21 Black-Owned Banks: Dolla, Dolla Bills Ya’ll

In 2017, the movement fostered by social media hashtags like #BankBlack and #MoveYourMoney, resulted in an estimated $60 million being transferred to black-owned banks in just nine months.

The movement draws on a long history of calls for black financial empowerment that dates back to a bank established by Congress in 1864 to serve former slaves. In the many decades since, other banks have emerged to help the Black community start businesses, buy homes and invest in each other when other banks weren’t doing so. Some of those banks are still around today.

According to a Federal Deposit Insurance Corporation (FDIC) study, black-owned banks made about 67% of their mortgage loans to black borrowers in 2011, compared with fewer than 1% made by community banks not run by minorities. So, while there are only 30 black-owned banks in the entire country, according to BankBlackUSA.org, our institutions do make a difference.

These banks represent about 16% of the country’s minority-owned depository institutions (MDIs). MDIs support minorities and populations that live in low- to moderate-income census tracts, people who are underserved by mainstream financial institutions. These banks largely rely on core deposits to fund real estate loans. Only 2.6% of the country’s 6,800 FDIC-insured banks are MDIs. Furthermore, only 1.1% of FDIC-insured banks are community development financial institutions (CDFIs), which make banking services accessible to low-income customers and underserved communities.

Here are 21 black-owned banks in the United States, when they were founded, where they’re located, and how much they hold in assets and deposits.

 

ALAMERICA BANK

http://www.alamericabank.com/

Location: Birmingham, Alabama

Founded: January 28, 2000

FDIC Region: Atlanta

Assets: $35,404,000

 

BROADWAY FEDERAL BANK FSB

https://www.broadwayfederalbank.com/

Location: Los Angeles, California

Founded: February 26, 1947

FDIC Region: San Francisco

Assets: $385,055,000

 

CAPITAL CITY BANK & TRUST COMPANY

http://www.capitolcitybank-atl.com/

Location: Atlanta, Georgia

Founded: October 3, 1994

FDIC Region: Atlanta

Assets: $294,572,000

 

CARVER STATE BANK

http://www.carverstatebank.com/

Location: Savannah, Georgia

Founded: January 1, 1927

FDIC Region: Atlanta

Assets: $41,573,000

 

CITIZENS TRUST BANK

http://www.ctbconnect.com/

Location: Atlanta, Georgia

Founded: June 18, 1921

FDIC Region: Atlanta

Assets: $392,286,000

 

CITY NB OF NEW JERSEY

https://www.citynatbank.com/

Location: Newark, New Jersey

Founded: June 11, 1973

FDIC Region: New York

Assets: $340,301,000

 

COMMONWEALTH NATIONAL BANK

http://www.ecommonwealthbank.com/

Location: Mobile, Alabama

Founded: February 19, 1976

FDIC Region: Atlanta

Assets: $63,244,000

 

FIRST INDEPENDENCE BANK

http://www.firstindependence.com/

Location: Detroit, Michigan

Founded: May 14, 1970

FDIC Region: Chicago

Assets: $215,924,000

 

FIRST STATE BANK

http://www.efirststatebank.com/

Location: Danville, Virginia

Founded: September 08, 1919

FDIC Region: Atlanta

Assets: $38,882,000

 

FIRST TUSKEGEE BANK

https://www.firsttuskegeebank.com/

Location: Tuskegee, Alabama

Founded: October 11, 1991

FDIC Region: Atlanta

Assets: $63,127,000

 

HIGHLAND COMMUNITY BANK

http://highlandcommunitybankchicago.com

Location: Chicago, Illinois

Founded: November 09, 1970

FDIC Region: Chicago

Assets: $84,948,000

 

ILLINOIS SERVICE FEDERALSAVINGS & LOAN

http://www.isfbank.com/

Location: Chicago, Illinois

Founded: January 01, 1934

FDIC Region: Chicago

Assets: $140,148,000

 

INDUSTRIAL BANK

http://www.industrial-bank.com/

Location: Washington, DC

Founded: August 18, 1934

FDIC Region: New York

Assets: $342,524,000

 

LIBERTY BANK & TRUST COMPANY

http://www.libertybank.net/

Location: New Orleans, Louisiana

Founded: November 16, 1972

FDIC Region: Dallas

Assets: $545,019,000

 

MECHANICS & FARMERS BANK

https://www.mfbonline.com/

Location: Durham, North Carolina

Founded: March 01, 1908

FDIC Region: Atlanta

Assets: $304,809,000

 

NORTH MILWAUKEE STATE BANK

https://nmsbank.com/

Location: Milwaukee, Wisconsin

Founded: February 12, 1971

FDIC Region: Chicago

Assets: $91,490,000

 

ONEUNITED BANK

https://www.oneunited.com/

Location: Boston, Massachusetts

Founded: August 02, 1982

FDIC Region: New York

Assets: $590,624,000

 

SEAWAY BANK & TRUST COMPANY

http://www.seawaybank.us/

Location: Chicago, Illinois

Founded: January 02, 1965

FDIC Region: Chicago

Assets: $573,168,000

 

UNITED BANK OF PHILADELPHIA

http://www.ubphila.com/

Location: Philadelphia, Pennsylvania

Founded: March 23, 1992

FDIC Region: New York

Assets: $67,930,000

 

UNITY NB OF HOUSTON

http://www.unitybanktexas.com/

Location: Houston, Texas

Founded: August 01, 1985

FDIC Region: Dallas

Assets: $68,125,000

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