Get to Know These Notable Black-Owned Banks

California

West/ North west / California 110 Views

As of 2018, there are only 19 black-owned banks in the United States, according to BankBlackUSA.org. These banks, however, make a big difference in their communities. The following banks are among those that have served the African-American community.

Citizens Trust Bank

Citizens Trust Bank has been building relationships since 1921 – it remains committed to providing personalized service and financial solutions to meet the growing needs of its community. Through a legacy built on principle, the bank goes beyond meeting the needs of offering banking solutions; its mission is to empower customers and future generations for financial success. In turn, their success is Citizens Trust Bank’s success.

Source: Citizens Trust Bank

First Independence Bank

First Independence Bank, the only black woman-owned bank in the United States, was founded in 1970. The Detroit-based bank now has three branches and was established to serve the financial needs of its community, businesses and citizens.

Source: First Independence Bank

Liberty Bank and Trust Company

Liberty Bank, a Louisiana-based commercial bank and the third largest African-American owned financial institution in America, was founded in 1972, with holdings of $374 million. Liberty Bank has 15 branch locations in Louisiana, Mississippi, Kansas, Missouri, Alabama, Minnesota, and Illinois. Liberty Bank is passionate about helping more people achieve more economic freedom.

Source: Liberty Bank and Trust Company

Mechanics & Farmers Bank

Founded in 1907, Mechanics & Farmers Bank (M&F) is the second oldest minority-owned bank in the United States. The bank is the ninth largest financial institution in the United States, with nearly $256.9M in total assets as of 2018. M&F Bank is certified as a Community Development Financial Institution and is the only bank in North Carolina to receive this designation.

Source: Mechanics & Farmers Bank

OneUnited Bank

OneUnited Bank is the premier bank for urban communities, the largest Blackowned bank, the first Black Internet bank, and a community Development Financial Institution that started the national #BankBlack Challenge in 2016. OneUnited Bank is designed to harness the economic power of the Black community and focuses on one clear financial message that #BlackMoneyMatters. The bank has offices in Los Angeles, Boston, and Miami and has financed more than $100 million in loans in the last two years.

Source: OneUnited Bank

If you’re on the go and want to see what Black-owned businesses are near you, download WhereU. The app is a directory of local Black-Owned Businesses and has information for the United States, the UK, France, and Canada! It’s user-based so you can add any Black-owned businesses you haven’t seen on the app!

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