Community Development: Many Black-owned banks are community development financial institutions (CDFIs), which means they reinvest in local communities through loans and financial education programs2. This can help build generational wealth and improve financial literacy.
Combatting Systemic Racism: Banking with a Black-owned institution can be a way to fight against systemic racism in the financial sector. These banks have a history of serving customers who have been marginalized by traditional banks.
Personalized Service: Smaller, community-focused banks often provide more personalized customer service. You might find that your banking experience feels more tailored to your needs.
Ethical Banking Practices: Many Black-owned banks prioritize ethical banking practices and corporate social responsibility. This can include financing projects that benefit low- to moderate-income communities and promoting financial literacy.
Building Trust: Historically, Black communities have faced distrust in the banking system due to discriminatory practices. Black-owned banks work to rebuild this trust by focusing on their customers’ needs and interests. By choosing to bank with a Black-owned institution, you can positively impact your financial health and the community’s well-being.
Here’s a comprehensive list of Black-owned banks in America, organized in alphabetical order, along with their cities and links:
Alamerica Bank – Birmingham, AL – Alamerica Bank
Carver State Bank – Savannah, GA – Carver State Bank
Citizens Savings Bank and Trust Company – Nashville, TN – Citizens Savings Bank and Trust Company
Citizens Trust Bank – Atlanta, GA – Citizens Trust Bank
City First Bank – Washington, D.C. – City First Bank
Columbia Savings and Loan Association – Milwaukee, WI – Columbia Savings and Loan Association
Commonwealth National Bank – Birmingham, AL – Commonwealth National Bank
FAMU Federal Credit Union – Tallahassee, FL – FAMU Federal Credit Union
First Independence Bank – Detroit, MI – First Independence Bank
First Security Bank and Trust Company – Tulsa, OK – First Security Bank and Trust Company
Hope Credit Union – Jackson, MS – Hope Credit Union
Industrial Bank – Washington, D.C. – Industrial Bank
Liberty Bank – New Orleans, LA – Liberty Bank
Mechanics & Farmers Bank (M&F Bank) – Durham, NC – M&F Bank
Omega Psi Phi Fraternity Federal Credit Union – Toccoa, GA – Omega Psi Phi Fraternity Federal Credit Union
OneUnited Bank – Boston, MA – OneUnited Bank
OPTUS Bank – Columbia, SC – OPTUS Bank
South Side Community Federal Credit Union – Chicago, IL – South Side Community Federal Credit Union
The Harbor Bank of Maryland – Baltimore, MD – The Harbor Bank of Maryland