The Only 21 Black-Owned Banks in the US

Take a look at the financial products Black-owned banks offer to communities across the United States.
black-owned-banks

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Black-owned banks have a long-standing history in predominately Black American communities. Minority owned banks are needed to serve the economic needs of what are often underserved areas.

The role Black-owned banks along with Black-owned credit unions play is significant to ensuring that capital is more accessible to Black communities. These financial institutions approve a higher percentage of mortgage, personal and business loans to applicants compared to mainstream banks.

KEY FINDINGS

21 Black-Owned Banks in the U.S.

List of Black owned banks near you.

Guide to financial products for Black-Owned Banks

OneUnited Bank

best-black-owned-bank

OneUnited Bank is the first online Black-Owned Bank that also has branch locations in Los Angeles and Compton, CA; Miami, Florida; along with Roxbury and Dorchester, MA.

As one of the largest Black owned banks in the United States, OneUnited was originally founded in 1968 as Unity Bank & Trust Company.

Today, OneUnited Bank has over $609.01 million in assets and plays a vital role in helping communities build wealth through financial literacy and home ownership.

Founded: August 02, 1982

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 and Money Market accounts
  • Individual retirement accounts (IRAs)
  • Certificates of deposit accounts (CDs)
  • Secured credit card
  • Mortgage and Apartment loans
  • Commercial loans

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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. The bank is also designated Community Development Financial Institutions (CDFI) by the U.S. Treasury Department.

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.

Full OneUnited Bank Review

Carver Federal Savings Bank

Carver Federal Savings Bank is a full-service bank that invests over 80% of its deposits into the neighborhoods it serves. The bank is considered Black-operated instead of Black-owned.

With over $724.16 million in assets, Carver Federal Savings is named after the agricultural scientist George Washington Carver and provides a wide-range of banking products to underserved communities.

Founded: 1982

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

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.

Carver Federal Savings Bank is designated by the U.S. Treasury Department as a Community Development Financial Institutions (CDFI)

Full Carver Federal Savings Bank Review

Liberty Bank



As one of the nation's largest black owned bank with assets totaling $1.07 billion, 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.

Founded: November 16, 1972

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).

Learn more here.

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.

Full Liberty Bank Review

Industrial Bank



Industrial Bank has assets totaling $713.36 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.

Founded: August 18, 1934

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

Learn more here.

Industrial Bank provides loans to community members as well as surrounding area businesses. Local Industrial Bank branches circulate customer deposits by providing the local community with loans, sponsorships, and financial literacy classes.

City First Bank, N.A.



City First Bank, N.A. merged on April 1st, 2021 with Broadway Federal Bank, f.s.b. to become what is considered Black-operated instead of Black-owned. With assets totaling 1.2 billion, CityFirst provides loans businesses, non-profit organizations and individuals for business purposes.

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

Learn more here.

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.

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's assets total $745.46 million.

Founded: June 18, 1921

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

Learn more here.

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.

Mechanics & Farmers Bank

Founded over 100 years ago by nine Black businessmen who had a dream for their community, Mechanics & Farmers Bank currently has assets totaling $421.83 million. As a small institution, M&F Bank offers customers one-to-one attention to their financial needs.

Founded: March 01, 1908

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

Learn more here.

The Harbor Bank of Maryland

Harbor Bank of Maryland has assets totaling $352.95 million. The bank is considered Black-operated instead of Black-owned. The seven branch locations primarily serve the Baltimore, Maryland Metropolitan area with a wide variety of personal and business financial products.

Founded: 1982

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

Learn more here.


First Independence Bank

First Independence Bank is the 8th largest Black American controlled commercial bank in the United States with current assets totaling 545.67 million. 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.

Founded: May 14, 1970

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

Learn more here.

Citizens Savings Bank & Trust

Citizens Savings Bank & Trust has assets totaling $153.52 million. The bank reimburses all ATM fees, both domestically and internationally.

Founded: January 4, 1904

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

Learn more here.

GN Bank (Groupe Nduom)

GN Bank, formerly known as ISF Bank has assets totaling $70.13 million with branches in Chicago, IL, with 25,000 free ATMs across the United States.

Founded: January 01, 1934

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

Learn more here.

Unity National Bank

Unity National Bank has assets totaling $204.98 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.

Founded: August 01, 1985

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

Learn more here.

United Bank of Philadelphia

united-bank-of-philadelphia

United Bank of Philadelphia has assets totaling $59.02 million. United Bank provides services for both individuals and businesses. United Bank fosters the growth of small businesses through business loans in the urban area that in turn provides employment opportunities.

Founded: March 23, 1992

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 

Learn more here.

Commonwealth National Bank

commonwealth-national-bank

Commonwealth National Bank has assets totaling $65.03 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.

Founded: February 19, 1976

State: Alabama

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

Learn more here.

Optus Bank

optus-bank

Optus Bank has assets totaling $418.72 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.

Founded: March 26, 1999

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

Learn more here.

Carver State Bank

carver-state-bank

Carver State Bank has assets totaling $86.32 million with branches in Savannah, GA.

Founded: January 1, 1927

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

Learn more here.

Alamerica Bank

Alamerica Bank has assets totaling $16.43 million with branches in Birmingham, AL.

Founded: January 28, 2000

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

Learn more here.

First Security Bank


First Security Bank has assets totaling $75.73 million. The bank provides innovative and flexible banking products to small businesses. During COVID, First Security was among the state’s top ten participating banks in the SBA’s Paycheck Protection Program.

Founded: April 06, 1951

State: Oklahoma

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

Learn more here.

Columbia Savings and Loan Association

Columbia Savings and Loan Association has assets totaling $23.92 million with branches in Milwaukee, WI.

Founded: January 1, 1924

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 

Learn more here.

Tioga-Franklin Savings Bank

Tioga-Franklin Savings Bank is one of the four banks that are considered Black-operated instead of Black-owned with assets totaling $67.30 million.

Founded: March 31, 1873

State: Pennsylvania

Financial products and services:

  • Checking accounts
  • Savings accounts
  • Certificates of deposit accounts (CDs)
  • Personal and Mortgage loans
  • Business checking
  • Business loans

Learn more here.

Adelphi Bank

Adelphi Bank is the country’s newest Black-Owned Bank since 2003. Named after the financial institution Adelphi Loan and Savings Company that did business on the same street (East Long Street in Ohio) in the 1920s, Adelphi Bank's goal is to “boost financial equity and build meaningful wealth” for its customers.

Adelphi Bank isn’t completely a Black-owned bank but is designated as such based on the majority of its board is Black as well its target market being Black. 

The bank offers a full range of financial products and services, including checking and savings accounts, loans, and other financial services tailored to meet the needs of its customer.

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

Learn more here.

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.

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.

Investing in Black-owned banks can provide much-needed resources and services 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 21 Black-owned banks across 23 States 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 or a majority of the board of directors is minority and the community that the institution serves is predominantly minority according to the Federal Deposit Insurance Corporation.

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.

What designates a bank as Black-owned?

According to the Federal Deposit Insurance Corp. (FDIC), a minority depository institution (MDI) must be: (1) 51 percent or more of the voting stock is owned by minority individuals; or (2) a majority of the board of directors is minority and the community that the institution serves is predominantly minority.

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 May 2023, Greenwood announced its acquisition of Kinly, a Fintech concentrating on building generational wealth for Black America and its allies. These companies are the two largest fintechs focused on enhancing personal finance options for the Black community.

In February 2023, Redemption Holding Company (RHC) announced a group of Black investors, announced a 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).

Adelphi Bank opened its doors in May 2023 as Ohio's first Black-owned bank.

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, Second Quarter 2023.”

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