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15 Black-Owned Banks That You Can Show Support For

Show some love for Black-Owned Businesses

Banking is a massive part of our daily lives. This year has seen a rising interest in support of Black-Owned businesses, and you may be wondering how best to showcase your support as well. While you can purchase from a Black-Owned business, you can consider banking with a company that is Black-Owned as well. Here is a list of 15 different Black-Owned banks that you can sign up with.

1. Alamerica Bank

Officially launching in January 2000, Alamerica Bank has become one of the leading banking organizations in Birmingham, Alabama, under the leadership of investor Donald Watkins and Alamerica president Lawrence Tate. The bank reached record profits in just six months, and prides itself on being a bank ‘committed to continued growth, sound banking principles, and unparalleled personalized banking services.’ Alamerica remains a leading bank in Birmingham nearly two decades later.

2. OneUnited Bank
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While OneUnited Bank only has three branch locations in California, Massachusetts, and Florida, there are over 30,000 ATM locations across the United States and the ability to bank entirely online. OneUnited Bank is owned and operated by Chairman & Chief Executive Officer Kevin Cohee and President & Chief Operating Officer Teri Williams. The majority of the company’s board of directors and management are also African-American. OneUnited prides itself on being a bank that’s run solely on technology, making it the first Black-Owned internet bank and the largest Black-Owned bank in the country.

3. Broadway Federal Bank/City First
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Originally founded in 1946 and based in Los Angeles, The bank went through many different iterations before eventually being managed by President & Chief Operating officer Wayne-Kent A. Bradshaw. Broadway Federal eventually grew to become the second-largest Black-Owned bank in the United States and remained the only Black-Owned bank in California for many years. In August 2020,  Broadway Federal announced a merger with City First Bank to create the largest Black-Owned bank in the U.S.

4. Industrial Bank

Founded by Jesse H. Mitchell in 1934, Industrial Bank has since grown into a company boasting over 150 employees and $432 million in assets. With ten banking centers spread across the D.C., New Jersey, New York, and Maryland areas, the company offers all the standard banking services, including checking, savings, investments, and more. To date, Industrial Bank remains one of the largest owned and operated commercial banks in the U.S., with a mission to ‘promote the financial and economic empowerment of the African-American Community.’

5. FAMU Credit Union
FAMU Credit

While this is a credit union, FAMU Credit has been one of the most prominent African-American owned financial institutions in Tallahassee. The union was established in May 1935, after the persuasive efforts of Dr. J.R.E. Lee encouraged six different individuals to deposit $50 for a federal credit union. For nearly fifty years, the credit union was located on the FAMU campus. It was eventually moved to its present location after spending nearly thirty years on the street directly across from the university. For many years, the credit union has served as an essential place for banking functions for many college students and adults across Tallahassee and became the first statewide administrator for the Black Business Loan Program in 2018.

6. Carver State Bank

Originally founded in February 1927, Carver State Bank was led under the company’s president Louis B. Toomer until his passing in May 1961. From there, the bank was run under president Lawrence D. Perry until his retirement in 1971. Since then, Carver has been led by current president Robert E. James and has been a staple location for banking in the Savannah, Georgia area for over 35 years, priding itself on customer awareness and a strong community.

7. GN Bank

Like some of the other banks on this list, GN Bank was originally founded in 1934, and operated under the name ISF Bank until the year 2018. Over the years, the bank has since grown with over $133 million in assets, serving over 14,000 customers. The main mission of GN Bank is to ‘provide banking products suiting the customers’ needs,’ as well as excellent customer service. GN Bank is located in Chicago, Illinois.

8. First Independence Bank

Since 1970, First Independence Bank has been serving the banking needs of those in the Detroit Metropolitan area for fifty years. Not only is First Independence the only African-American owned bank headquartered in Michigan, but it’s also one of the only two banks headquartered in the city of Detroit. First Independence provides a wide variety of banking services, and its vision is to be a ‘well-managed financial institution respected by customers, regulators, and financial peers.’

9. Citizens Trust Bank
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Whether you are looking to buy a home, manage your money, or handle your business’s financial elements, Citizens Trust Bank has proven effective in helping customers bank for nearly a century. Founded by businessman Heman Perry, Citizens Trust’s objective is to ‘be a business that customers can bank on.’ The bank has various branches and ATMs across Alabama and Georgia, and provides online support. 

9. Citizens Trust Bank
10. Commonwealth National Bank

Opening its doors in 1976, Commonwealth Bank remains the only African-American owned bank headquartered in Mobile, Alabama. Additionally, they are only one of the 15 remaining Black-owned banks in the country. The company prides itself on the ‘consumer’ experience and remains a good financial resource for those located in Mobile.

11. Columbia Savings & Loan
Columbia Savings and Loan

Serving Milwaukee’s inner city since 1924, Columbia Savings & Loan prides itself on being a place dedicated to ‘the task of ensuring a better quality of life for the inner city citizens of Milwaukee, and in particular, the growing minority population. Columbia Savings & Loan offers mortgages, church loans, and CD/IRAS, in addition to the standard banking services. 

12. Tri-State Bank of Memphis

Founded in 1946 by Dr. J.E. Walker and his son A. Maceo Walker, the objective of Tri-State Bank was to develop a resource that would help change community conditions and increase financial literacy. TSB also helped to provide multiple loans to African-Americans, while also being a huge part of the Civil Rights Movement. Many decades later, TSB remains a go-to source for banking, making it a point to adapt as time changes.

13. United Bank of Philadelphia

The only African-American owned bank in the city of Philadelphia; Emma C. Chappell founded United Bank after raising $6 million to start the venture. In the nearly 30 years since, United Bank has gone on to become a full-service community bank that also provides multiple services to small businesses (becoming an official Small Business Administration lender in 2013). Their primary mission is to deliver excellent customer service while also making United Bank a ‘hometown bank of choice.’

14. Mechanic and Farmers Banks
Mechanic and Farmers Bank

Considered to be one of the most influential Black-Owned businesses in the state of North Carolina, Mechanic and Farmers Bank has been in business since 1907. For over a century, the bank has been a place North Carolina residents can go to for all banking needs. M&F bank offers a wide assortment of banking services and has consistently received high ratings from the FDIC.

15. The Harbor Bank of Maryland

With $254 million in assets as of December 2016, The Harbor Bank of Maryland continues to be the largest African-American-owned bank in Maryland since opening its doors in Sep 1982. Harbor bank offers checking, savings, automobile loans, and more (including help with commercial real estate as well). The bank currently has six different branch locations and online services.

While this list features 15 Black-Owned banks, it should be noted that there are approximately only 20 Black-Owned banks in America (which is down from the 48 that were reported in 2001). Giving your support to these banks not only helps them stay in business, but it also continues to financially help the African-American community as a whole. When combined with credit unions, there are a total of 42 African-American owned financial institutions. If you are considering starting a bank account or switching banks, it would definitely be a great chance to showcase your support for these businesses.

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