In recent years, you’ve probably heard of the #BankBlack movement? It ignited when actor, activist and rapper Michael Santiago Render AKA Killer Mike urged 1 million black people to deposit $100 each into a black bank. Once it spread to social media, such as #BlackTwitter, many took action. The word with the help of the hashtags #BankBlack and #MoveYourMoney, resulting in an estimated $60 million being moved to black-owned banks in approximately nine months.
In the wake of more recent police violence against the black community, the movement has re-ignited.
Today, these black-owned banks continue to support many African-Americans communities; providing loans to individuals, churches, small businesses and local community organizations. In addition, Mark Gruenberg, former chair of the FDIC, said “black banks provide 67% of mortgage loans to African-Americans“.
Alamerica Bank is a financial institution where customers are known by name, and where bankers take great pride in growing their customers businesses. It has assets totaling $36 million.
- Location: Birmingham, Alabama
- Founded: January 28, 2000
Broadway Federal Bank has branches in the southern California areas. The bank’s assets total $443 million.
- Location: Los Angeles| Inglewood, CA
- Founded: February 26, 1947
Carver Federal Savings Bank is the nation’s second largest black owned bank. This bank has assets totaling $664 million.
- Location: New York, NY
- Founded: November 5, 1948
- FDIC Region: New York
Carver State Bank has remained a financial services leader for all sectors of the Savannah community throughout its 85 years and is the only bank in the area with an OUTSTANDING Community Reinvestment Act Rating. It has assets totaling $42 million.
- Location: Savannah, Ga
- Founded: January 1, 1927
Citizens Savings Bank and Trust Company became the first minority-owned bank in Tennessee. The bank has assets totaling $107 million.
- Location: Tennessee, Kentucky, Texas & Alabama
- Founded: January 1, 1927
Citizens Trust Bank has been a long lasting leader in the financial services industry; with assets totaling $410 million.
- Location: Alabama & Georgia
- Founded: 1904
- FDIC Region: Nashville
Columbia Savings & Loan Association has been dedicated to the task of ensuring a better quality of life for the citizens of Milwaukee’s inner city, particularly the growing minority population. It has assets totaling $25 million.
- Location: Milwaukee, Wi
- Founded: 1924
Commonwealth National Bank was formed in 1976, a small group of organizers in Mobile, Alabama, established it to meet the needs of individuals and businesses that had previously been denied equal access to financial services. It has assets totaling $53 million.
- Location: Mobile, Al
- Founded: February 19, 1976
First Independence Bank has been serving the banking needs of the Detroit Metropolitan area for over 50 years and remain one of two banks headquartered in the City of Detroit. The banks’ assets total $286 million.
- Location: Detroit, Mi
- Founded: May 14, 1970
GN Bank has a very rich heritage. Thirteen African-American men, and their many supporters, had a dream to establish a savings and loan association sensitive to the needs of Black residents of Chicago. Today, they have assets totaling $133 million.
- Location: Chicago, ILL
- Founded: January 1, 1934
Harbor Bank of Maryland opened its doors in late 1982 with $2.1 million in assets. As of today, they have $288 million in assets.
- Location: Baltimore, Md
- Founded: September 1, 1982
Industrial Bank has a commitment to serve the community. It is in the top 5 largest Black Owned banks; with assets totaling $432 million.
- Location: Washington, DC
- Founded: August 18, 1934
Liberty Bank and Trust is among the top three African American owned financial institutions in the country and operates 16 offices in eight states. It has approximately $628 million in assets and $541 million in deposits.
- Location: Alabama, Illinois, Kansas, Louisiana, Mississippi & Michigan
- Founded: November 16, 1972
Mechanics & Farmers Bank was born from a need for opportunity. This is the nation’s oldest black owned bank and their assets total $257 million.
- Location: Milwaukee, Wisconsin
- Founded: February 12, 1971
OneUnited Bank is one of the nation’s largest black owned banks with assets totaling $670 million. Their services are available online to potential customers throughout the US.
- Founded: August 2, 1982
Optus Bank is committed to helping all people build wealth and improve their lives, regardless of their background or situation.
- Founded: 1921
Tri-State Bank of Memphis has been serving the financial needs of individuals, small businesses and non-profit organizations in the Memphis region for 70+ years. Their assets total $94 million.
- Location: Memphis, Tn
- Founded: 1921
United Bank of Philadelphia‘s excellent customer service at a profit and to make United Bank of Philadelphia the “hometown” bank of choice. They have a special sensitivity to Blacks, Hispanics, Asians and women; with assets totaling $56 million.
- Location: Philadelphia, Penn
- Founded: March 23, 1992
Unity National Bank originally founded in 1963 and later chartered in 1985. It is the only African-American owned banking institution in Texas. It has has assets totaling $102 million
- Location: Houston, Texas
- Founded: August 01, 1985
In conclusion, Black owned banks are extremely important to underserved communities throughout the United States. Every African American should do their part and #BankBlack.
Are you currently putting money in a black owned bank? Leave any testimonials you have below!