Benefits of Using a Black-Owned Bank
Why America Needs Black-Owned Banks
Black-owned banks used to be and continue to be a safe place for Black Americans to bank without any discrimination. These banks often help stimulate the economy in under-served communities. Black-owned banks have struggled in recent years. They were hit harder in the 2007 housing crisis, as many of their clients experienced job loss and foreclosure due to poorly financed mortgages. The number of Black-owned banks has fallen from 41 before the 2007 economic crisis, to not just 23 nationwide now. The need for these institutions has grown, despite the drop in quantity. Many Black Americans are “underbanked”, meaning there is an insufficient amount to meet market demand. This is particularly true in primarily Black neighborhoods, where customers may have to travel farther to a local branch. Black Americans who are disconnected from banks due to geography rely much more heavily on check cashers, pawn shops, payday lenders or other high-cost alternative financial providers.
#BankBlack
#BankBlack was an initiative started back in 2016 to motivate Americans to move some or all of their accounts to Black institutions. The higher demand would hopefully increase the quantity of these banks and therefore help the underserved communities that many of these institutions reside in. OneUnited, the largest Black-owned bank in America makes equal treatment and respect part of their mission; “Our mission is to be the premier banking institution for urban communities across America by: Offering affordable financial services for all. Treating all customers with respect, dignity and personal attention to their banking needs regardless of their account balances.”
Where can you #BankBlack?
Alamerica Bank-- Birmingham, Alabama
Broadway Federal Bank-- Los Angeles, California
Carver Federal Savings-- New York, New York
Carver State Bank-- Savannah, Georgia
Citizens Savings Bank-- Nashville, Tennessee
Citizens Trust Bank-- Atlanta, Georgia
City National Bank of New Jersey-- Newark, New Jersey
Columbia Savings & Loan-- Milwaukee, Wisconsin
Commonwealth National Bank-- Mobile, Alabama
First Independence Bank-- Detroit, Michigan
First Security Bank and Trust-- Oklahoma City, Oklahoma
GN Bank-- Chicago, Illinois
Harbor Bank of Maryland-- Baltimore, Maryland
Industrial Bank-- Washington, D.C.
Liberty Bank-- New Orleans, Louisiana
Mechanics & Farmers Bank-- Durham, North Carolina
Metro Bank-- Louisville, Kentucky
OneUnited Bank-- Boston, Massachusetts
South Carolina Community Bank-- Columbia, South Carolina
Tri-State Bank of Memphis-- Memphis, Tennessee
United Bank of Philadelphia-- Philadelphia, Pennsylvania
Unity National Bank of Houston-- Houston, Texas
Urban Partnership Bank-- Chicago, Illinois
Ready to take your finances to the next level?
To get started schedule a free 20 minute consultation call to speak to a member of our team. We will ask you a few basic questions to get to know you more, walk you through our financial training program steps, and of course answer any questions you may have. No pressure to join!