Black owned banks have a long-standing history in predominately Black American communities. Black-owned banks are needed to serve the economic needs of what are often underserved areas.
A bank's primary role is to take deposits and make loans. But a 2021 Brookings Institute found that Black borrowers and depositors face serious challenges when attempting to access services.
Black-owned banks play a significant role in ensuring that capital is more accessible to Black communities. These financial institutions approve a higher percentage of mortgage and business loans to Black applicants compared to mainstream banks.
Black Owned Banks Near Me
If you're looking for “Black-owned banks near me” here is a state-by-state list along with a quick summary of accounts and services offered.
Financial Institution | Branches |
|---|---|
Available online in 50 States. Branches in Los Angeles and Compton, CA – Miami, FL and Boston, MA) | |
New York, NY | |
New Orleans, LA (branches also in AL, IL, KS, KY, MI, MO, MS) | |
Washington, DC (branches also in MD, NJ, NY) | |
Los Angeles, CA (branch also in Washington, DC | |
Branches in Georgia and Alabama | |
Durham, NC | |
Baltimore, MD | |
Detroit, MI | |
Chicago, IL | |
Nashville, TN | |
Houston, TX (branches also in GA) | |
Philadelphia, PA | |
Mobile, AL | |
Columbia, SC | |
Savannah, GA | |
Birmingham, AL | |
Milwaukee, WI | |
Washington, DC | |
Washington, DC | |
Tallahassee, FL | |
Atlanta, GA | |
Atlanta, GA | |
Augusta, GA | |
Toccoa, GA | |
Chicago, IL | |
Baton Rouge, LA | |
Jackson, MS (branches also in AL, AR, LA, TN) | |
St. Louis, MO (branches also in IL) | |
Long Island City, NY | |
Kinston, NC | |
Toledo, OH | |
Oklahoma City, OK | |
Pittsburgh, PA | |
West Columbia, SC | |
Arlington, TX | |
Dallas, TX | |
Dallas, TX | |
South Chesterfield, VA | |
Online-only | |
Online-only | |
Online-only |
Review of the types of accounts offered
OneUnited Bank
OneUnited Bank is one of the largest Black owned bank with $650 million in assets. OneUnited Bank is also the first black owned online banks available in all 50 states. Local branches operate in California, Florida, and Massachusetts.
In addition to a full menu of financial products, OneUnited Bank is designed to serve the needs of the community by focusing on financial literacy, affordable housing, and community development. OneUnited has financed almost $1 billion in loans – most in low-to-moderate income communities such as South Central, Compton, Liberty City, and Roxbury.
Online checking customers can deposit cash within minutes by purchasing a MoneyPak from $20 to $500 in cash at 90,000+ retailers nationwide. Early direct deposit, pay apps like Venmo, CashApp, Apply Pay and Zelle are features offered by OneUnited Bank.
States: Online in 50 States plus branch locations in California, Florida, and Massachusetts
Financial products and services:
- Black Wall Street Checking account, $25 Minimum Opening Deposit
- U2 Second Chance Checking account, $25 Minimum Opening Deposit
- CashPlease is a no credit check loan up to $1,000 that can be repaid over 90 days. You must have a OneUnited checking account to qualify.
- Savings accounts
- Individual retirement accounts (IRAs)
- Certificates of deposit accounts (CDs)
- Money market accounts
- Secured credit card
- Mortgage and Apartment loans
- Designated by the U.S. Treasury Department as a Community Development Financial Institutions (CDFI)
- Mobile App
- Commercial loans
Carver Federal Savings Bank
As the nation's second-largest Black owned bank with assets totaling $707 million and $569 million in deposits, Carver Federal Savings Bank is headquartered in Harlem, New York.
Founded in 1948 and named after the agricultural scientist, George Washington Carver, the bank continues its mission to provide banking products to underserved communities.
Carver Federal Savings Bank offers a variety of checking accounts for customers and invests over 80% of its deposits into the neighborhoods it serves.
State: New York
Financial products and services:
- Checking accounts
- Savings accounts
- Individual retirement accounts (IRAs)
- Certificates of deposit accounts (CDs)
- Credit cards
- Landlord/tenant security accounts
- Wire transfers
- Installment loans
- Lines of credit
- Mobile App
- Designated by the U.S. Treasury Department as a Community Development Financial Institutions (CDFI)
Liberty Bank
As one of the nation's largest black owned bank with assets totaling $965 million, Liberty Bank is available in 8 states, however, if you don't live near a branch, you can still open an account online from any state in the US. In 2021, Liberty Bank and Trust Company acquired Tri-State Bank of Memphis in an all-cash transaction. Both Liberty and Tri-State are Minority Depository Institutions as defined by the Federal Deposit Insurance Corporation.
Liberty Bank partners with cities and communities across the nation offering access to economic opportunities such as affordable housing, business development, and fair financial products.
States: Alabama, Illinois, Kansas, Kentucky, Louisiana, Michigan, Missouri, Mississippi, and Tennesee
Financial products and services:
- Checking accounts
- Savings accounts
- Individual retirement accounts (IRAs)
- Certificates of deposit accounts (CDs)
- Credit cards
- Personal loans
- Equity loans
- Home equity lines of credit
- Mobile App
- Designated by the U.S. Treasury Department as a Community Development Financial Institutions (CDFI).
Industrial Bank
Industrial Bank has assets totaling $550 million with six community banking locations within Washington D.C. and Prince Georges County, Maryland, two in Newark, NJ, and one in Harlem, NY offering a full range of banking services.
States: Maryland, New Jersey, New York
District: Washington, DC
Financial products and services:
- Checking accounts
- Savings accounts
- Individual retirement accounts (IRAs)
- Certificates of deposit accounts (CDs)
- Credit cards
- Personal loans
- Notaries
- Mobile App
City First Bank, N.A.
City First Bank, N.A. merged on April 1st, 2021 with Broadway Federal Bank, f.s.b. to become the largest Black owned bank with over $1B in total assets and over $700MM in total deposits. City First Bank was founded in 1998 and Broadway Federal Bank has served the minority community for over 70 years.
City First Bank is focused on providing services to underserved communities in the greater regions of Washington, DC, and Los Angeles, CA. Since the beginning of 2021, City First Bank has financed over 700 affordable housing units. Currently, there are branches in California (Los Angeles and Inglewood) and Washington, D.C.
State: California
District: Washington, DC
Financial products and services:
- Checking accounts
- Savings accounts
- Individual retirement accounts (IRAs)
- Certificates of deposit accounts (CDs)
- Credit cards
- Money market accounts
- Small business lending
- Commercial loans
Citizens Trust Bank
Citizens Trust Bank has been serving the Black community since 1921, focusing on financial empowerment and closing the wealth gap. Citizens Trust Bank is a medium-size bank and handles $655 million in assets standing strong on the values of increasing financial literacy, making homeownership possible, and uplifting community.
States: Alabama and Georgia
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Individual retirement accounts (IRAs)
- Money market accounts
- Credit cards
- Auto, Mortgage and Personal loans
- Home equity lines of credit
- Commercial loans
Mechanics & Farmers Bank
Founded in 1907 by nine Black businessmen who had a dream for their community, Mechanics & Farmers Bank currently has assets totaling $317 million. As a small institution, M&F Bank offers customers one-to-one attention to their financial needs.
During the COVID-19 pandemic, M&F Bank provided loan payment deferrals as well as guidance and assistance related to relief options for small businesses impacting over 1,300 local jobs and 163 local small businesses through participation in the Paycheck Protection Program.
State: North Carolina
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Health savings accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
- Commercial loans
The Harbor Bank of Maryland
Founded in 1982, Harbor Bank of Maryland has assets totaling $265 million. The bank has seven branch locations and primarily serves the Baltimore, Maryland Metropolitan area. The Harbor Bank offers checking, savings, time deposits, credit cards, debit cards, commercial real estate, personal, home improvement, automobile, and other installment loans.
State: Maryland
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Individual Retirement Plans
- Credit cards
- Loans & Lines of Credit
- Mortgages
- Business Checking & Savings
- Commercial loans
First Independence Bank
First Independence Bank is the 8th largest Black American controlled commercial bank in the United States. For over 50 years, First Independence Bank has been serving the community. First Independence Bank helps individuals and businesses by delivering financial services with an affinity for under-served and minority communities.
State: Michigan
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Individual Retirement Plans
- Credit cards
- Loans & Lines of Credit
- Mortgage, Car loans
GN Bank (Groupe Nduom)
GN Bank, formerly known as ISF Bank has assets totaling $133 million with branches in Chicago, IL, with 25,000 free ATMs around the US.
State: Illinois
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Individual Retirement Plans
- Credit cards
- Home loans
- Business banking
Citizens Savings Bank & Trust
Citizens Savings Bank & Trust has assets totaling $107 million. The bank reimburses all ATM fees, both domestically and internationally.
States: Tennessee, Kentucky, Texas, and Alabama
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Individual Retirement Plans
- Credit cards
- Home equity loans
- Personal, auto, and home loans
Unity National Bank
Unity National Bank has assets totaling $102 million with branches in Texas. The bank was originally founded in 1963 and is the only Black-owned bank in Texas. Unity financially supports organizations like the YMCA, YWCA, NAACP, United Negro College Fund, SHAPE Community Center, Boy Scouts of America, and more.
States: Texas
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Overdraft Protection
- Online bill payment
- Home equity loans
- Personal, auto, and church loans
United Bank of Philadelphia
States: Pennsylvania
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit building loans
- Online, telephone, and mail banking
Commonwealth National Bank
Commonwealth National Bank has assets totaling $53 million. Commonwealth National Bank offers student scholarships and leadership development programs as well as financially supports charitable organizations like the Boys & Girls Clubs of South Alabama and the Mobile Police Department.
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Commercial loans
- Online and mobile banking
- Personal, auto, and home loans
Optus Bank
Optus Bank has assets totaling $65 million with branches in South Carolina. They are committed to helping all people build wealth and improve their lives, regardless of their background or situation.
State: South Carolina
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
- Commercial loans
Carver State Bank
Carver State Bank has assets totaling $42 million with branches in Savannah, GA.
State: Georgia
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
- Commercial loans
Alamerica Bank
Alamerica Bank has assets totaling $36 million with branches in Birmingham, AL.
State: Alabama
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Auto and Mortgage loans
- Construction loans
- Lot loans
- Commercial loans
Columbia Savings and Loan Association
Columbia Savings and Loan Association has assets totaling $25 million with branches in Milwaukee, WI.
State: Wisconsin
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
- Commercial loans
Top Black Owned Credit Unions
Howard University Employees Federal Credit Union
State: Washington, DC
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Phi Beta Sigma Federal Credit Union
State: Washington, DC
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
FAMU Federal Credit Union
State: Tallahassee, FL
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
1st Choice Credit Union
State: Atlanta, GA
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Credit Union of Atlanta
State: Atlanta, GA
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
United Neighborhood Federal Credit Union
State: Augusta, GA
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Omega Psi Phi Fraternity Federal Credit Union
State: Toccoa, GA
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
South Side Community Federal Credit Union
State: Chicago, IL
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Southern Teachers & Parents Federal Credit Union
State: Baton Rouge, LA
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Hope Credit Union
State: Jackson, MS (branches also in AL, AR, LA, TN)
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
St. Louis Community Credit Union
State: St. Louis, MO (branches also in IL)
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Urban Upbound Federal Credit Union
State: Long Island City, NY
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Greater Kinston Credit Union
State: Kinston, NC
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Toledo Urban Federal Credit Union
State: Toledo, OH
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
First Security Bank
State: Oklahoma City, OK
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Hill District Federal Credit Union
State: Pittsburgh, PA
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Brookland Federal Credit Union
State: West Columbia, SC
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Mount Olive Baptist Church Federal Credit Union
State: Arlington, TX
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Faith Cooperative Credit Union
State: Dallas, TX
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Oak Cliff Christian Federal Credit Union
State: Dallas, TX
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Virginia State University Federal Credit Union
State: South Chesterfield, VA
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Online-only Black Owned Banks
Kinly – Budgeting Built for Black America
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Greenwood – Modern Banking for the Culture
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
MoCaFi
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
History of Black Owned Banks
One of the first Black banks came out of the Freedman's Bureau. In an attempt to transition newly freed enslaved Africans, Congress and President Lincoln established the Freedman’s Bank on March 3, 1865.
The Freedman's Bank aided Black Americans in financial literacy. When the Emancipation Proclamation was signed in 1863, Black Americans owned less than 1 percent of the country’s wealth.
Unfortunately, today that percentage has barely changed according to educator and historian, Dr. Claude Anderson of the Harvest Institute and author of “Black Labor, White Wealth: A Search for Power and Economic Justice.”
In fact, the Institute of Policy Studies reports that 37% of Black families have zero or negative wealth, meaning their debt is equal to or greater than their assets, compared to only 15.5% of white families facing similar circumstances.
Investing in Black-owned banks can provide much-needed resources and support to help reverse these inequalities.
Frequently asked questions
What is the largest Black-owned bank?
The largest Black-owned bank in the United States is OneUnited Bank. It is headquartered in Boston, Massachusetts, and has branches in California, Florida, and Georgia. As of 2021, OneUnited Bank had assets of approximately $1.1 billion and was recognized as one of the top 30 largest Black-owned banks in the country.
How many Black-owned banks is there?
Currently, there are 42 “Black-owned banks in the United States, aimed at providing much needed financial services to minority communities. The term “Black-owned bank” is used to refer to a financial institution that is at least 51% owned by individuals from the Black community.
What is the best Black-owned bank?
Our overall top pick for the best Black-owned bank is OneUnited Bank due to its online access to people throughout the U.S. and variety of checking, savings, credit card, personal and mortgage loan products.
What is the oldest Black-owned bank?
In 1889, The Savings Bank of the Grand Fountain, United Order of True Reformers was founded by William Washington Browne in Jackson Ward, Richmond VA. The first day’s deposits totaled $1,269.28 ($33,476.29 today). The bank thrived despite the Financial Panic of 1893, and was the only bank in Richmond to maintain full operation.
Why Black owned banks are important
Black owned banks play a major role in underserved communities. Lack of access to traditional banking means Black Americans depend more on costly alternative financial services that include money orders, check cashing services, payday loans, pawn shop loans, auto title loans, and rent-to-own services.
These types of alternative financial services typically far outnumber traditional banking institutions in Black American communities.
Black borrowers and depositors have limited access to banking services including deposits, residential mortgage credit, and business loans. For generations, Black-owned banks have provided credit, capital and financial services to low- and moderate-income people and businesses that have historically been underserved by the financial services industry.
In fact, the majority of business loans to churches, small businesses, and community organizations in Black American communities are provided by Black owned banks.
Black owned banks offer an option for the unbanked
As a group, Black Americans have the highest unbanked and underbanked numbers even though recent numbers from the FDIC show a slight improvement. Unbanked people waste a lot of money with check cashing stores, prepaid cards and payday lenders.
ChexSystems and Early Warning Services are often the reason Black Americans are barred from opening a bank account. Banking mistakes happen that can cause the need for second chance banking options. Black owned banks like OneUnited Bank offer an online second chance checking account anyone can open.
New Black-Owned Banks on the Horizon
Recently, Fintechs like Greenwood opened online to offer banking services specifically designed to meet the financial needs Black and Latino customers.
In February 2023, Redemption Holding Company (RHC) announced a group of Black investors, plan to purchase Holladay Bank and Trust, a Utah-based bank. This would be the first time in US history that an existing commercial bank will become a Black-Owned Minority Depository Institution (MDI). If the deal gets federal regulatory approval, it would mark a long-awaited victory for the country's Black-Owned banking sector, which has been extensively sidelined over the past half century.
Final thoughts
The numbers of Black owned banks have dwindled over the years but the positive impact on Black American communities remains. These institutions offer services that Black communities need to thrive, such as financial literacy, home ownership, building wealth, and fixing credit issues.
By circulating more dollars in a predominately Black community along with practicing collective economics, Black-owned banks help improve the wealth gap.
Assets Source: Federal Deposit Insurance Corp. “Minority Depository Institutions Program, Third Quarter 2021.”
