Black Owned Banks

Black Owned Banks


People don’t often consider the owners of a bank when they open an account or take out a loan at a particular bank. However, in recent years, a trend started using the hashtag #BankBlack. In this movement, citizens of the United States are encouraged to put their money in banks and credit unions that are black-owned. This trend started in wake of all the police shootings which have taken place around the country. A rapper named “Killer Mike” helped start the trend in response to the shootings.

In 1864, after the Emancipation Proclamation ended slavery, U.S. Congress chartered the Freedmen’s Savings and Trust Company in 1865. This bank catered specifically to former slaves. About 20 years later, the first solely black-owned bank was founded: Savings Bank of the Grand Fountain United Order of True Reformers.

Over the 130+ years since, an increasing number of banks have centered their efforts around helping black people set up bank accounts and get loans to purchase homes and start their own businesses.

This helps tremendously, because despite the Fair Housing Act law, some traditional banks continue to not give loans to black people because of their race. A study done by the FDIC revealed that roughly 67% of the home loan originations issued by black-owned banks are to black borrowers. Meanwhile, for non-minority owned banks, this number doesn’t even reach 1 percent!

As of today, the United States has a total of 22 banking institutions which are majority owned by African-Americans.


 

What Are the Largest Black Owned Banks in America?

Let’s look at two largest black-owned banks in the country. Their size is determined by the number of deposits and assets in which they hold.

#1) OneUnited Bank

OneUnited Bank has a total of 6 branches and is headquartered in Boston, Massachusetts. Its total deposits equal $376 million while its total assets equal $661 million. It is about half a century old and is the biggest black-owned bank in the country. There bank offers workshops which educate low-income communities around Boston about how to better manage their finances. Clients that have a poor credit history are introduced to the concept of second-chance checking accounts and secured credit cards as a way to rebuild that history.

#2) Liberty Bank

Liberty Bank is based in New Orleans, Louisiana. It has 15 branches, total deposits valued at $549 million, and assets worth more than $594 million. Its focus has been helping customers find affordable housing and giving them a chance at higher education.

 

Where Are the Black Owned Banks Located?

Below, you can view the branch locations of OneUnited, Liberty, and some of the largest black-owned banks: Broadway Federal Bank, Unity National Bank of Texas, Commonwealth National Bank, Tri-State Bank of Memphis, GN Bank, Columbia Savings and Loan, First Independence Bank, M&F Bank, and Carver Federal Savings Bank.

Rounding out rest of the 22 black owned banks in America are: Alamerica Bank, Citizens Trust Bank, South Carolina Community Bank, Urban Partnership Bank, Metro Bank of Louisville Kentucky, Carver State Bank, Citizens Savings Bank & Trust Company, Industrial Bank, Harbor Bank of Maryland, City National Bank of New Jersey, and United Bank of Philadelphia.

List of Black Owned Banks
OneUnited Bank Locations
Compton Branch
205 E. Compton Blvd.
Compton, CA 90220
(310) 537-5791
Corporate Office and Crenshaw Branch
3683 Crenshaw Blvd.
Los Angeles, CA 90016
(323) 290-4848
Miami Branch
3275 NW 79th Street
Miami, FL 33147
(305) 696-0700
Corporate Headquarters Non-Cash Branch
100 Franklin Street
Boston, MA 02110
(617) 457-4400
Grove Hall Branch
648 Warren Street
Dorchester, MA 02121
(617) 457-4400
Roxbury Branch
2343 Washington Street
Roxbury, MA 02119
(617) 457-4400
Liberty Bank Locations 2714 Canal Street
New Orleans, LA 70119
3002 Gentilly Blvd.
New Orleans, LA 70122
7200 Crowder Blvd.
New Orleans, LA 70126
3535 General DeGaulle
New Orleans, LA 70114
6600 Franklin Ave
New Orleans, LA 70122
8796 Greenwell Springs Rd.
Baton Rouge, LA 70814
4707 Perkins Road
Baton Rouge, LA 70808
7990 Scenic Highway
Baton Rouge, LA 70807
2325 Livingston Road
Jackson, MS 39213
1314 N. 5th St.
Kansas City, KS 66101
4701 Troost Avenue
Kansas City, MO 64110
9108 Woodward Avenue
Detroit, MI 48202
301 N. Elm Street
Tuskegee, AL 36083
4141 Carmichael Rd
Montgomery, AL 36106
7610 West Roosevelt Road
Forest Park, IL 60130
Broadway Federal Bank Locations
Mid-Wilshire Branch
5055 Wilshire Boulevard, Suite 100
Los Angeles, CA 90036
Inglewood Branch
170 North Market Street
Inglewood, CA 90301
Exposition Park Branch
4001 South Figueroa
Los Angeles, CA 90037
Unity National Bank Locations
92 Peachtree Street S.W.
Atlanta, Georgia  30303
1661 Texas Parkway
Missouri City, Texas 77489
2602 Blodgett St.
Houston, Texas 77004
Commonwealth National Bank Locations
Main Branch
2214 St. Stephens Road
Mobile, AL 36617
(251) 476-5938
Crichton Branch
2861 Springhill Avenue
Mobile, AL 36607
(251) 478-1222
Tri-State Bank of Memphis Locations
Whitehaven Branch
4606 Elvis Presley
Memphis, TN 38116
(901) 398-1342
GN Bank (formerly Illinois Service Federal Savings) Locations
Main Branch
4619 S. King Drive
Chicago, IL 60653
(773) 624-2000
Chatham Office
8700 S. King Drive
Chicago, IL 60619
(773) 224-2160
Columbia Savings and Loan Locations
2020 W Fond Du Lac Ave.
Milwaukee, WI 53205
(414) 374-0486
First Independence Bank Locations
Main Branch
7310 Woodward Ave., Ste. 101
Detroit, MI 48202
(313) 256-8400
Seven Mile Branch
7020 W. Seven Mile
Detroit, MI 48221
(313) 342-0900
Clinton Township Branch
38880 Garfield Road
Clinton Township, MI 48038
(586) 329-7200
M&F (Mechanics & Farmers) Bank Locations
Durham Branch
116 W. Parrish Street
Durham, NC
(919) 687-7803
Corporate Headquarters
2634 Durham Chapel Hill Boulevard
Durham, NC
(919) 687-7800
Durham Branch – Durham-Chapel Hill
2705 Durham-Chapel Hill Boulevard
Durham, NC
(919) 687-7811
Raleigh Branch – East Hargett
13 East Hargett Street
Raleigh, NC
(919) 821-4611
Raleigh Branch – Rock Quarry
1824 Rock Quarry Road
Raleigh, NC
(919) 832-8391
Greensboro Branch
100 South Murrow Boulevard
Greensboro, NC
(336) 373-8500
Winston-Salem Branch
770 MLK JR Drive
Winston-Salem, NC
(336) 722-0200
Charlotte Branch
101 Beatties Ford Road
Charlotte, NC 23232
(704) 332-2121
Carver Federal Savings Bank Locations
Corporate Headquarters
75 West 125th Street
New York, NY 10027
(718) 230-2900
Commercial Lending Offices
1825 Park Ave
New York, NY 10035
(718) 230-2900
Community Development Offices
1825 Park Ave
New York, NY 10035
(718) 230-2900
125th Street Branch
75 West 125th Street
New York, NY 10027
(718) 230-2900
Bradhurst Branch
300 West 145th Street
New York, NY 10039
(718) 230-2900
Malcolm X Boulevard Branch
142 Malcolm X Boulevard
New York, NY 10026
(718) 230-2900
Atlantic Terminal Branch
4 Hanson Place
Brooklyn, NY 11217
(718) 230-2900
Bedford-Stuyvesant – Restoration Plaza Branch
1392 Fulton Street
Brooklyn, NY 11216
(718) 230-2900
Crown Heights Branch
1009 Nostrand Avenue
Brooklyn, NY 11225
(718) 230-2900
Flatbush Branch
833 Flatbush Avenue
Brooklyn, NY 11226
(718) 230-2900
St Albans Branch
115-02 Merrick Boulevard
Jamaica, NY 11434
(718) 230-2900