one CD option for those who want to save. The number of Black-owned institutions in the US has dwindled over the years as regulatory and operating costs make it difficult to stay in business.

Today, there are 42 Black-owned financial institutions in the US. Now more than ever, Black-owned banks need our support to combat the wealth disparity gap and systemic racism that exists in the US. Black-owned banks work to minimize this gap by giving minority communities the financial services, funding and education they need to acquire assets and build wealth.

Without these institutions, low-to-moderate income communities are forced to rely on payday lenders for financing, which keeps them trapped in a cycle of debt. Now is the time to support Black-owned institutions so they can continue fighting systemic racism and working to close the wealth gap that exists in the US. Once you find a Black-owned bank or credit union you want to support, follow these steps to open an account with them. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.

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How to switch banks Bottom line Frequently asked questions. First Security Bank. United Bank of Philadelphia. Hill District Federal Credit Union.

Community Owned C. Federal Credit Union. Brookland Federal Credit Union. Tri-State Bank of Memphis. Citizens Savings Bank. Unity National Bank of Houston. Faith Cooperative Credit Union. Columbia Savings and Loan. First Boulevard coming soon in Greenwood coming soon in Wicket by Paybby. Let us know. Note: This list is not exhaustive, due in part to the different processes for banks and credit unions to be recognized as Black-owned. For banks, Black-owned means the institution is owned by stockholders, and the Federal Deposit Insurance Corporation tracks eligible banks.

All 20 Black-owned banks are represented as of the most recent list, the third quarter of For credit unions, members are the owners, and the National Credit Union Administration relies on credit unions to self-report as Black-owned. Black Americans historically have been blocked from government programs that boosted wealth for white Americans.

For example, the Federal Housing Administration refused to provide government-backed mortgages to Black Americans for decades. This encouraged the mostly white-owned banks to perpetuate a racist policy of redlining , or denying or limiting financial services based on race or ethnicity. Lending practices have shifted over time, but racial discrimination remains. As recently as the past decade, some of the biggest U.

Frequently asked questions What is a Black-owned bank? What is a Black-owned credit union? Can allies join a Black-owned bank?