Ever since the founding of the Bank of North America in 1781, banking has played a critical role in facilitating the American Dream.1 These institutions provide indispensable monetary services, ranging from accepting deposits to offering loans. Credit is king in the United States, and without high-quality financial institutions, countless Americans would struggle to acquire vehicles, housing, and other essential items.

However, like pretty much all of the nation’s older institutions, banks have also played a significant part in America’s racist past. Racial discrimination in the banking industry has kept countless African Americans from receiving financial assistance, and remnants of this bigotry linger to this day. Black-owned banks arose as an alternative to larger institutions to provide greater access to banking services as well as an opportunity to support local communities.

Key Takeaways

• Today—including credit unions—there are 38 Black-owned financial institutions in the United States. Taken together, they have approximately $5.135 billion in assets in total.
• Black-owned banks provide customers not just access to the financial resources they need, but the chance to invest in the financial health and well-being of their community.
• Black-owned banks also play a critical role in fighting modern-day systemic racism in the financial sector.
• Critics of Black-owned for-profit banks have posited that true financial justice requires institutions, such as not-for-profit credit unions, that are separate from a financial system rooted in racism and exploitation.
• Of the 38 Black-owned financial institutions in the country, exactly half are not-for-profit credit unions.

Background and History of Black-Owned Banks

Black-owned banks (i.e., depository financial institutions with 51% or more of the stock owned by Black people) didn’t exist until more than a century after the Bank of North America first opened its doors.2 Prior to the chartering of the first Black-owned bank in 1888, Congress and President Lincoln established the Freedman’s Savings Bank in 1865. As part of the Freedman’s Bureau, this institution was designed to help newly freed African Americans navigate the U.S. financial system. Despite Congress voting to close the Freedman’s Bureau in 1872, the bank continued to operate. In 1874, Frederick Douglass took over as the bank’s D.C. branch director, and he found the place to be rife with corruption and risky investments. Despite Douglass investing $10,000 of his own money in the bank in an attempt to save it, Freedman’s Savings went bankrupt later that same year.3 Although the Freedman’s Savings Bank doesn’t fit the modern criteria of a Black-owned bank, it represents a critical first step.

The first officially chartered Black-owned bank, the True Reformers Bank, was founded on March 2, 1888, by Reverend William Washington Browne. A former slave and Union Army officer, Browne was founder of the Grand Fountain United Order of True Reformers fraternal organization. The True Reformers Bank came about when Browne and his organization faced financial hardships while trying to establish a new branch in Virginia. Unable to manage the order’s money without arousing suspicion from paranoid and prejudiced locals, Browne founded the True Reformers Bank so that the organization’s finances would be free of scrutiny from White people.

The bank opened its doors in 1889 and went from a small operation in Browne’s house to an institution strong enough to survive the financial panic of 1893. Although the True Reformers Bank continued to operate after Browne’s death in 1897, by 1900 problems were beginning to develop. Under its new president, Reverend William Lee Taylor, branches were poorly regulated, unsecured loans were made, and an embezzlement scandal cost most account holders their savings. By 1910, the State Corporation Commission had ordered the bank to be closed.4

As the story of the True Reformers Bank was playing out, other Black-owned banks were also getting their start in the U.S. The Capitol Savings Bank of Washington, D.C., opened its doors in Oct. 17, 1888, roughly six months before the True Reformers Bank.4 Capitol Savings also managed to survive the the financial panic of 1893, though it later closed in 1902.5 Between 1888 and 1934, more than 134 Black-owned financial institutions were founded, predominantly located in southern states. Their numbers dwindled during the Great Depression, leaving nine by 1930. It wasn’t until the civil rights movement that a resurgence took place, raising their numbers to 50 by 1976. But by 1988, the savings and loan crisis had wiped out 35 Black-owned banks.6 The start of the most recent decline came in 2001, during the early 2000s recession, which rapidly accelerated once the Great Recession began.7 Today—including credit unions—there are 38 Black-owned financial institutions left.8

“You can’t separate Black history from American history,” says Tyrone Ross, community director of Altruist, a software platform provider for financial advisors. “We’ve always been well adept and versed in financial education and the ability to be entrepreneurs. It’s just been stripped from us. So it’s OK to write these articles—or have panels or whatever—but let’s start with the history first so people go, ‘Oh, crap. It really was stripped from them, and they’re just trying to get it back.'”

Modern-Day Discrimination

In 2016, the net worth of a White family was nearly ten times higher on average than that of a Black family. This is a result of inequality, discrimination, racism, and differences in power and opportunity compounding throughout America’s history.9 It also is why the diminishing number of Black-owned banks is especially of concern, given the role these institutions play in fighting modern-day systemic racism in the financial sector.

Consider redlining. This unethical and illegal practice is used to block off access to important services for residents of certain neighborhoods based on their race or ethnicity. Although the Fair Housing Act of 1968 and the Community Reinvestment Act (CRA) of 1977 were both intended to eliminate redlining, this kind of discrimination is still seen today. For instance, 68.1% of loans made between 2012 and 2018 for housing purchases in Chicago went to predominantly White areas; 8.1% went to predominantly Black areas. Banks also lent more money to predominantly White neighborhoods than they did to every predominantly Black neighborhood combined. This disparity is even starker when looking at individual lenders, with JPMorgan Chase lending 41 times more money in White neighborhoods than Black ones.10

Chicago is far from the only place where redlining occurs. In 2018, People of Color in 61 cities were more likely to be denied home loans than White residents.11 And if homeowners aren’t moving into—and investing in—a neighborhood, it means capital isn’t flowing into the community, which leads to poverty and crime having an inescapable presence in the area.10

“One in five Black Americans now is unbanked. When you look at our poverty rates, our lack of ownership, lack of home ownership, that all goes back to economic empowerment,” Ross explains. “Economic empowerment starts with banking.”

The Importance of Black-Owned Banks

To understand why Black-owned banks matter, it’s critical to recognize the role banks play in financial life. A common service banks provide is access to a checking account, allowing for the safe storage of an individual’s funds, typically in exchange for a minimal fee. In addition to accepting monetary deposits, banks also furnish loans for both individuals and businesses looking to finance crucial purchases, in addition to mortgages for real estate purchases. Many banks also issue credit cards, which are valuable tools for building the credit history necessary to receive most loans.

Outside of providing financial services, a number of banks have also launched programs on financial literacy for low- and moderate-income communities.12 It’s difficult, if not impossible, to imagine thriving in the modern economy without taking advantage of the aid that a bank can provide. And if access to these types of services is constantly denied to certain groups, it’s easy to see how these groups may face more financial difficulties than others.

Black-owned banks offer an alternative for residents who have been consistently discriminated against by other financial institutions. They have typically provided more money to borrowers living in low- and moderate-income (LMI) census tracts in the last 14 years than other banks. Black-owned banks are also more willing to tolerate higher levels of risk than alternative institutions. In 2016, 67% of mortgages made by Black-owned banks were either FHA mortgages—which typically serve riskier borrowers—or mortgages held “in portfolio,” meaning they are liable to the risk of the borrower defaulting.13

Additionally, Black-owned banks tend to focus their lending on small businesses, non-profits, and Black homebuyers. As of 2018, all Black-owned banks are community banks; these institutions are dedicated to supporting the economies of the communities in which they serve. Even during difficult times, Black-owned banks have stuck by their customers. During the 2007–2008 financial crisis, despite a 69% drop in all mortgage lending to Black borrowers, the number of mortgages Black-owned banks provided rose 57%.14

“So there’s lack of lending, there’s lack of funding, there’s lack of access to the ability to acquire assets and build wealth,” says Ross. “The Black community has for years been afraid of banking with traditional institutions. A lot of them live in banking deserts where there are no banks, which is also why you have credit unions, check cashing places, and payday loans.”

Without Black-owned banks, countless vulnerable consumers could be forced to rely on high-interest loans from pawn shops and payday lenders for their financing. What’s more, Black-owned banks provide customers not just access to the financial resources they need, but the chance to invest in the financial health and wellbeing of their community and fellow Americans.

“I think we have a responsibility now to realize that—if you really want to be grassroots, and you really want to help Black Americans—get that money in Black banks and then have those Black banks fund the people,” Ross says.

Other Alternatives for Community Funding

Not everyone sees Black-owned for-profit banks as the solution. Critics argue that true financial justice requires institutions that are entirely separate from a financial system rooted in racism and exploitation.15

“I’ve been very critical of for-profit Black banks and the capitalist logic that governs them,” says Prof. Guy Mount, assistant professor of African American history at Auburn University. “In my opinion, member-owned credit unions and nonprofit co-ops are the way forward for Black communities hoping to not only survive within capitalism, but build a viable Black economic alternative to it.” In fact, that choice is currently available to consumers. Of the 38 Black-owned financial institutions in the U.S.—all listed below—19 are credit unions.

Other critics have taken this concept even further. In The Color of Money: Black Banks and the Racial Wealth Gap, Mehrsa Baradaran, professor of law at University of California Irvine School of Law, posits that those in power have pushed the idea of Black-owned banks as a diversionary tactic whenever the African American community demanded more direct solutions to the racial wealth gap. For instance, although the Freedman’s Bank remains a critical facet of Black history, the Freedman’s Bureau originally proposed providing newly freed slaves with an allotment of land—they received a bank instead.16

More recently, when civil rights leaders began calling for a redistribution of wealth, President Nixon co-opted the rhetoric of that same movement to create a civil rights platform centered around “Black capitalism.” He wasn’t the only president to support the idea of banking over financial support. President Clinton introduced legislation with the aim of promoting “community empowerment” via banking. Across party lines, Presidents Bush and Obama supported and upheld Clinton’s infrastructure. President Trump has also made similar promises during his time in office.17

Baradaran further argues that—as it is nearly impossible for a segregated community to keep its wealth entirely self-contained—Black-owned banks may actually facilitate the flow of money out of African American communities and into the White economy.18

Prof. Mount sees it the same way: “By emerging themselves within a White-governed capitalist marketplace, Black banks are facilitating the very extraction of wealth from the communities they purport to serve,” he says.

Black-Owned Banks: State-By-State Breakdown

Alabama

• OneUnited Bank: Multiple ATM locations19
• Alamerica Bank: Birmingham20
• Citizens Trust Bank: Birmingham and Eutaw21
• Commonwealth National Bank: Mobile22
• Liberty Bank: Montgomery and Tuskegee23 24

Alaska

• OneUnited Bank: Multiple ATM locations19

Arizona

• OneUnited Bank: Multiple ATM locations19

Arkansas

• OneUnited Bank: Multiple ATM locations19

California

• OneUnited Bank: Multiple ATM locations, in addition to the Corporate Office and Crenshaw Branch,as well as the upcoming Compton Branch19
• Broadway Federal Bank: Los Angeles25

Colorado

• OneUnited Bank: Multiple ATM locations19

Connecticut

• OneUnited Bank: Multiple ATM locations19

Delaware

• OneUnited Bank: Multiple ATM locations19

District of Columbia

• Industrial Bank: District of Columbia (Anacostia Gateway Banking Center, Ben’s Chili Bowl, DC Court of Appeals, DC Superior Court, F Street Banking Center, Forestville Banking Center, Georgia Avenue Banking Center, J.H. Mitchell Banking Center, Nationals Park, Oxon Hill Banking Center, U Street Banking Center26
• Howard University Employees Federal Credit Union: C B Powell Building27

Florida

• OneUnited Bank: Multiple ATM locations, in addition to the Miami Branch19
• FAMU Federal Credit Union: Tallahassee28

Georgia

• OneUnited Bank: Multiple ATM locations19
• Carver State Bank: Savannah29
• Citizens Trust Bank: Atlanta, Decatur, East Point, Lithonia, Stone Mountain, Stonecrest21
• Unity National Bank: Atlanta30
• 1st Choice Credit Union: Atlanta31
• Credit Union of Atlanta: Atlanta32
• Omega Psi Phi Fraternity Federal Credit Union: Toccoa33

Hawaii

• OneUnited Bank: Multiple ATM locations19

Idaho

• OneUnited Bank: Multiple ATM locations19

Illinois

• OneUnited Bank: Multiple ATM locations19
• GN Bank: Chicago34
• Liberty Bank: Forest Park35
• South Side Community Federal Credit Union: Chicago36

Indiana

• OneUnited Bank: Multiple ATM locations19

Iowa

• OneUnited Bank: Multiple ATM locations19

Kansas

• OneUnited Bank: Multiple ATM locations19
• Liberty Bank: Kansas City37

Kentucky

• OneUnited Bank: Multiple ATM locations19
• Liberty Bank: Louisville38

Louisiana

• OneUnited Bank: Multiple ATM locations19
• Liberty Bank: Baton Rouge and New Orleans39 40
• Southern Teachers & Parents Federal Credit Union: Baton Rouge and Thibodaux41

Maine

• OneUnited Bank: Multiple ATM locations19

Maryland

• OneUnited Bank: Multiple ATM locations19
• The Harbor Bank of Maryland: Baltimore, Randallstown, and Silver Spring42

Massachusetts

• OneUnited Bank: Multiple ATM locations, in addition to the Corporate Headquarters and the Roxbury Branch19

Michigan

• OneUnited Bank: Multiple ATM locations19
• First Independence Bank: Clinton Township and Detroit43
• Liberty Bank: Detroit44

Minnesota

• OneUnited Bank: Multiple ATM locations19

Mississippi

• OneUnited Bank: Multiple ATM locations19
• Liberty Bank: Jackson45

Missouri

• OneUnited Bank: Multiple ATM locations19
• Liberty Bank: Kansas City46
• St. Louis Community Credit Union: Ferguson, Florissant, Pagedale, Richmond Heights, St. John, St. Louis, University City, and Wellston47

Montana

• OneUnited Bank: Multiple ATM locations19

Nebraska

• OneUnited Bank: Multiple ATM locations19

Nevada

• OneUnited Bank: Multiple ATM locations19

New Hampshire

• OneUnited Bank: Multiple ATM locations19

New Jersey

• OneUnited Bank: Multiple ATM locations19
• Industrial Bank: Newark26

New Mexico

• OneUnited Bank: Multiple ATM locations19

New York

• OneUnited Bank: Multiple ATM locations19
• Carver Federal Savings Bank: Brooklyn, Jamaica, and New York City48
• Industrial Bank: New York City49
• Urban Upbound Federal Credit Union: Long Island City50

North Carolina

• OneUnited Bank: Multiple ATM locations19
• Mechanics & Farmers Bank: Charlotte,Durham, Greensboro, Raleigh, and Winston-Salem51
• First Legacy Community Credit Union: Charlotte52
• Greater Kinston Credit Union: Kinston53

North Dakota

• OneUnited Bank: Multiple ATM locations19

Ohio

• OneUnited Bank: Multiple ATM locations19
• Faith Community United Credit Union: Cleveland54
• Toledo Urban Federal Credit Union: Toledo55

Oklahoma

• OneUnited Bank: Multiple ATM locations19

Oregon

• OneUnited Bank: Multiple ATM locations19

Pennsylvania

• OneUnited Bank: Multiple ATM locations19
• United Bank of Philadelphia: Philadelphia56
• Hill District Federal Credit Union: Pittsburgh57

Rhode Island

• OneUnited Bank: Multiple ATM locations19

South Carolina

• OneUnited Bank: Multiple ATM locations19
• Brookland Federal Credit Union: West Columbia58
• Community Owned Federal Credit Union: Charleston59

South Dakota

• OneUnited Bank: Multiple ATM locations19

Tennessee

• OneUnited Bank: Multiple ATM locations19
• Citizens Bank: Memphis and Nashville60
• Tri-State Bank: Memphis61

Texas

• OneUnited Bank: Multiple ATM locations19
• Unity National Bank: Houston and Missouri City30
• Faith Cooperative Credit Union: Dallas62
• Mount Olive Baptist Church Federal Credit Union: Dallas63
• Oak Cliff Christian Federal Credit Union: Dallas64

Utah

• OneUnited Bank: Multiple ATM locations19

Vermont

• OneUnited Bank: Multiple ATM locations19

Virginia

• OneUnited Bank: Multiple ATM locations19
• Virginia State University Federal Credit Union: South Chesterfield65

Washington

• OneUnited Bank: Multiple ATM locations19

West Virginia

• OneUnited Bank: Multiple ATM locations19

Wisconsin

• OneUnited Bank: Multiple ATM locations19
• Columbia Savings & Loan: Milwaukee66

Wyoming

• OneUnited Bank: Multiple ATM locations67

Additional Details on America’s Black-Owned Banks

While the number of Black-owned financial institutions may have declined from their peak, they cumulatively have a not-insignificant presence.68 Taken together, the 38 Black-owned banks in the U.S. have approximately $5.135 billion in assets. And although 28 states have no Black-owned financial institutions within their borders, several organizations have a presence across the U.S. because of their partnerships with major ATM networks. Additionally, of the 38 Black-owned financial institutions in the country, exactly half are not-for-profit credit unions.8

The majority of Black-owned institutions offer both traditional brick-and-mortar branches and online/mobile services. Even OneUnited Bank, originally an Internet-only bank, now has multiple physical locations across the U.S.69 19 Ensuring online accessibility is a smart move considering that, in 2017, approximately 17.7% of African-American consumers were more likely to use mobile banking as their primary method of accessing their accounts.70 Currently, Columbia Savings and Loan is the sole institution without any online or mobile banking services.66

Below: a list of Black-owned banks and credit unions in the U.S., in alphabetical order.

1st Choice Credit Union

Founded in 1946, the Hospital Authority Credit Union was created to provide financial services to employees of Grady Hospital. In 1991, the organization became known as 1st Choice Credit Union.71

• Branches: Auburn Avenue Administrative Office (Atlanta, Ga.) and Grady Memorial Hospital (Atlanta, Ga.)31
• ATMs: Crestview Health & Rehabilitation Center (Atlanta, Ga.) and Ponce De Leon Center (Atlanta, Ga.)31
• States: Georgia31
• Services: Personal and business checking and savings, in addition to loans (personal, mortgage, etc.)72 73
• Assets: $25.19 million74
• Availability: Online and brick-and-mortar31 75

Alamerica Bank

Alamerica Bank was originally organized by a group of prominent Birmingham, Ala., community leaders on Jan. 28, 2000. Alamerica achieved operational profitability after six months of operation.76

• Branches: The Alamerica Bank Building (Birmingham, Ala.)20
• ATMs: N/A
• States: Alabama20
• Services: Deposit services (business and personal accounts), loan services (commercial and personal loans), Internet banking, image statements, and MasterMoney debit cards77 78 79
• Assets: $18.912 million80
• Availability: Online and brick-and-mortar20 79

Broadway Federal Bank

The Broadway Federal Bank is a subsidiary of Broadway Financial Corporation, a bank holding company located in Los Angeles, Calif. Formerly known as the Broadway Federal Savings and Loan Association, founded in 1946, the original building was destroyed by a fire on April 30, 1992. In Dec. 1995, the organization was converted from a federally chartered mutual savings association to a federally chartered stock savings bank, hence the new name.81

• Branches: Mid-Wilshire Branch (Los Angeles, Calif.), Inglewood Branch (Inglewood, Calif.), and Exposition Park Branch (Los Angeles, Calif.)25
• ATMs: Part of the MoneyPass network25
• States: California25
• Services: Personal and business accounts, credit cards, and loan products82
• Assets: $415 million83
• Availability: Online and brick-and-mortar25 84

Brookland Federal Credit Union

Founded in 1999, the Brookland Federal Credit Union is a not-for-profit financial cooperative that provides financial services to members of Brookland Baptist Church and their immediate family members.85 If you join Brookland Federal, you and your family have a lifetime membership.86

• Branches: Brookland Federal Credit Union (West Columbia, S.C.)58
• ATMs: N/A
• States: South Carolina58
• Services: Savings, checking, loans, and other services (financial literacy, guaranteed auto protection, etc.)87 88 89 90
• Assets: $3.4 million86
• Availability: Online and brick-and-mortar58 91

Carver Federal Savings Bank

The Carver Federal Savings Bank was founded in 1948 to serve African American communities with limited access to mainstream financial services. The majority of its branches and ATMs are located in low- to moderate-income neighborhoods.92

• Branches: Atlantic Terminal Branch (Brooklyn, N.Y.), Bedford-Stuyvesant – Restoration Plaza Branch (Brooklyn, N.Y.), Crown Heights Branch (Brooklyn, N.Y.), Flatbush Branch (Brooklyn, N.Y.), and St Albans Branch (Jamaica, N.Y.), 125th Street Branch (New York City, N.Y.), and Malcolm X Boulevard Branch (New York City, N.Y.))48
• ATMs: Atlantic Terminal Shopping Mall (2) (Brooklyn, N.Y.) and ATM Banking Center (Brooklyn, N.Y.)48
• States: New York48
• Services: Personal and business banking, loans, and community cash93 94 95 96
• Assets: $581.718 million97
• Availability: Online and brick-and-mortar48 98

Carver State Bank

Established on Feb. 23, 1927, the Georgia Savings and Realty Corporation was a small, private bank as well as a real estate investment and management company. In 1947, the original institution was converted to a state bank and became known as the Carver Savings Bank. By 1962, Carver had become a full-service commercial bank, thus its name was changed once more to the Carver State Bank.99

• Branches: Main Office (Savannah, Ga.) and Skidaway Branch (Savannah, Ga.)29
• ATMs: Main Office (Savannah, Ga.), Skidaway Branch (Savannah, Ga.), and Hilton Head International Airport (Savannah, Ga.)29
• States: Georgia29
• Services: Personal accounts (checking and savings), business accounts, loans, development programs, and other services (cashier’s checks, money orders, etc.)100 101 102 103 104 105
• Assets: $46.124 million106
• Availability: Online and brick-and-mortar48 107

Citizens Bank

In 1904, the One Cent Savings Bank became the first minority-owned bank in Tennessee. The institution’s name was changed to the Citizens Savings Bank & Trust Co. in 1920. Citizens Bank is the oldest, continuously operating Black-owned bank in the U.S.108

• Branches: Memphis Winchester Road Branch (Memphis, Tenn.) and Main Office (Nashville, Tenn.)60
• ATMs: Main Office (Nashville, Tenn.)60
• States: Tennessee60
• Services: Personal and business banking (checking and savings), credit cards, and loans (personal, business, etc.)109
• Assets: $100 million110
• Availability: Online and brick-and-mortar60 111

Citizens Trust Bank

Since 1921, the Citizens Trust Bank was created to serve the African American citizens of Atlanta. Today the organization plays an active role in providing sponsorship support for multiple community organizations.112

• Branches: Birmingham (Birmingham, Ala.), Eutaw Branch (Eutaw, Ala.), Cascade Branch (Atlanta, Ga.), Corporate Headquarters (Atlanta, Ga.), Westside Branch (Atlanta, Ga.), East Point Branch (East Point, Ga.), and Rockbridge Branch (Stone Mountain, Ga.)21
• ATMs: Castleberry Inn ATM (Atlanta, Ga.), Westside ATM (Atlanta, Ga.), South Dekalb Mall ATM (Decatur, Ga.), Lithonia ATM (Lithonia, Ga.), Rockbridge Plaza ATM (Stone Mountain, Ga.), Stone Mountain ATM (Stone Mountain, Ga.), and Panola ATM (Stonecrest, Ga.)21
• States: Alabama and Georgia21
• Services: Banking (savings, checking, etc.) and borrowing (loans, credit cards, etc.) services113 114
• Assets: $444.324 million115
• Availability: Online and brick-and-mortar21 116

Columbia Savings & Loan

Columbia Savings & Loan has served Milwaukee’s inner city, particularly its minority population, since 1924. 66

• Branches: Columbia Savings & Loan Association (Milwaukee, Wis.)66
• ATMs: N/A
• States: Wisconsin66
• Services: Mortgages, church loans, and CDs/IRAs66
• Assets: $22.758 million117
• Availability: Brick-and-mortar only66

Commonwealth National Bank

Founded in 1976, the Commonwealth National Bank is a full-service nationally chartered commercial institution. Commonwealth is the sole bank headquartered in Mobile, out of the 45 banks doing business there. In addition to being the only Minority Depository Institution (MDI) in Mobile, it is one of two in Alabama.118

• Branches: Main Office Branch (Mobile, Ala.) and Crichton Branch (Mobile, Ala.)22
• ATMs: Main Office Branch (Mobile, Ala.), Crichton Branch (Mobile, Ala.), any Publix Super Market ATM, and any PNC Bank ATM119
• States: Alabama22
• Services: Consumer and business services, in addition to loans120 121
• Assets: $47.609 million122
• Availability: Online and brick-and-mortar22 123

Community Owned Federal Credit Union

In 1966, the Community Owned Federal Credit Union was founded to provide low-income communities in Johns Island and part of Charleston with financial services typically denied to them by mainstream institutions. Membership has since grown to include the entire Charleston area.124

• Branches: Community Owned Federal Credit Union (Charleston, S.C.)59
• ATMs: N/A
• States: South Carolina59
• Services: Primary savings account, loans, mortgages, and other services (direct and payroll deposit, in addition to credit workshops)125
• Assets: $6.14 million126
• Availability: Online and brick-and-mortar59 127

Credit Union of Atlanta

Founded in 1928, the Credit Union of Atlanta remained stable and secure throughout the Great Depression. Any profits earned are used to secure better rates for the institution’s members.128

• Branches: Main Office (Atlanta, Ga.) and Pryor Street Lending Center (Atlanta, Ga.)32
• ATMs: Atlanta Detention Center (Atlanta, Ga.), Atlanta Public Safety Annex (Atlanta, Ga.), Credit Union of Atlanta (Atlanta, Ga.), Pryor Street Lending Center (Atlanta, Ga.), in addition to any ATMs in the MoneyPass and STAR networks32 129
• States: Georgia32
• Services: Personal savings and checking, credit builder and personal loans, and payment protection130 131 132 133 134
• Assets: $66.604 million135
• Availability: Online and brick-and-mortar32 136

Faith Community United Credit Union

Originally chartered in 1952 as Mount Sinai Baptist Church Credit Union, Faith became a Community Development Credit Union (CDCU) in 1991. In 1989, the credit union became the sole provider of financial services when the savings and loans closed in local minority neighborhoods. Faith attained self-sufficiency a year after acquiring its community charter.137

• Branches: Faith Community United Credit Union (Cleveland, Ohio)54
• ATMs: N/A
• States: Ohio54
• Services: Deposit services, loan services, and insurance138 139 140
• Assets: $14.035 million141
• Availability: Online and brick-and-mortar54 142

Faith Cooperative Credit Union

The story of the Faith Cooperative Credit Union is a tale of two different organizations. St. John Federal Credit Union was founded in 1959. It became known as the Faith Cooperative Credit Union after it was integrated with the Friendship-West Baptist Church’s vision of a micro loan bank.143

• Branches: Administrative Offices (Dallas, Texas)62
• ATMs: One located “near the Banquet Hall”144
• States: Texas62
• Services: Savings, loans, and gap protection145 146
• Assets: $1.528 million147
• Availability: Online and brick-and-mortar62 148

FAMU Federal Credit Union

On May 8, 1935, six individuals were convinced to deposit $50 to acquire a federal credit union charter, resulting in the founding of the Florida A&M College Employees Federal Credit Union. By 1953, the organization renamed to Florida A&M University Federal Credit Union due to its location on the FAMU campus.149

• Branches: Office (Tallahassee, Fla.)28
• ATMs: One located in the “first drive-thru lane”as well asany ATMs that are part of the American Express, CULIANCE, The Exchange, Honors, Member Access, Plus, Presto, Publix, Walmart, and “other Credit Unions with the participating listed networks”150
• States: Florida149
• Services: Accounts (checking, savings, IRA), Rattler debit and VISA credit cards, loans, wire transfers, and other services (notary services, bill payments, etc.)151
• Assets: $20.24 million152
• Availability: Online and brick-and-mortar28 153

First Independence Bank

Having been in business since May 11, 1970, the First Independence Bank has served the Detroit Metropolitan area for 50 years. First Independence is the sole African American‐owned bank headquartered in Michigan, in addition to being one of two banks headquartered in Detroit.154

• Branches: Clinton Township Branch (Clinton Township, Mich.), Main Office Branch (Detroit, Mich.), and Seven Mile Branch (Detroit, Mich.)43
• ATMs: Garfield Branch (Clinton Township, Mich.), 1st Floor International Building (Detroit, Mich.), City County Building (Detroit, Mich.), Livernois (Detroit, Mich.), and Main Office Branch (Detroit, Mich.), Seven Mile Branch (Detroit, Mich.), in addition to “any nationwide … Fifth Third, TCF, or Chemical Bank ATM … in the Metro Detroit area”155
• States: Michigan43
• Services: Consumer and business services, in addition to loans156 157
• Assets: $265.354 million158
• Availability: Online and brick-and-mortar43 159

First Legacy Community Credit Union

The School Workers Federal Credit Union was founded by a group of educators in Feb. 14, 1941. Originally, the institution that eventually became First Legacy Community only offered a savings and loan program; today it offers a much wider selection of financial services.160

• Branches: First Legacy Community Credit Union (Charlotte, N.C.)52
• ATMs: Part of the CO-OP/Covera ATM network161
• States: North Carolina52
• Services: Checking, savings, loans, and other services (quarterly statements, NADA auto valuations, etc.)161
• Assets: $29.331 million162
• Availability: Online and brick-and-mortar52 161

GN Bank

In 1934—after working closely with the Federal Home Loan Bank of Chicago—13 African-American men founded Illinois Service Federal to provide a savings and loan association for Black Chicagoans. The institution was acquired by Groupe Ndoum in 2016, which led to its name change to GN Bank in 2018.163

• Branches: Main Branch (Chicago, Ill.) and Chatham Office (Chicago, Ill.)34
• ATMs: Main Branch (Chicago, Ill.) and Chatham Office (Chicago, Ill.), in addition to any ATMs in the STAR network.164
• States: Illinois34
• Services: Personal (checking, savings, and credit cards) and small business services (checking, lending, credit cards)165
• Assets: $133 million163
• Availability: Online and brick-and-mortar34 166

Greater Kinston Credit Union

The Greater Kinston Credit Union was founded in 1952 and provides a variety of loans and deposit accounts.167 Persons who live, work, worship, or attend functions in the Lenoir, Greene, Jones, Craven, and Pitt counties are eligible for membership.168

• Branches: Branch Office (Kinston, N.C.)53
• ATMs: Part of the CashPoints network169
• States: North Carolina53
• Services: Debit and credit cards; deposit (checking, savings, etc.), non-profit, and youth accounts; mortgage and personal lending; and other services (automated services, branch services, etc.)170
• Assets: $11.624 million171
• Availability: Online and brick-and-mortar170

Hill District Federal Credit Union

The Hill District Federal Credit Union got its start in 1970 and has provided financial services to its members for 50 years.57 Citizens who live, work, or worship in the Hill District—as well as members of an organization that provides economic assistance in the same area—are eligible to join this institution.172

• Branches: Hill District Federal Credit Union (Pittsburgh, Pa.)57
• ATMs: N/A
• States: Pennsylvania57
• Services: Debit and gift cards, savings, checking, loans, other services (money orders, financial literacy classes, etc.)173
• Assets: $5.61 million174
• Availability: Online and brick-and-mortar57 173

Howard University Employees Federal Credit Union

Originally chartered on Oct. 11, 1935, the Howard University Employees Federal Credit Union provides financial services to employees of Howard University and their family members.175 Those who join Howard University Employees FCU have a lifetime membership.176

• Branches: C B Powell Building (Washington D.C.)27
• ATMs: Part of the CO-OP and CU Here networks177
• States: Washington D.C.27
• Services: Accounts (savings, checking, etc.) and loans178 179
• Assets: $10 million175
• Availability: Online (home loans only) and brick-and-mortar27 180

Industrial Bank

Industrial Bank first opened on Aug. 20, 1934, and is one of the larger Black-owned banks in the U.S.181 In addition to a wide variety of financial services, Industrial Bank also offers free financial education programs.182

• Branches: Harlem Banking Center (New York City, N.Y.), Bergen Street Banking Center (Newark, N.J.), Halsey Street Banking Center (Newark, N.J.), Anacostia Gateway Banking Center (Washington D.C.), F Street Banking Center (Washington D.C.), Forestville Banking Center (Washington D.C.), Georgia Avenue Banking Center (Washington D.C.), J.H. Mitchell Banking Center (Washington D.C.), Oxon Hill Banking Center (Washington D.C.), and U Street Banking Center (Washington D.C.)26
• ATMs: Harlem Office (New York City, N.Y.), Bergen Street Office (Newark, N.J.), Halsey Street Office (Newark, N.J.), Anacostia Gateway Office (Washington D.C.), Ben’s Chili Bowl (Washington D.C.), DC Court of Appeals (Washington D.C.), DC Superior Court (2) (Washington D.C.), F Street Office (Washington D.C.), Forestville Office (Washington D.C.), Georgia Avenue Office (Washington D.C.), J.H. Mitchell Office (Washington D.C.), Nationals Park (Washington D.C.), Oxon Hill Office (Washington D.C.), and U Street Office (Washington D.C.), in addition to any ATMs in the Allpoint network26 183
• States: New Jersey, New York, and Washington D.C.26
• Services: Personal (loans, checking, etc.) and business (services, loans, etc.) services184 185
• Assets: $432 million181
• Availability: Online and brick-and-mortar26 186

Liberty Bank

Liberty Bank was originally chartered in New Orleans in 1972. After acquiring the United Bank and Trust Company in 2009, its service grew across the Greater New Orleans area. Liberty Bank is the second-largest Black-owned bank in physical footprint, with branches in eight states.8

• Branches: Montgomery Liberty Bank (Montgomery, Ala.), Tuskegee Liberty Bank (Tuskegee, Ala.), Liberty Bank Forest Park (Forest Park, Ill.), Kansas City Liberty Bank (Kansas City, Kan.), Louisville Liberty Bank (Louisville, Ky.), Southdowns Liberty Bank (Baton Rouge, La.), Southern Heights Liberty Bank (Baton Rouge, La.), Canal Street Liberty Bank (New Orleans, La.), Crowder Blvd Liberty Bank (New Orleans, La.), Franklin Ave Liberty Bank (New Orleans, La.), General DeGaulle Liberty Bank (New Orleans, La.), Gentilly Blvd Liberty Bank (New Orleans, La.), Woodward Ave Liberty Bank (Detroit, Mich.), Jackson Liberty Bank (Jackson, Miss.), and Kansas City Liberty Bank (Kansas City, Mo.)187
• ATMs: Montgomery Liberty Bank (Montgomery, Ala.), Tuskegee Liberty Bank (Tuskegee, Ala.), Liberty Bank Forest Park (Forest Park, Ill.), 4850 State Street (Kansas City, Kan.), Southdowns Liberty Bank (Baton Rouge, La.), Southern Heights Liberty Bank (Baton Rouge, La.), 910-B Decatur Street (New Orleans, La.), 2800 Gravier Street (New Orleans, La.), American Can (New Orleans, La.), Canal Street Liberty Bank (New Orleans, La.), City Hall (New Orleans, La.), Crowder Blvd Liberty Bank (New Orleans, La.), Dillard – Rosenwald Hall (New Orleans, La.), Franklin Rouses (New Orleans, La.), French Market (New Orleans, La.), General DeGaulle Liberty Bank (New Orleans, La.), Gentilly Blvd Liberty Bank (New Orleans, La.), Lafon Nursing Facility (New Orleans, La.), Lockheed Martin Buildings 102 & 350 (New Orleans, La.), Orleans Sheriff (New Orleans, La.), Xavier University (2) (New Orleans, La.), Jackson Evers International Airport (Jackson, Miss.), Jackson Liberty Bank (Jackson, Miss.), Student Center (Jackson, Miss.), Tougaloo College (Jackson, Miss.), and Union Station (Jackson, Miss.)187
• States: Alabama, Illinois, Kansas, Kentucky, Louisiana, Michigan, Mississippi, and Missouri187
• Services: Personal (checking, savings, etc.), business (checking, savings, etc.), and institutional (cash management, corporate financing, etc.) services188
• Assets: $624.159 million189
• Availability: Online and brick-and-mortar187 190

Mechanics & Farmers Bank

Founded in 1907 by nine businessmen, the Mechanics & Farmers Bank is a state-chartered commercial bank. By 1935, M&F Bank became the first lending institution in North Carolina to receive FHA certification. Mechanics & Farmers merged with Fraternal Bank & Trust in 1921 and acquired Mutual Community Savings Bank in 2008.191

• Branches: Charlotte (Charlotte, N.C.), Corporate Headquarters (Durham, N.C.), Durham Branch – Durham-Chapel Hill Boulevard (Durham, N.C.), Greensboro (Greensboro, N.C.), Raleigh Branch – Rock Quarry Road (Raleigh, N.C.), Winston-Salem (Winston-Salem, N.C.)51
• ATMs: Durham Branch (Durham, N.C.) and Raleigh Branch – East Hargett Street (Raleigh, N.C.)51
• States: North Carolina51
• Services: Personal (checking and savings accounts, loans, etc.) and business (commercial checking and savings, loans, etc.) services, in addition to wealth management192 193
• Assets: $264.373 million194
• Availability: Online and brick-and-mortar51 195

Mount Olive Baptist Church Federal Credit Union

It received its Federal Charter on Oct. 21, 1997. The Mount Olive Baptist Church Federal Credit Union is a faith-based, not-for-profit financial institution.196 Mount Olive Baptist Church members and their immediate families are eligible to join this organization.197

• Branches: Mount Olive Baptist Church FCU (Dallas, Texas)63
• ATMs: N/A
• States: Texas63
• Services: Loans (auto, unsecured, etc.), savings accounts, direct deposits, and wire transfers198 199 200 201
• Assets: $7.609 million202
• Availability: Online and brick-and-mortar63 203

Oak Cliff Christian Federal Credit Union

Officially chartered on Sept. 22, 2008, the Oak Cliff Christian Federal Credit Union is a Christian-based financial institution sponsored by the Oak Cliff Bible Fellowship. Members, employees, students, or family of the Oak Cliff Bible Fellowship (and its subsidiaries) are eligible to join the organization.204

• Branches: Oak Cliff Christian FCU (Dallas, Texas)64
• ATMs: N/A
• States: Texas64
• Services: Loans, financial products (IRAs, money market, etc.), direct deposit, money orders, and credit reports205 206 207
• Assets: $6.343 million208
• Availability: Online and brick-and-mortar64 207

Omega Psi Phi Fraternity Federal Credit Union

Founded in 1986, the Omega Psi Phi Fraternity Federal Credit Union is open to members of the fraternity, including its chapters, districts, and other related organizations, and their families, in addition to employees of both the fraternity and credit union itself.209 210

• Branches: Omega Psi Phi Fraternity Federal Credit Union c/o CAMO (Toccoa, Ga.)33
• ATMs: N/A
• States: Georgia33
• Services: Accounts (single, joint, etc.), share draft checking, loans, and credit cards211
• Assets: $1.957 million212
• Availability: Online and brick-and-mortar33 213

OneUnited Bank

OneUnited Bank is the first online-only Black-owned bank and the largest Black-owned bank in the U.S. Originally founded in 1968 as Unity Bank and Trust Company, OneUnited has financed over $100 million in loans thus far, predominantly in low- to moderate-income communities.69 214

“Everyone is talking about OneUnited Bank now, but what they’re not focusing on with OneUnited Bank is they’re heavily engaged in financial education and financial literacy in the cities that need it most,” Tyrone Ross, community director of Altruist, explains. “So I feel like right now, when you support OneUnited, again you get those end roads into their programs they already have instituted to provide access to financial education and financial literacy.”

• Branches: Compton Branch (Coming Soon) (Compton, Cali.), Corporate Office and Crenshaw Branch (Los Angeles, Cali.), Miami Branch (Miami, Fla.), Corporate Headquarters (Boston, Mass.), and Roxbury Branch (Roxbury, Mass.)19
• ATMs: Part of the MoneyPass network19
• States: California, Florida, and Massachusetts19
• Services: Checking, savings, and secured VISA credit card215 216 217
• Assets: $650 million218
• Availability: Online and brick-and-mortar19 219

South Side Community Federal Credit Union

Since 2004, the South Side Community Federal Credit Union has offered access to credit and savings services for its members, in addition to financial education.220 221 Individuals are eligible for membership if they live, work, worship, attend school, or belong to an organization that is within Chicago’s South Side.222

• Branches: South Side Community Federal Credit Union (Chicago, Ill.)36
• ATMs: N/A
• States: Illinois36
• Services: Accounts (savings, checking, etc.), loans (payroll advance, payday alternative, etc.), financial education classes, and other services (transfer sweeps, money orders, etc.)223 224 225 226
• Assets: $4.35 million227
• Availability: Online and brick-and-mortar36 228

Southern Teachers & Parents Federal Credit Union

With more than 80 years of service, Southern Teachers & Parents Federal Credit Union provides personalized financial services to its members.229 Those eligible for membership include alumni, employees, parents, and students of Southern University; employees in Assumption, East Baton Rouge, Lafourche, and West Feliciana parishes; employees in Thibodaux and the Lafourche Parish Juvenile Justice Facility; and their family members.230

• Branches: Main Office (Baton Rouge, La.) and Lafeda Branch (Thibodaux, La.)41
• ATMs: Part of the CU Alliance network231
• States: Louisiana41
• Services: Accounts (checking, savings, and youth), loans, other services (VISA debit and credit cards, financial counseling, etc.)232 233
• Assets: $28.22 million234
• Availability: Online and brick-and-mortar41 235

St. Louis Community Credit Union

Originally chartered in 1942 as the Teachers Credit Union, St. Louis Community Credit Union offers both financial services and several programs to support consumers in the local community.236 Individuals who live or work in St. Louis City, Franklin, and St. Louis county in Missouri as well as the St. Clair, Madison, Monroe, and Jersey counties in Illinois are eligible for membership, in addition to their families.237

• Branches: Ferguson Branch (Ferguson, Mo.), Florissant Branch (Florissant, Mo.), Flower Valley Branch (Florissant, Mo.), Pagedale Branch (Pagedale, Mo.), Richmond Heights (Richmond Heights, Mo.), St. John Branch (St. John), Benton Park Branch (St. Louis, Mo.), Gateway Branch (St. Louis, Mo.), Grace Hill (St. Louis, Mo.), Jennings Branch (St. Louis, Mo.), LifeWise STL (St. Louis, Mo.), Midtown Branch (St. Louis, Mo.), South City (St. Louis, Mo.), Southtown Branch (St. Louis, Mo.), Sullivan Branch (St. Louis, Mo.), University City (University City, Mo.), MET Center (Wellston, Mo.)47
• ATMs: Part of the CO-OP network238
• States: Missouri47
• Services: Loans (auto, personal, etc.), accounts (savings and checking), business development, advocacy, and insurance (life, AD&D, etc.)239 240 241 242 243
• Assets: $285 million244
• Availability: Online and brick-and-mortar47 245

The Harbor Bank of Maryland

Originally opening its doors in Sept. 1982, the Harbor Bank of Maryland offers banking and other financial services, primarily in the Baltimore metropolitan area. Harbor Bank was also the first community bank in the U.S. to have an investment subsidiary and the first to receive funding from Fannie Mae via the Community Development Financial Institution (CDFI) program.246

• Branches: Inner Harbor East Office (Baltimore, Md.), Main Office (Baltimore, Md.), Pimlico Office (Baltimore, Md.), Research Park Office (Baltimore, Md.), The Harbor Science & Technology Park East Branch (Baltimore, Md.),Randallstown Office (Randallstown, Md.), and Silver Spring (Silver Spring, Md.)42
• ATMs: Inner Harbor East Office (Baltimore, Md.), Main Office (Baltimore, Md.), Pimlico Office (Baltimore, Md.), Research Park Office (Baltimore, Md.), The Harbor Science & Technology Park East Branch (Baltimore, Md.),Randallstown Office (Randallstown, Md.), and Silver Spring (Silver Spring, Md.), in addition to any ATMS in the AllPoint network247
• States: Maryland42
• Services: Personal (checking, mortgages, etc.) and business (checking, savings, etc.) banking, in addition to loans (personal, mortgage, and business)248
• Assets: $282.193 million249
• Availability: Online and brick-and-mortar250

Toledo Urban Federal Credit Union

Toledo Urban Federal Credit Union originally opened its doors on July 21, 1996, to help its members achieve economic empowerment. Membership in Toledo’s first community development credit union is available for individuals who live, work, worship, perform volunteer services, or participate in associations headquartered in the central city community, in addition to their families.251

• Branches: Nexus Building (Toledo, Ohio) and Toledo Urban Federal Credit Union (Toledo, Ohio)55
• ATMs: N/A
• States: Ohio55
• Services: Checking and share accounts, loans (personal, tuition, etc.), credit and ATM/debit cards, credit counseling, and other services (notary service, overdraft protection, etc.)252
• Assets: $6 million251
• Availability: Online and brick-and-mortar55 253

Tri-State Bank

In the first 10 years after its founding in 1946, Tri-State Bank of Memphis made more than $10 million in first mortgage loans on homes, representing home ownership for more than 2,000 African American families. Tri-State has also played a critical part in the civil rights movement, including hosting local sit-ins in the bank’s boardroom, providing bail money for protesters, and providing $60,000 in loans to help save the Lorraine Motel, the site of Dr. Martin Luther King’s assassination, from foreclosure in 1982.254

• Branches: Whitehaven (Memphis, Tenn.)61
• ATMs: Whitehaven (Memphis, Tenn.) and any ATMs in the Money Tower network61
• States: Tennessee61
• Services: Personal (checking, savings, etc.), business (checking, savings, etc.), loans (auto, mortgage, etc.), and other services (financial education, Fraud Center, etc.)255
• Assets: $111 million254
• Availability: Online and brick-and-mortar61 256

United Bank of Philadelphia

Originally founded in 1992, United Bank of Philadelphia offers personalized banking services in the Greater Philadelphia area to both individuals and businesses.257 By providing financing to small businesses in urban areas, United Bank supports their growth and allows them to create jobs with livable wages, thus improving the economic condition of those working in the local community.258

• Branches: Center City (Philadelphia, Pa.) and Progress Plaza (Philadelphia, Pa.)56
• ATMs: C-Town Supermarket (Philadelphia, Pa.), City Hall (Philadelphia, Pa.), Criminal Justice Center (Philadelphia, Pa.), Masjidullah Inc. (Philadelphia, Pa.), Philadelphia Traffic Court (Philadelphia, Pa.), Police Districts (Philadelphia, Pa.), Revolutions at Penn Treaty (Philadelphia, Pa.), The Fillmore-Philadelphia (Philadelphia, Pa.), and West Philadelphia (Philadelphia, Pa.)56
• States: Pennsylvania56
• Services: Personal and business banking (checking, savings, etc.), in addition to loans (SBA and commercial loans)259
• Assets: $45.547 million260
• Availability: Online and brick-and-mortar56 261

Unity National Bank

The bank was founded in 1963 and chartered in 1985. “In February 1989, through a series of transactions and diligent efforts, it was acquired from Bay Bancshares by local minority leaders,” the bank’s history reports. Unity focuses on helping to rebuild the community with an emphasis on commercial loans and mortgages. It also works closely with civic organizations and agencies, such as the NAACP and the Third Ward Redevelopment Council.262

• Branches: Atlanta (Atlanta, Ga.) Blodgett (Houston, Texas), and Fort Bend (Missouri City, Texas)30
• ATMs: Atlanta (Atlanta, Ga.) Blodgett (Houston, Texas), and Fort Bend (Missouri City, Texas), in addition to any ATMs in the Select network263
• States: Georgia and Texas30
• Services: Business and personal services (loans, checking and savings accounts, etc.)264
• Assets: $107.905 million265
• Availability: Online and brick-and-mortar30 266

Urban Upbound Federal Credit Union

Urban Upbound was founded in 2004, to provide five integrated programs to individuals living in public housing and and other low- and moderate-income neighborhoods.267 The Urban Upbound Federal Credit Union offers affordable financial services to its members.268

• Branches: Urban Upbound Federal Credit Union (Long Island City, N.Y.)50
• ATMs: N/A
• States: New York50
• Services: Savings, share certificates, as well as personal and small business loans269
• Assets: $1.06 million270
• Availability: Online and brick-and-mortar50

Virginia State University Federal Credit Union

Authority to establish the Virginia State College Federal Credit Union was granted on Oct. 19, 1938. On May 22, 1979, the organization’s board of directors voted to change the name to the Virginia State University Federal Credit Union.271

• Branches: Virginia State University Federal Credit Union (South Chesterfield, Va.)65
• ATMs: Virginia State University Federal Credit Union (South Chesterfield, Va.)272
• States: Virginia65
• Services: Loans, accounts (checking, savings, etc.), insurance, and other services (wire transfer, direct deposit, etc.)273 274 275
• Assets: $9.09 million276
• Availability: Online and brick-and-mortar65 277

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