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32 Black-Owned Banks and Credit Unions

32 Black-Owned Banks and Credit Unions

It has been well documented over the decades that many banks and lending institutions have traditionally practiced institutionalized racism. Most recently, Mississippi-based BancorpSouth was fined $10.6 million for redlining, using race and ethnicity to determine mortgage eligibility. In efforts of leveling the playing fields in the money market, many blacks have looked towards black-owned alternatives to the banking system that is currently in place.

In fact, entertainment celebrities Killer Mike, Usher and Jermaine Dupri have recently spoken about the need for the black community to withhold their financial capital from big banks and other powerful entities until they stand up against racism and violence. Of the most vocal entertainers in this movement, Killer encouraged everyone to bank black during an interview with Hot 107.9.

Within five days of the interview, Atlanta-based Citizens Trust Bank opened at least 8,000 new account accounts. With a new account having a minimum requirement of $100 to open, that comes to at least $800,000 moved into a Black-owned banking establishment. Killer was publicly thanked by Citizens Bank CEO Cynthia N. Day via Twitter for his call to action. “Together, we can change the conversation,” she tweeted from the bank’s account @CTBank.

Continuing the domino effect to bank black, Houston rappers Willie D, Paul Wall and many others lined up to open new accounts at Houston’s Black-owned UNITY Bank. In efforts to help strengthen that black dollar, dollar bill y’all, below is a list of 32 black-owned institutions across the country.

  1. Carver Federal Savings Bank
    Founded: 1948
    Location: New York
    Assets: Approx. $640 Million
  1. Carver State Bank
    Location: Savannah, Georgia
    Founded: January 1, 1927
    FDIC Region: Atlanta
    Assets: $41 Million
  1. City National Bank of New Jersey
    Founded: 1973
    Assets: Approx. $340 Million
  1. Industrial Bank
    Location: Washington, DC
    Founded: August 18, 1934
    FDIC Region: New York
    Assets: $342 Million
  1. The Harbor Bank Of Maryland
    Founded: 1982
    Serving: Baltimore, Maryland
    Assets: Approx. $235 Million
  1. One United Bank
    Founded: 1968
    Locations: Boston, MA; Los Angeles, CA; Miami, FL
    Assets: Approx. $614 Million
  1. United Bank of Philadelphia
    Location: Philadelphia, Pennsylvania
    Founded: March 23, 1992
    FDIC Region: New York
    Assets: $67 Million
  1. First Independence Bank
    Location: Detroit, Michigan
    Founded: May 14, 1970
    FDIC Region: Chicago
    Assets: Approx. $216 Million
  1. First Tuskegee Bank
    Location: Tuskegee, Alabama
    Founded: October 11, 1991
    FDIC Region: Atlanta
    Assets: $63 Million
  1. First State Bank
    Location: Danville, Virginia
    Founded: September 08, 1919
    FDIC Region: Atlanta
    Assets: $38 Million
  1. Seaway Bank & Trust Company
    Location: Chicago, Illinois
    Founded: January 02, 1965
    FDIC Region: Chicago
    Assets: Approx. $753 Million
    Serving: Chicago, Illinois and surrounding
  1. Mechanics & Farmers Bank
    Location: Durham, North Carolina
    Founded: March 01, 1908
    FDIC Region: Atlanta
    Assets: Approx. $304 809 000
  1. Alamerica Bank
    Founded: 2000
    Serving: Birmingham, Alabama
    Assets: Approx. $41 Million
  1. Commonwealth National Bank
    Location: Mobile, Alabama
    Founded: February 19, 1976
    FDIC Region: Atlanta
    Assets: $63,244,000
  1. Citizens Savings Bank & Trust
    Founded: 1904
    Serving: Nashville, Tennessee
    Assets: Approx. $108 Million
  1. Citizens Trust Bank
    Location: Atlanta, Georgia
    Assets: Approx. $392 Million
    FDIC Region: Atlanta
  1. Columbia Savings & Loans
    Founded: 1924
    Location: Milwaukee, Wisconsin
    Assets: Approx. $24 Million
  1. Unity National Bank of Houston
    Founded: 1985
    Location: Houston, Texas
    FDIC Region: Dallas
    Assets: Approx. $68 Million
  1. Tri-State Bank of Memphis
    Founded: 1946
    Location: Memphis, Tennessee
    Assets: Approx. $125 Million
  1. Liberty Bank & Trust Company
    Locations: New Orleans, Louisiana; Baton Rouge, Louisiana; Kansas City, Missouri; Detroit, Michigan; Chicago, Illinois; Jackson, Mississippi
    Assets: Approx. $545 Million
  1. Illinois Service Federal Savings & Loans
    Founded: 1934
    Location: Chicago, Illinois
    Assets: Approx. $140 Million
  1. Broadway Federal Bank FSB
    Location: Los Angeles, California
    Founded: February 26, 1947
    FDIC Region: San Francisco
    Assets: Approx. $385,055,000
  1. North Milwaukee State Bank
    Location: Milwaukee, Wisconsin
    Founded: February 12, 1971
    FDIC Region: Chicago
    Assets: Approx. $91 490 000
  1. Capital City Bank & Trust Company
    Location: Atlanta, Georgia
    Founded: October 3, 1994
    FDIC Region: Atlanta
    Assets: Approx. $294 Million
  1. Omega Psi Phi Credit Union
    Location: Lawrenceville, Georgia
  1. United Bank of Philidelphia
    Location: Philadelphia, Pennsylvania
  1. Highland Community Bank
    Location: Chicago, Illinois
  1. South Carolina Community Bank
    Location: Columbia, South Carolina
    1. Toledo Urban Credit Union
      Location: Toledo, Ohio
  1. Hill District Credit Union
    Location: Pittsburgh, Pennsylvania
  1. FAMU Federal Credit Union
    Location: Tallahassee, Florida
  1. Credit Union of Atlanta
    Location: Atlanta, Georgia