What is a Black-owned bank?
A Black-owned bank has over half of its directors or shareholders as African Americans. The bank serves mostly Black communities to promote their financial health yet allows services to all groups.
List of Black-owned banks and credit unions:
- Union Bank & Trust Company
- Citizens Trust Bank
- Industrial Bank of Washington
- OneUnited Bank
Why choose a Black-owned bank?
To build a fairer system, as black households have much lower wealth than white ones. Also reinvests in the community, likely funding small businesses denied elsewhere. This local funding creates jobs.
The biggest Black-owned bank
The oldest, Citizens Savings Bank and Trust, began in the 1860s as Freedman’s Bank to aid freed slaves. Now the largest Black-owned bank by assets, City First Bank has $592 billion. These banks still concentrate on lending to black homeowners, businesses, churches and nonprofits. However, all individuals and companies can join to support their mission of closing the racial wealth gap.