Banking has long been a key component of the American Dream, with financial institutions providing essential services like deposits and loans since the Bank of North America was created in 1781. Credit is a crucial aspect of daily life in the United States, and with reliable banks, many Americans could access necessities like housing and vehicles. However, it is important to recognize that the banking industry and financial system in the U.S. has a history of racial discrimination, particularly against African Americans.
To address this issue, Black-owned banks emerged as an alternative, providing greater access to banking services and supporting local communities. According to the Federal Deposit Insurance Corp., a minority depository institution is a federally insured institution that is either 51% or more owned by minority individuals or has a majority of minority directors and serves a predominantly minority community.
This article includes information about Black-owned and Black-managed credit unions that serve the Black community to provide a comprehensive overview of the Black financial institutions in the United States. To facilitate this, the term “Black-owned” is used broadly to encompass for-profit banks, which stockholders own and credit unions, which members own.
Background and History of Black-owned Banks
The first Black-owned banks in the United States began over a century after the Bank of North America was founded in 1781. Before establishing the first Black-owned bank in 1888, the U.S. Congress and President Abraham Lincoln created the Freedman’s Savings Bank in 1865 as part of the Freedman’s Bureau to assist newly freed African Americans in navigating the financial system.
However, despite Congress voting to close the Freedman’s Bureau in 1872, the bank continued to operate until it went bankrupt in 1874 due to corruption and risky investments. Although the Freedman’s Savings Bank does not meet the criteria for a modern Black-owned bank, it marks an important first step in developing these institutions.
True Reformers Bank, the first bank chartered by Blacks in the United States, was founded on March 2, 1888 by the Rev. The Grand Fountain United Order of True Reformers, a fraternal organization founded by William Washington Browne, a former Union Army officer.
The True Reformers Bank was established when Browne and his organization encountered financial difficulties while attempting to open a branch in Virginia and sought to manage their finances independently of white supervision. The bank began operations in 1889 and managed to weather the financial panic of 1893, but eventually closed in 1910 due to mismanagement and an embezzlement scandal.
Other Black-owned banks were also being founded during this time, such as the Capital Savings Bank of Washington, D.C., which opened in October 1888 and survived the financial panic of 1893, but closed in 1902. Between 1888 and 1934, over 134 Black-owned financial institutions were established, primarily in Southern states.
However, their numbers declined during the Great Depression, with only nine remaining by 1930. It wasn’t until the civil rights movement that the number of Black-owned banks began to increase again, reaching 50 by 1976.
Unfortunately, the savings and loan crisis of the 1980s and the early 2000s recession have resulted in a decrease in the number of Black-owned banks, which currently stands at 43, including credit unions.
Modern-day Discrimination
The net worth of White families is seven times higher than that of black families in the United States. This results from inequality, discrimination, racism, and a lack of equal power and opportunity. Based on this, the declining number of black-owned banks is even more concerning, especially when banks play a major role in addressing racism in the finance field.
According to Civil Rights Act o 1964, it is a violation to deny access to essential financial services to residents of specific areas based on race, color, religion, sex, and national origin.
The United States continues to face this issue persistently, regardless of implementing the Fair Housing Act of 1968 and the Community Reinvestment Act (CRA) of 1977.
According to an analysis by the Chicago Tribune, from 2012 to 2018, 68.1% of housing purchase loans made in Chicago were granted to predominantly White areas, while only 8.1% went to predominantly Black areas.
Furthermore, banks lend more money to predominantly White neighborhoods than to all predominantly Black neighborhoods combined. This disparity is even more pronounced when examining individual lenders, with JPMorgan Chase lending 41 times more money in White neighborhoods than in Black ones.
Redlining is not limited to Chicago and has been found to occur in 61 cities where people of color are more likely to be denied home loans than White residents. This lack of access to home loans in predominantly Black neighborhoods can have a negative impact on the local community by restricting the flow of capital and leading to poverty and crime.
As Tyrone Ross, CEO of Onramp Invest, stated, “Economic empowerment starts with banking,” and the fact that one in five Black Americans is unbanked highlights the importance of addressing these issues to promote economic empowerment for Black communities.
The Importance of Black-owned Banks
Black-owned banks provide a viable option for individuals and communities historically marginalized by mainstream financial institutions, particularly due to discriminatory practices such as redlining. These banks have demonstrated a higher propensity for granting loans to borrowers in low- and moderate-income neighborhoods and a willingness to take on greater levels of risk.
In addition to offering financial services, Black-owned banks often prioritize lending to small businesses, nonprofit organizations, and Black homebuyers. Community banks are committed to supporting and investing in the economic development of the communities they serve.
It is worth noting that during the 2007-2008 financial crisis, Black-owned banks increased the number of mortgages provided to Black borrowers, despite a 69% drop in mortgage lending to Black borrowers by other institutions.
If Black-owned banks were unavailable, many vulnerable consumers might be forced to obtain high-interest loans from predatory lenders such as pawnshops and payday lenders. Black-owned banks offer access to necessary financial resources and the opportunity for customers to invest in their communities financial health and well-being.
As Tyrone Ross, CEO of Onramp Invest, eloquently stated: “I believe we have a responsibility to recognize that if we truly want to be grassroots and support Black Americans, we must deposit our money in Black banks and then have those banks fund the people.”
Black-owned Banks: State-by-State Breakdown
Black-owned financial institutions, including banks and credit unions, have a notable presence in the United States. According to BankBlack USA, these institutions have historically held over $8 billion in assets. As of January 26, 2021, the country’s 44 Black-owned banks and credit unions had approximately $8.12 billion in assets.
While there are 28 states without Black-owned financial institutions, some organizations have a nationwide presence through partnerships with major ATM networks. Additionally, over half of the 44 Black-owned financial institutions in the country are not-for-profit credit unions.
These institutions serve as an important resource for the Black community, providing access to financial services and opportunities for investment in the well-being of their communities.
Black-owned financial institutions, including banks and credit unions, often provide a range of services that are similar to those offered by traditional financial institutions. These services may include traditional in-person banking at brick-and-mortar branches and online and mobile banking options.
In 2019, it was found that about 34% of African American consumers preferred to use mobile banking as their primary method of accessing their accounts. However, one Black-owned financial institution currently does not offer online or mobile banking services – Columbia Savings & Loan Association.
How many Black-owned banks are in America?
As of February 2022, 19 FDIC-insured Black-owned banks are in the U.S. The number of these banks changed in October 2021 when Liberty Bank acquired Tri-State Bank of Memphis.
1st Choice Credit Union
1st Choice Credit Union was established in 1946 to serve employees of Grady Hospital. Initially named Hospital Authority Credit Union, it underwent a rebranding in 1991 and is now known by its current name. Located on Atlanta’s historic Auburn Avenue, this credit union has a membership of 9,000 people.
| Information | Details |
| Branches | Auburn Avenue Administrative Office (Atlanta) and Grady Memorial Hospital (Atlanta) |
| ATMs | Crestview Health & Rehabilitation Center (Atlanta) and Ponce De Leon Center (Atlanta) |
| State | Georgia |
| Services | Personal and business checking, savings, and loans (personal, mortgage, etc.) |
| Assets | $36.32 million |
Alamerica Bank – Black-owned bank in Alabama
Alamerica Bank was founded in 2000 by a group of influential community leaders in Birmingham, Alabama, and became operationally profitable within six months of opening. An investment fraud scheme was perpetrated against the bank by the bank’s founder, Donald Watkins Sr., and his son, Donald Watkins Jr.
| Information | Details |
| Branches | The Alamerica Bank Building (Birmingham) |
| ATMs | N/A |
| State | Alabama |
| Services | Deposit services (business and personal accounts), loan services (commercial and personal loans), internet banking, image statements, and MasterMoney debit cards |
| Assets | $15.33 million |
Brookland Federal Credit Union
Brookland Federal Credit Union is a non-profit financial cooperative located in West Columbia, South Carolina. Established in 1999, the credit union serves members of Brookland Baptist Church and their families by offering a range of financial services. As a Brookland Federal Credit Union member, you and your family are entitled to lifetime membership.
| Information | Details |
| Branches | Brookland Federal Credit Union (West Columbia, S.C.) |
| ATMs | Via PULSE® and STARS® networks |
| State | South Carolina |
| Services | Savings, checking, loans, and other services (financial literacy, guaranteed auto protection, etc.) |
| Assets | $4.73 million |
Brooklyn Cooperative Federal Credit Union
Brooklyn Cooperative Federal Credit Union, or Brooklyn Coop, was established in 2001 and is based in New York. To become a member of Brooklyn Coop, you will need to provide proof of address, a government-issued photo ID, your Social Security card or Individual Tax Identification Number (TIN), and pay a $25 membership fee.
| Information | Details |
| Branches | Bedford-Stuyvesant Branch (Brooklyn, N.Y.) and Bushwick Branch (Brooklyn, N.Y.) |
| ATMs | Any ATMs in the CO-OP network |
| State | New York |
| Services | Banking accounts (checking, savings, etc.), loans, and financial counseling and education |
| Assets | $55.28 million |
Carver Federal Savings Bank
Carver Federal Savings Bank was established in 1948 to provide financial services to African American communities that were historically denied access to mainstream financial institutions. Today, Carver Federal serves low-income communities, with most of its branches located in these areas. It is one of three banks that are considered Black-operated rather than Black-owned.
| Information | Details |
| Branches | Atlantic Terminal Branch, Bedford-Stuyvesant — Restoration Plaza Branch, Crown Heights Branch, Flatbush Branch, St Albans Branch, 125th Street Branch, and Malcolm X Boulevard Branch |
| ATMs | Atlantic Terminal Branch, Bedford-Stuyvesant — Restoration Plaza Branch, Crown Heights Branch, Flatbush Branch, St Albans Branch, 125th Street Branch, Malcolm X Boulevard Branch, and all ATMs in the JPMorgan Chase, Wells Fargo, and Allpoint networks |
| State | New York |
| Services | Personal and business banking, loans, and community cash |
| Assets | $735.340 million |
Carver State Bank
Carver State Bank is a full-service commercial bank located in Savannah, Georgia. It was originally founded in 1927 as a private bank, serving the founder and his friends. In 1961, Lawrence D. Perry became president and transformed the bank into a full-service commercial bank. Originally named Georgia Savings and Realty Corp., the bank’s name was changed to Carver State Bank in 1962.
| Information | Details |
| Branches | Main Office (Savannah, Ga.) and Skidaway Branch (Savannah, Ga.) |
| ATMs | Main Office (Savannah, Ga.), Skidaway Branch (Savannah, Ga.), and any ATMs in the Wells Fargo and MoneyPass networks |
| State | Georgia |
| Services | Personal accounts (checking and savings), business accounts, loans, development programs, and other services (cashier’s checks, money orders, etc.) |
| Assets | $63.97 million |
Citizens Bank – Black-owned bank in Tennessee
Citizens Savings Bank & Trust has a long history, established in 1904 as the first minority-owned bank in Tennessee. Currently, it is the oldest continuously operating Black-owned bank in the country. Currently, it is the oldest continuously operating Black-owned bank in the country. The bank offers various financial services to individuals and businesses and is strongly committed to serving its community. Originally known as One Cent Savings Bank, Citizens Bank has a rich history and has played an important role in promoting financial inclusion for minority communities.
| Information | Details |
| Branches | Memphis Winchester Road Branch (Memphis, Tenn.) and Main Office (Nashville, Tenn.) |
| ATMs | N/A |
| State | Tennessee |
| Services | Personal and business banking (checking and savings), credit cards, and loans (personal, business, etc.) |
| Assets | $134.4 million |
Citizens Trust Bank
Citizens Trust Bank was founded in 1921 to serve the African American community in Atlanta, Georgia. The bank continues to prioritize investing in its community and actively supports various organizations through sponsorship. Today, Citizens Trust Bank is known for its commitment to giving back and making a positive impact in the community it serves.
| Information | Details |
| Branches | Birmingham (Birmingham, Ala.), Eutaw Branch (Eutaw, Ala.), Cascade Branch (Atlanta), Corporate Headquarters (Atlanta), Westside Branch (Atlanta), East Point Branch (East Point, Ga.), Rockbridge Branch (Stone Mountain, Ga.), and Panola Branch (Stonecrest, Ga.) |
| ATMs | Castleberry Inn ATM (Atlanta), Westside ATM (Atlanta), South Dekalb Mall ATM (Decatur, Ga.), Lithonia ATM (Lithonia, Ga.), Rockbridge Plaza ATM (Stone Mountain, Ga.), Stone Mountain ATM (Stone Mountain, Ga.), and Panola ATM (Stonecrest, Ga.) |
| States | Alabama and Georgia |
| Services | Banking (savings, checking, etc.) and borrowing (loans, credit cards, etc.) services |
| Assets | $680.99 million |
City First Bank
On August 26, 2020, it was announced that Broadway Federal Bank and City First Bank would merge to create the largest Black-owned financial institution in the United States, with assets exceeding $1 billion. This new entity will promote financial inclusion and assist underserved communities by serving underserved California and Washington, DC neighborhoods. City First Bank, a subsidiary of Broadway Financial Corp., was founded in 1998 and is known for its commitment to serving Black communities. In 2021, City First Bank merged with Broadway Federal Bank to become the country’s largest black-led MDI with over $1 billion in assets. It is also one of the three banks considered Black-operated rather than Black-owned.
| Information | Details |
| Branches | Exposition Park Branch (Los Angeles), Inglewood Branch (Los Angeles), and Branch & Corporate HQ (Washington, D.C.) |
| ATMs | Exposition Park Branch (Los Angeles), Inglewood Branch (Los Angeles), and Branch & Corporate HQ (Washington, D.C.), in addition to any ATMs in the MoneyPass network |
| Locations | California and Washington, D.C. |
| Services | Personal and business banking (checking, savings, etc.), small business finance, and cash management |
| Assets | $1.12 billion |
Columbia Savings & Loan – Black-owned bank in Wisconsin
Columbia Savings and Loan Association has been serving the residents of Milwaukee, specifically the minority population in the inner city, for nearly a century. Founded in 1924, the bank primarily offers mortgage and church loans but also has a CD option for those looking to save.
| Information | Details |
| Branches | Columbia Savings & Loan Association (Milwaukee) |
| ATMs | N/A |
| State | Wisconsin |
| Services | Mortgages, church loans, certificates of deposit (CDs), and individual retirement accounts (IRAs) |
| Assets | $26.67 million |
Commonwealth National Bank
Established in 1976, Commonwealth National Bank is a full-service institution that serves the Mobile, Alabama community. It is the only Minority Depository Institution (MDI) in Mobile and one of only two MDIs in Alabama. Commonwealth National Bank is a commercial institution with a national charter that offers its customers a range of financial products and services. As the only bank headquartered in Mobile out of the 45 banks doing business there, Commonwealth National Bank plays a unique and important role in serving its community.
| Information | Details |
| Branches | Main Office Branch (Mobile) and Crichton Branch (Mobile) |
| ATMs | Main Office Branch (Mobile), Crichton Branch (Mobile), any Publix Super Market ATM, and any PNC Bank ATM |
| State | Alabama |
| Services | Consumer and business services, in addition to loans |
| Assets | $57.06 million |
Credit Union of Atlanta – Black-owned bank in Georgia
The Credit Union of Atlanta was established in 1928 and had a long history of financial stability, having weathered the challenges of the Great Depression. As a Community Development Financial Institution (CDFI), the Credit Union of Atlanta is dedicated to providing easily accessible financial products to underserved communities in need of economic growth. Any profits generated by the credit union are used to secure better rates for its members.
| Information | Details |
| Branches | Main Office (Atlanta) and Pryor Street Lending Center (Atlanta) |
| ATMs | Atlanta Detention Center (Atlanta), Atlanta Public Safety Annex (Atlanta), Credit Union of Atlanta (Atlanta), and Pryor Street Lending Center (Atlanta), in addition to any ATMs in the MoneyPass and STAR networks |
| State | Georgia |
| Services | Personal savings and checking, business checking, credit builder and personal loans, and payment protection |
| Assets | $87.01 million |
Faith Community United Credit Union
Faith Community United Credit Union has a long history dating back to 1952 when it was established as Mount Sinai Baptist Church Credit Union. In 1989, the credit union began to focus on community development and became the sole provider of savings and loan products in minority neighborhoods in Cuyahoga County, Ohio. In 1991, Faith Community United Credit Union became a Community Development Credit Union (CDCU) and had grown to become one of the largest minority-owned credit unions in Ohio. Those living, working or attending school in Cuyahoga County, as well as their families, businesses, and organizations, are welcome to join the credit union. Membership is also available through a Select Employee Group (SEG).
| Information | Details |
| Branches | Faith Community United Credit Union (Cleveland) |
| ATMs | N/A |
| State | Ohio |
| Services | Deposit services, loan services, insurance, and other services |
| Assets | $20.41 million |
Faith Cooperative Federal Credit Union
Faith Cooperative Credit Union has its roots in St. John Federal Credit Union, founded in 1959. The credit union underwent a name change after joining Friendship-West Baptist Church to form a micro-loan institution. Today, Faith Cooperative Credit Union is a merged entity combining the history and mission of St. John Federal Credit Union and Friendship-West Baptist Church’s vision of a micro-loan bank.
| Information | Details |
| Branches | Administrative Offices (Dallas) |
| ATM | One located “near the Banquet Hall” |
| State | Texas |
| Services | Savings, loans, and gap protection |
| Assets | $1.82 million |
FAMU Federal Credit Union
FAMU Federal Credit Union has a long history dating back to 1935 when six individuals pooled their funds to secure a federal credit union charter. Originally known as Florida A&M College Employees Federal Credit Union, the credit union was located on the Florida A&M University campus and changed its name to reflect its location in 1953. Today, FAMU Federal Credit Union continues to serve its members from outside the FAMU campus.
| Information | Details |
| Branches | Office (Tallahassee) |
| ATMs | One located in the “first drive-thru lane” as well as any ATMs that are part of American Express, CULIANCE, The Exchange, Honors, Member Access, Plus, Presto, Publix, Walmart, and “other credit unions with the participating listed networks” |
| State | Florida |
| Services | Accounts (checking, savings, IRAs), Rattler debit and VISA credit cards, loans, wire transfers, and other services (notary services, bill payments, etc.) |
| Assets | $28.72 million |
Financial Health Federal Credit Union
Financial Health Federal Credit Union has a long history of serving the Indianapolis community, which comprises over 10,000 members. Established in 1971, the credit union focuses on serving IU Health employees and affiliates and individuals who live in certain Indianapolis ZIP codes. Financial Health Federal Credit Union is committed to providing its member’s high-quality financial products and services and helping them achieve financial stability and success.
| Information | Details |
| Branches | IU Health West Hospital (Avon, Ind.), East Branch (Indianapolis), Indianapolis Urban League Branch (Indianapolis), IU Health Medical Tower (Indianapolis), Sunstone Branch (Indianapolis), and University Branch (Indianapolis) |
| ATMs | IU Health West Medical Center (Avon, Ind.), IU Health North Medical Center (Carmel, Ind.), East Branch (Indianapolis), Indianapolis Urban League Branch (Indianapolis), IU Health University Hospital (Indianapolis), Methodist Hospital (3) (Indianapolis), and Sunstone Branch (Indianapolis), in addition to any ATMs in the Alliance One network) |
| State | Indiana |
| Services | Deposit accounts (checking, savings, etc.) and loans (personal, auto, etc.) |
| Assets | $40.07 million |
First Independence Bank
First Independence Bank has served the Detroit metropolitan area for over 50 years, founded in 1970. As the only African-American-owned bank headquartered in Michigan, First Independence Bank plays a unique and important role in serving the financial needs of its community. Located in Detroit, First Independence Bank is one of two banks headquartered in the city. The bank has a long history of providing its customers with high-quality financial products and services and is committed to promoting financial inclusion and supporting underserved communities.
| Information | Details |
| Branches | Main Office Branch (Detroit), Seven Mile Branch (Detroit), Twin Cities Branch (Minnesota) |
| ATMs | Clinton Township (Clinton Township, Mich.), 1st Floor International Building (Detroit), City County Building (Detroit), Livernois (Detroit), Main Office Branch (Detroit), and Seven Mile Branch (Detroit), in addition to any ATMs in the Fifth Third, Huntington, and Wells Fargo networks |
| State | Michigan |
| Services | Consumer and business services, in addition to loans |
| Assets | $396.31 million |
First Legacy Community Credit Union
The School Workers Federal Credit Union was established by a consortium of teachers on February 14, 1941. In 2020, First Legacy Community Credit Union amalgamated with Self-Help Federal Credit Union and now functions as a division of Self-Help. This merger enabled First Legacy Community Credit Union to broaden its scope and continue providing its members with a greater selection of financial products and services.
| Information | Details |
| Branches | Apopka, Fla., DeLand, Fla., Jacksonville, Fla., Jacksonville, Fla., Jacksonville, Fla., Jacksonville, Fla., Tallahassee, Fla., Winter Park, Fla., Asheville, N.C., Asheville, N.C., Charlotte, N.C., Charlotte, N.C., Durham, N.C., Durham, N.C., Pisgah Forest, N.C., Greensboro, N.C., Hendersonville, N.C., Kinston, N.C., Laurinburg, N.C., Maiden, N.C., Morganton, N.C., Old Fort, N.C., Raleigh, N.C., Rocky Mount, N.C., Rosman, N.C., Salisbury, N.C., Wilmington, N.C., Wilson, N.C., Windsor, N.C., Columbia, S.C., Columbia, S.C., Greenville, S.C., Greenville, S.C., Greenville, S.C., Piedmont, S.C., Galax, Va. |
| ATMs | Apopka, Fla., DeLand, Fla., Jacksonville, Fla., Jacksonville, Fla., Jacksonville, Fla., Jacksonville, Fla., Tallahassee, Fla., Winter Park, Fla., Asheville, N.C., Asheville, N.C., Charlotte, N.C., Charlotte, N.C., Durham, N.C., Durham, N.C., Pisgah Forest, N.C., Greensboro, N.C., Hendersonville, N.C., Kinston, N.C., Laurinburg, N.C., Maiden, N.C., Morganton, N.C., Old Fort, N.C., Raleigh, N.C., Rocky Mount, N.C., Rosman, N.C., Salisbury, N.C., Wilmington, N.C., Wilson, N.C., Windsor, N.C., Columbia, S.C., Columbia, S.C., Greenville, S.C., Greenville, S.C., Greenville, S.C., Piedmont, S.C., Galax, Va. |
| States | Florida, North Carolina, South Carolina, and Virginia |
| Services | Personal and business accounts, loans, and services, in addition to real estate |
| Assets | $29.33 million |
First Security Bank and Trust Company
First Security Bank and Trust Company is a community bank in Oklahoma City that actively supports local small businesses affected by economic lockdowns. The bank was among the top ten participating banks in the state in the Small Business Administration’s Paycheck Protection Program (PPP). According to the bank’s website, a high percentage of its PPP loans went to minority-owned businesses during 2020 and 2021. First Security Bank and Trust Company is committed to helping small businesses and promoting financial inclusion in its community.
| Information | Details |
| Branches | Main branch (Oklahoma City, Oklahoma) |
| ATMs | N/A |
| State | Oklahoma |
| Assets | $59.79 million |
GN Bank(Groupe Nduom)
GN Bank has a rich history dating back to 1934 when 13 African American men founded it to provide savings and loan services to Black Chicagoans. Originally known as Illinois Service Federal, the institution was acquired by Groupe Ndoum in 2016 and changed its name to GN Bank in 2018. GN Bank is a community-oriented institution committed to serving its customers’ financial needs and promoting financial inclusion. The bank has a strong connection to its roots and continues to work closely with the Federal Home Loan Bank of Chicago to serve its community.
| Information | Details |
| Branches | Main Branch (Chicago) |
| ATMs | N/A |
| State | Illinois |
| Services | Personal checking and savings accounts as well as business services, lending services, and credit cards |
| Assets | $79.79 million |
Greater Kinston Credit Union
Greater Kinston Credit Union is a full-service financial institution established in 1952. The credit union provides a variety of loan and deposit options and is committed to meeting the financial needs of its members and supporting the communities it serves. Membership is open to those who live in North Carolina.
| Information | Details |
| Branches | Branch Office (Kinston, N.C.) |
| ATMs | Part of the CashPoints network |
| State | North Carolina |
| Services | Debit and credit cards; deposit (checking, savings, etc.), nonprofit, and youth accounts; mortgage and personal lending; and other services (automated services, branch services, etc.) |
| Assets | $14.46 million |
Hill District Federal Credit Union
Hill District Federal Credit Union was established in 1970 to provide financial services and literacy classes to individuals who live or work in the Hill District of Pittsburgh. While membership is primarily open to those in this area, anyone can join by becoming a Hill District Business Association member. Over the past 50 years, Hill District Federal Credit Union has been dedicated to serving its members and supporting the Hill District community.
| Field | Value |
| Branches | Hill District Federal Credit Union (Pittsburgh) |
| ATMs | N/A |
| State | Pennsylvania |
| Services | Debit and gift cards, savings, checking, loans, other services (money orders, financial literacy classes, etc.) |
| Assets | $10.49 million |
Hope Credit Union
Anderson United Methodist Church members founded hope Credit Union in 1995 to be a beacon of capital accumulation for individuals and businesses in minority communities. Based in Jackson, Mississippi, the credit union has since expanded across the Deep South through sponsorships and mergers with other financial organizations, including Tri-Rivers Federal Credit Union in 2017. In June 2020, Netflix invested $10 million into Hope Credit Union as part of its $100 million initiative to support economic opportunities for Black communities. Hope Credit Union is committed to promoting asset development, cooperation, and self-empowerment for low-income individuals in its communities through its various financial services and programs.
| Category | Details |
| Branches | Montgomery, Ala., College Station, Ark., Little Rock, Ark., West Memphis, Ark., New Orleans, Biloxi, Miss., Drew, Miss., Greenville, Miss., Itta Bena, Miss., Jackson, Miss., Louisville, Miss., Moorhead, Miss., Shaw, Miss., Terry, Miss., Utica, Miss., West Point, Miss., Memphis, Tenn. |
| ATMs | Montgomery, Ala., College Station, Ark., Little Rock, Ark., West Memphis, Ark., New Orleans, Biloxi, Miss., Drew, Miss., Greenville, Miss., Itta Bena, Miss., Jackson, Miss., Louisville, Miss., Moorhead, Miss., Shaw, Miss., Terry, Miss., Utica, Miss., West Point, Miss., Memphis, Tenn. |
| States | Alabama, Arkansas, Louisiana, Mississippi, and Tennessee |
| Services | Personal (checking and wealth-building accounts, personal loans, credit cards, etc.) and business (checking and loans) banking, in addition to transformational deposits |
| Assets | $468.06 million |
Howard University Employees Federal Credit Union
Howard University Employees Federal Credit Union was founded in 1925 and is dedicated to serving the financial needs of Howard University employees and their families. With various financial products and services, the credit union is committed to helping its members achieve financial stability and success. Membership is open to Howard University employees and their family members, and once a member, an individual has a lifetime membership with the credit union.
| Field | Value |
| Branches | C B Powell Building (Washington, D.C.) |
| ATMs | Part of the CO-OP and CULIANCE networks |
| Location | Washington, D.C. |
| Services | Accounts (savings, checking, etc.) and loans |
| Assets | $13.22 million |
Industrial Bank
Industrial Bank is a community bank founded in 1934 to serve businesses, homeowners, and individuals in the Washington, D.C. area. With over 150 employees and managing over $432 million in assets, Industrial Bank is one of the largest African-American-owned commercial banks in the United States.
| Field | Value |
| Branches | Harlem Banking Center (Manhattan, N.Y.), Halsey Street Banking Center (Newark, N.J.), Anacostia Gateway Banking Center (Washington, D.C.), Forestville Banking Center (Washington, D.C.), Georgia Avenue Banking Center (Washington, D.C.), Oxon Hill Banking Center (Washington, D.C.), and U Street Banking Center (Washington, D.C.) |
| ATMs | Harlem Office (Manhattan, N.Y.), Halsey Street Office (Newark, N.J.), Anacostia Gateway Office (Washington, D.C.), Ben’s Chili Bowl (Washington, D.C.), D.C. Court of Appeals (Washington, D.C.), D.C. Superior Court (2) (Washington, D.C.), Forestville Office (Washington, D.C.), Georgia Avenue Office (Washington, D.C.), Nationals Park (Washington, D.C.), Oxon Hill Office (Washington, D.C.), and U Street Office (Washington, D.C.), in addition to any ATMs in the Allpoint network |
| Location | New Jersey, New York, and Washington, D.C. |
| Services | Personal (loans, checking, etc.) and business (services, loans, etc.) services |
| Assets | $621.40 million |
Liberty Bank
Liberty Bank is a Black-owned financial institution founded in New Orleans in 1972. After acquiring United Bank and Trust Co. in 2009, the bank expanded its presence to 15 branches in eight states, making it the second-largest Black-owned bank in branch locations. Liberty Bank is committed to providing financial mentorship to minority communities and helping families buy homes and start businesses.
| Branches | Montgomery Liberty Bank, Tuskegee Liberty Bank, Liberty Bank Forest Park, Kansas City Liberty Bank, Louisville Liberty Bank, Southdowns Liberty Bank, Southern Heights Liberty Bank, Canal Street Liberty Bank, Crowder Boulevard Liberty Bank, Franklin Avenue Liberty Bank, General DeGaulle Liberty Bank, Gentilly Boulevard Liberty Bank, Woodward Avenue Liberty Bank, Jackson Liberty Bank, Kansas City Liberty Bank, and Liberty Bank Memphis |
| ATMs | Montgomery Liberty Bank, Tuskegee Liberty Bank, Liberty Bank Forest Park, Kansas City Liberty Bank, Louisville Liberty Bank, Southdowns Liberty Bank, Southern Heights Liberty Bank, Canal Street Liberty Bank, Crowder Boulevard Liberty Bank, Franklin Avenue Liberty Bank, General DeGaulle Liberty Bank, Gentilly Boulevard Liberty Bank, Woodward Avenue Liberty Bank, Jackson Liberty Bank, Kansas City Liberty Bank, and Liberty Bank Memphis |
| States | Alabama, Illinois, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, and Tennessee |
| Services | Personal (checking, savings, etc.), business (checking, savings, etc.), and institutional (cash management, corporate financing, etc.) services |
| Assets | $1.01 billion |
Liberty Savings Federal Credit Union
Liberty Savings Federal Credit Union was founded in 1951 as Hudson County School Employees Federal Credit Union by William and Catherine Miller. In 1977, the name was changed to Educational Federal Credit Union and Liberty Savings Federal Credit Union nine years later. The credit union is open to anyone who lives, works, or attends school in Hudson County, New Jersey, and individuals who are eligible through employment, education, or organizational connections.
| Branches | City Line Branch (Bayonne, N.J.), Five Corners Main Branch (Jersey City, N.J.), and North Hudson Branch (Union City, N.J.) |
| ATMs | City Line Branch (Bayonne, N.J.), Five Corners Main Branch (Jersey City, N.J.), and North Hudson Branch (Union City, N.J.), in addition to any ATMs in the CO-OP network |
| State | New Jersey |
| Services | Deposit accounts (checking, IRA, etc.), loans (auto, mortgages, etc.), insurance services, and investment counseling |
| Assets | $115 million |
Lower East Side People’s Federal Credit Union
Lower East Side People’s Federal Credit Union was founded in 1986 to promote economic justice and opportunity in New York City neighborhoods. To join, individuals must open a share (savings) account and fit into one of the following categories: those who live, or work in the Lower East Side, Central Harlem, East Harlem, or the North Shore of Staten Island.
| Branches | East Harlem Branch (Manhattan, N.Y.), Lower East Side Branch (Manhattan, N.Y.), and North Shore Branch (Manhattan, N.Y.) |
| ATMs | Any ATMs in the CO-OP network |
| State | New York |
| Services | Personal (checking, money market, etc.) and business (savings, checking, etc.) accounts as well as loans (personal, auto, etc.) |
| Assets | $35 million |
Mechanics & Farmers Bank
Mechanics & Farmers Bank (M&F) was established in 1907 by nine businessmen in North Carolina. In 1935, M&F became the first lending institution in the state to receive Federal Housing Administration (FHA) certification. The bank has a long expansion history, merging with Fraternal Bank & Trust in 1921 and acquiring Mutual Community Savings Bank in 2008. Today, M&F Bank is the second-oldest minority-owned bank in the U.S. and the only bank in North Carolina with the Community Development Financial Institution (CDFI) designation. It has nearly $264 million in assets and serves the five largest urban markets in the state.
| Branches | Charlotte Branch (Charlotte, N.C.), Corporate Headquarters (Durham, N.C.), Durham Branch (Durham, N.C.), Durham Branch — Durham-Chapel Hill Boulevard (Durham, N.C.), Greensboro Branch (Greensboro, N.C.), Raleigh Branch — East Hargett Street (Raleigh, N.C.), Raleigh Branch — Rock Quarry Road (Raleigh, N.C.), and Winston-Salem Branch (Winston-Salem, N.C.) |
| ATMs | Any ATMs in the Wells Fargo, JPMorgan Chase, and Bank of America networks |
| State | North Carolina |
| Services | Personal (checking and savings accounts, loans, etc.) and business (commercial checking and savings, loans, etc.) services, in addition to wealth management |
| Assets | $370.12 million |
Mount Olive Baptist Church Federal Credit Union
The Mount Olive Baptist Church Federal Credit Union was established in 1997 as a non-profit, faith-based institution. It serves the Mount Olive Baptist Church members and their families in Dallas, Texas. Individuals must be church members or part of their immediate family to be eligible to join. This credit union focuses on serving its community through faith-based principles.
| Branches | Mount Olive Baptist Church FCU (Arlington, Texas) |
| ATMs | N/A |
| State | Texas |
| Services | Loans (auto, unsecured, etc.), savings accounts, direct deposits, and wire transfers |
| Assets | $9.82 million |
Oak Cliff Christian Federal Credit Union
Founded in 2008, Oak Cliff Christian Federal Credit Union is a faith-based organization that offers financial services to members of Oak Cliff Bible Fellowship (OCBF) and its subsidiaries. To become a member of OCCFCU, individuals must be part of OCBF or its affiliated organizations. This credit union was officially chartered on September 22, 2008.
| Branches | Oak Cliff Christian FCU (Dallas) |
| ATMs | N/A |
| State | Texas |
| Services | Loans, financial products (IRAs, money market, etc.), direct deposit, money orders, and credit reports |
| Assets | $7.35 million |
Omega Psi Phi Fraternity Federal Credit Union
Omega Psi Phi Fraternity Federal Credit Union was established in 1986 and serves members of the Omega Psi Phi Fraternity, including its chapters, districts, and other related organizations, as well as their families and employees of both the fraternity and the credit union. The credit union has assets totaling $2.18 million.
| Branches | Omega Psi Phi Fraternity Federal Credit Union c/o CAMO (Toccoa, Ga.) |
| ATMs | N/A |
| State | Georgia |
| Services | Accounts (single, joint, etc.), share draft checking, loans, and credit cards |
| Assets | $3.03 million |
OneUnited Bank
OneUnited Bank, the first online-only African-American-owned bank in the United States, is dedicated to providing financial education and supporting low-to-moderate-income communities in their pursuit of economic growth. With a history dating back to 1968, founded as Unity Bank and Trust Co., OneUnited Bank has financed over $1 billion in loans, primarily in underserved neighborhoods. It is currently the largest Black-owned bank in the country.
| Branches | Compton Branch (Compton, Calif.), Corporate Office and Crenshaw Branch (Los Angeles), Miami Branch (Miami), Corporate Headquarters (Boston), Grove Hall Branch (Dorchester, Mass.), and Roxbury Branch (Roxbury, Mass.) |
| ATMs | Part of the MoneyPass network or Chase Bank ATMs |
| States | California, Florida, and Massachusetts |
| Services | Checking, savings, and secured VISA credit card |
| Assets | $657.51 million |
OPTUS Bank
The history of OPTUS Bank dates back to 1921 when it was founded as Victory Savings Bank by African American leaders. Now, the bank strives to provide financial opportunities and support to individuals from all backgrounds and circumstances, focusing on helping them build wealth and achieve their dreams.
| Branches | Main Branch (Columbia, S.C.) |
| ATMs | Corporate Office (Columbia, S.C.) and Main Branch (Columbia, S.C.) |
| State | South Carolina |
| Services | Personal (IRAs, consumer loans, etc.) and business (transaction accounts, merchant services, etc.) banking |
| Assets | $338.61 million |
South Side Community Federal Credit Union
South Side Community Federal Credit Union has provided credit, savings, and financial education services to its South Side of Chicago members since 2003.
| Branches | South Side Community Federal Credit Union (Chicago) |
| ATMs | N/A |
| State | Illinois |
| Services | Accounts (savings, checking, etc.), loans (payroll advance, payday alternative, etc.), financial education classes, and other services (transfer sweeps, money orders, etc.) |
| Assets | $7.21 million |
Southern Teachers & Parents Federal Credit Union
Southern Teachers & Parents Federal Credit Union is a long-established institution that provides personal financial services to its members. Membership is open to Southern University alums, employees, parents, and students; employees of certain parishes in Louisiana; church members in certain parishes; and employees of the City of Thibodaux and Lafourche Parish Juvenile Justice Facility, as well as their family members. This credit union has been serving its community for over 80 years.
| Branches | Main Office (Baton Rouge, La.) and Lafeda Branch (Thibodaux, La.) |
| ATMs | Part of the CULIANCE network |
| State | Louisiana |
| Services | Accounts (checking, savings, and youth), loans, and other services (VISA debit and credit cards, financial counseling, etc.) |
| Assets | $32.72 million |
St. Louis Community Credit Union
Louis Community Credit Union was founded in 1942 as Teachers Credit Union to provide financial services and various programs to support the local community. Eligible for membership are individuals living or working in St. Louis County, Missouri and Illinois, along with their families. This credit union is a for-profit cooperative, a Community Development Financial Institution (CDFI), and a Low-Income Designated credit union, working to improve the lives of its members and the community.
| Branches | Ferguson Branch, Florissant Branch, Richmond Heights Branch, St. John Branch, Benton Park Branch, Gateway Branch, LifeWise STL, Midtown Branch, South City Branch, Southtown Branch, Sullivan Branch, Urban League of Metropolitan St. Louis — Peter Bunce Campus, Jennings Branch, University City Branch, and Wellston — MET Center |
| ATMs | Part of the CO-OP network |
| State | Missouri |
| Services | Loans (auto, personal, etc.), accounts (savings and checking), business development, advocacy, and insurance (life, accidental death and dismemberment (AD&D), etc.) |
| Assets | $406.19 million |
The Harbor Bank of Maryland
The Harbor Bank of Maryland is a community bank that serves the Baltimore metropolitan area. It was founded in 1982 and was the first bank in the US to have an investment subsidiary. It is also the first community bank in Maryland to receive funding from Fannie Mae through the Community Development Financial Institution (CDFI) program. The bank offers a range of banking and financial services to individuals and businesses in the Baltimore area. Membership is open to residents and businesses in the Baltimore metropolitan area.
| Branches | Fayette Branch (Baltimore), Harbor East Branch (Baltimore), Pimlico Office (Baltimore), Research Park Office (Baltimore), Science & Technology Park Branch (Baltimore), Randallstown Office (Randallstown, Md.), and Silver Spring (Silver Spring, Md.) |
| ATMs | Fayette Branch (Baltimore), Harbor East Branch (Baltimore), Pimlico Office (Baltimore), Research Park Office (Baltimore), Science & Technology Park Branch (Baltimore), and Randallstown Office (Randallstown, Md.), in addition to any ATMs in the AllPoint network |
| State | Maryland |
| Services | Personal (checking, mortgages, etc.) and business (checking, savings, etc.) banking, in addition to loans (personal, mortgage, and business) |
| Assets | $369.53 million |
Toledo Urban Federal Credit Union
Toledo Urban Federal Credit Union is a financial institution established in 1996 to promote economic empowerment among its members. In Toledo, Ohio, membership is open to individuals living or working in the central city community or participating in local associations and their families. This credit union has a history of rapid growth, accumulating over $6 million in assets.
| Branches | Toledo Urban Federal Credit Union (Toledo, Ohio) |
| ATMs | N/A |
| State | Ohio |
| Services | Checking and share accounts, loans (personal, tuition, etc.), credit and ATM/debit cards, credit counseling, and other services (notary service, overdraft protection, etc.) |
| Assets | $13.25 million |
United Bank of Philadelphia
United Bank of Philadelphia is a personal banking institution that opened its doors in 1992. Located in the Greater Philadelphia region, this bank aims to provide financial services to Black, Hispanic, Asian and female individuals and businesses. In addition to helping small businesses grow and create jobs in urban areas, the United Bank of Philadelphia strives to promote economic growth and development in underserved neighborhoods. The bank is dedicated to improving the economic conditions of its local community through the support of small businesses.
| Branches | Center City (Philadelphia) and Progress Plaza (Philadelphia) |
| ATMs | C-Town Supermarket, City Hall, Criminal Justice Center, Masjidullah Inc., Philadelphia Traffic Court, Police Districts, The Fillmore-Philadelphia, and West Philadelphia |
| State | Pennsylvania |
| Services | Personal and business banking (checking, savings, etc.), in addition to loans (U.S. Small Business Administration (SBA) and commercial loans) |
| Assets | $67.85 million |
Unity National Bank
Founded in 1963, Unity National Bank was chartered in 1985 to provide lending services to underserved communities in Texas and Georgia. It also offers a range of personal and business banking options. Unity National Bank is dedicated to rebuilding and strengthening communities through its emphasis on commercial loans and mortgages and its partnerships with organizations such as the NAACP and Third Ward Redevelopment Council. The bank is also committed to supporting various civic organizations and initiatives, including the YMCA, YWCA, United Negro College Fund, and Boy Scouts of America.
| Branches | Atlanta Branch (Atlanta), Blodgett Branch (Houston), and Fort Bend Branch (Missouri City, Texas) |
| ATMs | Atlanta Branch (Atlanta), Blodgett Branch (Houston), and Fort Bend Branch (Missouri City, Texas), in addition to any ATMs in the Select network |
| States | Georgia and Texas |
| Services | Business and personal services (loans, checking and savings accounts, etc.) |
| Assets | $251.46 million |
Urban Upbound Federal Credit Union
Urban Upbound Federal Credit Union is a credit union that aims to combat poverty in low-income neighborhoods in New York City. Founded in 2004, the organization provides financial services and programs to support individuals living in public housing and other low-income areas. Urban Upbound offers employment, financial counseling, income support, community revitalization, and financial inclusion services to its members.
| Branches | Urban Upbound Federal Credit Union (Long Island City, N.Y.) |
| ATMs | N/A |
| State | New York |
| Services | Savings, share certificates, and personal and small business loans |
| Assets | $2.28 million |
Virginia State University Federal Credit Union
Virginia State College Federal Credit Union was established in 1938 and was granted permission to change its name to Virginia State University Federal Credit Union in 1979. It has since grown and expanded its services.
| Branches | Virginia State University Federal Credit Union (South Chesterfield, Va.) |
| ATMs | Virginia State University Federal Credit Union (South Chesterfield, Va.) |
| State | Virginia |
| Services | Loans, accounts (checking, savings, etc.), insurance, and other services (wire transfer, direct deposit, etc.) |
| Assets | $12.13 million |
What is the largest black-owned bank in America?
Two Black-owned banks are notable for their size in the U.S. City First Bank, a Community Development Financial Institution (CDFI) and Certified B Corp, is the largest Black-owned bank in assets and deposits, with over $1 billion in assets and over $700 million in deposits. OneUnited, a nationwide bank and CDFI, is known for being the first Black internet bank and serving many customers. Both banks have significantly contributed to promoting economic equity and empowerment within Black communities.
Why support Black-owned financial institutions?
42 Black-owned financial institutions in the United States manage a total of $5 billion in assets. These institutions are important because they provide economic equity and empowerment to Black communities, creating job opportunities and stimulating local economic growth. Black-owned banks also work to bridge the wealth gap by offering financial services, funding, and education to minority communities, helping them to acquire assets and build wealth. These institutions are necessary for low-to-moderate-income communities to rely on payday lenders, which can trap them in a cycle of debt. It is important to support Black-owned financial institutions to promote a more inclusive and equitable financial system.
Why have some Black-owned banks failed?
Black-owned banks have been disproportionately affected by failures due to a range of factors such as limited resources, a challenging operating environment, and the legacy of racist policies that have disproportionately impacted the financial prospects of their customer base. These institutions have also faced additional challenges, including policies that have disproportionately disadvantaged minority-owned financial institutions and negative social, environmental, and structural factors.