Put Your Money Where Your Mouth Is: Top Black Owned Banks to Help Build the Black Community.
If you haven't been living under a rock for the last few centuries then you know the country has been run under a system that doesn't support all of its citizens. The United States has had a long running love affair with systemic racism that has been as abusive as Ike was to Tina in that limo and, just like Tina, we're decided to FINALLY fight back!
With the growing movements of Black Lives Matter and the newly renewed "I Can't Breathe", started with the police murders of Eric Garner in 2014 and continued with George Floyd in 2020, African Americans have decided to collectively resist. The murder of George Floyd sparked a world wide resistance that saw protests in the United States, London, New Zealand and even Australia. The WORLD is tired of the way the United States treats its African American citizens and, to quote Floyd's 6-year-old daughter Gianna, "Daddy changed the world!"
With the change comes a change in the way Black people are doing business. We're supporting more Black owned businesses, donating to more Black causes and moving more money into Black owned banks.
If you are looking for a Black owned bank to shift your funds to then, we've got you covered. There are quite a few in the country but we've whittled down the top six in hopes that you'd consider investing a portion of your funds or, moving your accounts altogether.
First up, One United Bank!
Arguably the most popular Black owned bank, One United Bank has been supported by BEYONCE', rapper/activist Killer Mike, Queen Latifah, Solange and Alicia Keys just to name a few. One United Bank is headquartered in Boston, Massachusetts. They are a registered member of the FDIC or Federal Deposit Insurance Corporation. Since 2018, the bank maintained a total asset of $670 million, with only six branches operating. Their main objective is to provide services to low- to moderate-income African-American communities and even offer workshops to improve financial literacy.
Established in 1982, the bank started with a $2.1 million in assets. It is also the first bank in the country that offers Investment Subsidiary called Harbor Financial Services. As of today, this black-owned bank now has more than $280 million in assets and has deposits amounting to $219 million. The Harbor Bank of Maryland primarily serves the Baltimore area and currently has seven branches. The bank offers savings and checking accounts as well as time deposits, debit and credit cards, real estate loans, personal, business, automobile, and other installment and term loans.Their online platform is super easy to navigate and their ratings are pretty good with customers.
Based in Washington D.C., the Industrial Bank is a historic black-owned bank in the United States that was established in 1913 but was reorganized by Jesse Mitchell in 1934. In 1947, it became the first largest black-owned bank in the country, with a total of $6 million in assets from its 14,000 depositors. Today, the bank has total assets of $423 million and operates eight branches across Washington, D.C. One of the primary goals of the Industrial Bank is to provide loans for low- and moderate-income African-American communities to improve their financial status.
This black-owned bank is an Atlanta, Georgia-based bank with branches in Birmingham and Eutaw. Citizens Trust was established in 1921 to serve the black community in Atlanta. Moreover, in 1947, Citizens Trust Bank became a member of the Federal Reserve Bank. The bank currently holds an asset amounting to $411 million and has operating ten branches. The bank focuses on providing different types of loans, such as business and real estate loans. They even offer an affordable housing program for the black community, especially to those who need down payment assistance.
This bank is considered as the second-largest black-owned bank in the U.S. with assets totaling $664 million. Carver Federal Savings Bank was founded in 1948 and was named after the famous scientist, George Washington Carver. It provides financial aid, especially to the underserved black communities.
Finally, coming in at number 6:
Fairly new, TUCU is Toledo’s first community development credit union. The Toledo Urban Federal Credit Union opened its doors to serve the central city community on July 21, 1996. They envisioned the need for their community, like all others, to gain control of the economic dollars circulating within their community. It was named one of the fastest growing financial institutions of its kind in the country. Their membership is rapidly increasing with assets of over 6 million and growing.
If you need to see the difference between a bank and a credit union, get into the graphic below courtesy of The Street.