12 Black-Owned Banks In America
There’s been a movement going on in the United States and more black people are choosing to support black owned companies and organizations.
You can support clothing brands, small businesses, and more.
What about banks?
While you might have your money in institutions like Chase, Bank of America, or Wells Fargo, have you ever thought about putting your coins in a black bank.
Are you wondering where you’d even find one?
From coast to coast, here are a number of black owned banks in America.
The Harbor Bank of Maryland
First on our list of black owned banks in the United States, we have the Harbor Bank of Maryland.
Based out of Baltimore, Maryland, this bank has 7 branches within the state with a little over 60 employees.
While this bank doesn’t have the billions and trillions of dollars that you might find at other chain banks, they do have an impressive $253 million in assets.
If you’re living in the DMV area, this black owned bank might be an option for you.
While you can go into their branches to open an account, residents of the Washington, D.C., Maryland, and Virginia are can open accounts online.
There are a few different types of accounts one could open at this bank ranging from your typical checking and savings accounts to other options that include choice checking, commercial checking, and business statement savings.
Next on the list, we’re keeping it in the Southeastern United States.
M&F Bank is based out of Durham, North Carolina, and there are seven branches throughout the state.
Established in 1908, the bank has over 60 employees and $265 million in assets.
This bank has even more options than the last when comparing the type of accounts one can open.
Known for having great options for business credit cards, you could also open different types of checking accounts ranging from gratis to interest to prestige.
They also offer different options for savings accounts as well.
Commonwealth National Bank
Now, we’re really traveling further south into Alabama.
Commonwealth National Bank is one of the smaller banks on this list, but they still get the job done.
Established in 1976 and based out of Mobile, Alabama, there are three branches in this bank.
With under 19 employees, Commonwealth National Bank is handling around $53 million in assets from their customers.
While this is a smaller bank, you’re still going to get the necessities when it comes to the types of accounts you can open.
They have a variety of personal and business checking and savings accounts that include direct and nonprofit options.
While the have a company website, all accounts must be opened at a branch.
And if you have RiteAid pharmacies near you, you’re in luck!
You can use their ATMs free of charge.
Established in 1946, Tri-State Bank is located in the Memphis region of Tennessee.
Definitely one of the smaller banks on this list, this bank has three branches with less than 50 employees working throughout them.
Adding another option that many banks on this list don’t have, while you can open an account online with them, you can also do it via mail.
With just a few options for checking and savings accounts, the bank has close to $100 million in assets.
If you live in the Washington, D.C. or Maryland region, you might look into Industrial Bank.
With eight branches located within the region, they have around 115 employees and over $545 million in assets.
Established in 1934, they also have numerous types of checking and savings accounts from non-profit/organization checking accounts to Kasasa savings.
In fact, among the banks on this list, it could be said that they have the best Kasasa savings rates.
United Bank (Philadelphia)
For those living in the city of Brotherly Love, United Bank might be an option for you to pursue if you want to bank black.
Definitely one of the smaller banks on this list, they have three branches around the city with only around 23 employees.
While the bank has around $56 million in assets, there are a number of bank accounts you can open up including passbook savings, money market accounts, business savings, nonprofit checking, and even a secured credit card.
If you find yourself in the city of Philadelphia often, you can head to one of their branches to open up an account.
As one of the biggest states in the country, you know we had to find a banking option for those in Texas!
If you want to bank black in Texas, there’s Unity National in the Houston area.
Established in 1985, there are two branches located in the region with around 30 employees.
They also have a number of banking options for their customers.
Even with their regular checking and savings accounts, they even offer a Golden unity checking account for those over the age of 55.
With over $102 million in assets, they also offer their customers the option of signing up for a credit card as well.
While many of us don’t like to do things in person, you won’t be able to sign up for an account with them online.
Fortunately for us homebodies, if you don’t feel like traveling to their branch to open up an account, you can also do it via mail.
First Independence Bank
If you live in the Detroit area, this is a black owned bank that you can consider trying.
Established in 1970, First Independence Bank has three branches in the area with close to 100 employees and over $228 million in assets.
While it also offers the normal checking and savings accounts that you would find at most banks, they also offer a few different options for their customers.
They offer eCampus checking accounts that can be very beneficial for young people currently pursuing their education.
While you can open up regular accounts online, business accounts must be opened at a branch.
First Independence Bank also offers credit cards, personal loans, and business loans to their customers.
Staying in the Mid-West, GN Bank is an option for those in the windy city.
Established in 1934, there are 2 branches in the city of Chicago that customers can go to.
With over 50 employees, the bank holds over $110 million in assets.
While they mirror most banks in that you can open accounts online or by mail, they also offer a slew of bank options as well.
With regular checking and savings options, they stand out with their options for holiday/vacation savings accounts and Renaissance checking accounts for retirees.
Another option that this bank gives you that most on this list don’t offer is a car loan.
Citizens Trust Bank
Another great option if you’re looking to bank black is the Citizens Trust Bank.
With 10 total branches, you can find them localized in the Atlanta, Georgia region with a few branches located in Alabama as well.
Citizens Trust Bank has close to 100 employees with $407 million in assets.
They have an impressive number of checking and savings accounts you can sign up for while also offering their customers Visa credit cards.
This falls in line with their bank being known for having great credit card rates among the others on this list.
Helping their customers save face, you can sign up for an account online.
Liberty Bank and Trust Company
When it comes to assets, Liberty Bank and Trust Company falls second on this list.
Established in 1972, the bank has over $617 million in assets.
With over 150 employees, there are 19 branches around the South and Mid-West located in cities like New Orleans, Detroit, and Kansas City (Missouri and Kansas).
While they also offer numerous checking and savings account options, they are known for having the best savings account rate amongst other black owned banks.
Liberty Bank also gives their customers options for Visa credit cards.
OneUnited Bank is without a doubt the most prestigious bank on this list.
Established in 1982, this bank has six branches on opposites sides of the country.
With locations in Boston, Los Angeles, and Miami, OneUnited Bank has close to 100 employees and more assets than any other bank on this list.
With over $648 million in assets, this bank has numerous types of checking and savings accounts you could open while also offering Visa credit cards.
Known for being the best in online and mobile banking, this bank allows you to open up accounts online from anywhere.
However, if you want to open up a business account with them, they only offer it to residents in Massachusetts, California, and Florida.
What Is The Difference Between “Regular” Banks And Black Banks?
When you look at it, there aren’t going to be very many differences between “regular” banks and black banks.
There are two things that might stand out.
One, these big-chain regular banks are going to have tons of access.
When you’re dealing with banks like Bank of America or Chase Bank, you’d almost be able to find them in any city in the country.
Smaller, black owned banks aren’t going to afford you that luxury because most of them are usually localized to one area of the country.
Two, the big chain banks have billions, if not trillions of dollars in assets so they’ll be able to offer their customers more.
Other than these two points, much of the experience would be the same.
When Did The #BankBlack Movement Start?
I think we can all agree that the 2010s was very rough in terms of race relations in the United States.
What started out as #BlackLivesMatter soon sprouted into a host of other pro-black initiatives.
Now, we have things like #BlackGirlsRock and conscious decisions to support black-owned businesses.
Around the mid-2010s, black bankers decided to start moving their money into black banks.
Now there are billions of dollars in black banks, and I’m sure over time that amount will continue to increase.
How To Find A Black-Owned Bank Near You?
If you’ve decided that you want to help support black banks and put your money with them, you might be wondering how you can find one.
A simple Google search would suffice.
However, there’s a better option.
The Black Out Coalition has a map on their website where they pin all the black owned banks and credit unions in the country.
You can check out their list here.
Black Owned Banks In America Conclusion
There’s a chance that you might not have one of these banks near you, and that’s okay!
However, if you are near one of the banks on this list, consider banking with them.
If you think your banking needs might not be met, think again!
Plus, whoever said all your money had to be in one bank?
Banking black is a new initiative and we’re all getting behind it.