Black-Owned Banks by State

Ever since the founding of the Bank of North America in 1781, banking has played a critical role in facilitating the American Dream. These institutions provide indispensable monetary services, ranging from accepting deposits to offering loans. Credit is king in the United States, and without high-quality financial institutions, countless Americans would struggle to acquire vehicles, housing, and other essential items.

However, like pretty much all of the nation’s older institutions, banks have played a significant part in America’s racist past. Racial discrimination in the banking industry and financial system has targeted African Americans, and challenges to ending discrimination persist today. Black-owned banks arose as an alternative to larger institutions, to provide greater access to banking services and support local communities.

According to the Federal Deposit Insurance Corporation, a Minority Depository Institution (MDI) is “…a federal insured depository institution for which (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. Ownership must be by U.S. citizens or permanent legal U.S. residents to be counted in determining minority ownership.” In 2021, the Federal Reserve expanded this definition to include women-owned financial institutions. Of the 20 Black-owned banks featured in this article, two fall into the latter category.

For the purposes of this article, Black-owned and -managed credit unions that serve the Black community have been included to provide the most complete picture of America’s Black financial institutions. The article uses the term “Black-owned” in this broad sense, recognizing that stockholders own for-profit banks and members own credit unions.

Background and History of Black-Owned Banks

Black-owned banks didn’t exist until more than a century after the Bank of North America first opened its doors. Prior to the chartering of the first Black-owned bank in 1888, Congress and President Lincoln established the Freedman’s Savings Bank in 1865. As part of the Freedmen’s Bureau, this institution was designed to help newly freed African Americans navigate the U.S. financial system.

Despite Congress voting to close the Freedmen’s Bureau in 1872, the bank continued to operate. In 1874, Frederick Douglass took over as director of the bank’s Washington, D.C., branch and found it to be rife with corruption and risky investments. Douglass invested $10,000 of his own money in the bank in an attempt to save it, but Freedman’s Savings went bankrupt later that same year. Although Freedman’s Savings Bank doesn’t fit the modern criteria of a Black-owned bank, it represents a critical first step.

The first officially chartered Black-owned bank, True Reformers Bank, was founded on March 2, 1888, by the Rev. William Washington Browne. A former slave and Union Army officer, Browne was founder of the Grand Fountain United Order of True Reformers fraternal organization. True Reformers Bank came about when Browne and his organization faced financial hardships while trying to establish a new branch in Virginia. Unable to manage the order’s money without arousing suspicion from paranoid and prejudiced locals, Browne founded True Reformers Bank so that the organization’s finances would be free of scrutiny from white people.

The bank opened in 1889 and went from a small operation in Browne’s house to an institution strong enough to survive the financial panic of 1893. Although True Reformers Bank continued to operate after Browne’s death in 1897, problems began to develop by the turn of the century. Under its new president, the Rev. William Lee Taylor, branches were poorly regulated, unsecured loans were made, and an embezzlement scandal cost most account holders their savings. By 1910, the State Corporation Commission ordered the bank to be closed.

As the story of True Reformers Bank was playing out, other Black-owned banks got their start in the U.S. Capital Savings Bank of Washington, D.C., opened its doors on Oct. 17, 1888, roughly six months before True Reformers Bank. Capital Savings also survived the financial panic of 1893 but closed in 1902.

From 1888 to 1934, 134 Black-owned financial institutions were founded, predominantly in southern states. Their numbers dwindled during the Great Depression, leaving nine by the 1930s. A resurgence took place during the civil rights movement, raising their numbers to 50 by 1976.

The 1980s savings and loan crisis wiped out 35 Black-owned banks by 1988. The most recent decline began in 2001 during the 9/11 recession and accelerated during the Great Recession. There are 44 Black-owned financial institutions, including credit unions, left today.

“You can’t separate Black history from American history,” says Tyrone Ross, community director of Altruist, a software platform provider for financial advisors. “We’ve always been well adept and versed in financial education and the ability to be entrepreneurs. It’s just been stripped from us. So it’s OK to write these articles — or have panels or whatever — but let’s start with the history first so people go, ‘Oh, crap. It really was stripped from them, and they’re just trying to get it back.'”

Modern-Day Discrimination

In 2016, the average net worth of a white family was nearly 10 times higher than that of a Black family. This is a result of inequality, discrimination, and differences in power and opportunity throughout American history. It is also why the diminishing number of Black-owned banks is of particular concern, given their role in fighting modern-day systemic racism in the financial sector.

Consider redlining, an unethical practice used to block access to important services for residents of certain neighborhoods based on their race or ethnicity. The Civil Rights Act of 1964, which prohibits discrimination on the basis of race, color, religion, sex, and national origin, was a start. And yet, although the Fair Housing Act of 1968 and the Community Reinvestment Act (CRA) of 1977 intended to eliminate redlining, this kind of discrimination is still seen today.

For instance, 68.1% of loans made from 2012 through 2018 for housing purchases in Chicago went to predominantly white areas, while 8.1% went to predominantly Black areas. Banks also lent more money to predominantly white neighborhoods than to all predominantly Black neighborhoods combined. This disparity is even starker when looking at individual home purchase lenders, with JPMorgan Chase lending 41 times more money in white neighborhoods than Black ones.

Chicago is far from the only place where redlining occurs. In 2018, people of color in 61 cities were more likely to be denied home loans than white residents. And if homeowners aren’t moving into — and investing in — a neighborhood, then capital isn’t flowing into the community, which leads to poverty and crime having an inescapable presence.

“One in five Black Americans now is unbanked. When you look at our poverty rates, our lack of ownership, lack of home ownership, that all goes back to economic empowerment,” Ross explains. “Economic empowerment starts with banking.”

The Importance of Black-Owned Banks

To understand why Black-owned banks matter, it’s critical to recognize the role of banks in financial life. Banks commonly provide access to a checking account, allowing for the safe storage of an individual’s funds, typically in exchange for a minimal fee. In addition to accepting monetary deposits, banks also furnish loans for individuals and businesses looking to finance crucial purchases. Banks also offer mortgages for real estate purchases. Many banks issue credit cards, which are valuable tools for building the credit history necessary to receive most loans.

Also, a number of banks have launched financial literacy programs for low- and moderate-income communities. It’s difficult, if not impossible, to imagine thriving in the modern economy without taking advantage of a bank’s aid. And if access to these types of services is constantly denied to certain groups, then it’s easy to see how these groups may face greater financial difficulties.

Black-owned banks offer an alternative for residents whom other financial institutions have consistently discriminated against. Compared with other banks, they have typically provided more money to borrowers living in low- to moderate-income (LMI) census tracts in the last 14 years. Black-owned banks are also more willing to tolerate higher levels of risk than alternative institutions. In 2016, 67% of mortgages made by Black-owned banks were either FHA mortgages — which typically serve riskier borrowers — or mortgages held “in portfolio,” meaning they are liable to the risk of the borrower defaulting.

Additionally, Black-owned banks tend to focus their lending on small businesses, nonprofits, and Black homebuyers. As of 2018, all Black-owned banks are community banks; these institutions are dedicated to supporting the economies of the communities they serve. Even during difficult times, Black-owned banks have stuck by their customers. The 2007–2008 financial crisis led to a housing crisis that continued through 2013; in that time, despite a 69% drop in all mortgage lending to Black borrowers, the number of mortgages provided by Black-owned banks rose 57%.

“So there’s lack of lending, there’s lack of funding, there’s lack of access to the ability to acquire assets and build wealth,” says Ross. “The Black community has for years been afraid of banking with traditional institutions. A lot of them live in banking deserts where there are no banks, which is also why you have credit unions, check-cashing places, and payday loans.”

Without Black-owned banks, countless vulnerable consumers could be forced to rely on high-interest loans from pawn shops and payday lenders. What’s more, Black-owned banks provide customers not only access to the financial resources they need but also the chance to invest in the financial health and well-being of their community and fellow Americans.

“I think we have a responsibility now to realize that — if you really want to be grassroots, and you really want to help Black Americans — get that money in Black banks and then have those Black banks fund the people,” Ross says.

Other Alternatives for Community Funding

Not everyone sees Black-owned, for-profit banks as the solution. Critics argue that true financial justice requires institutions entirely separate from a financial system rooted in racism and exploitation.

“I’ve been very critical of for-profit Black banks and the capitalist logic that governs them,” says Guy Mount, assistant professor of African American history at Auburn University. ”In my opinion, member-owned credit unions and nonprofit co-ops are the way forward for Black communities hoping to not only survive within capitalism but build a viable Black economic alternative to it.” In fact, that choice is available to consumers. Of the 44 Black-owned financial institutions in the U.S. — all listed below — 24 are credit unions.

Other critics have taken this concept further. In The Color of Money: Black Banks and the Racial Wealth Gap, Mehrsa Baradaran, professor of law at the University of California Irvine School of Law, posits that those in power have pushed the idea of Black-owned banks as a diversionary tactic whenever the African American community demanded more direct solutions to the racial wealth gap. For instance, although Freedman’s Savings Bank remains a critical facet of Black history, the Freedmen’s Bureau originally proposed providing newly freed slaves with an allotment of land — they received a bank instead.

More recently, when civil rights leaders began calling for a redistribution of wealth, President Richard Nixon co-opted the rhetoric of that movement to create a civil rights platform centered around “Black capitalism.” He wasn’t the only president to support the idea of banking over financial support. President Bill Clinton introduced legislation with the aim of promoting “community empowerment” via banking. Across party lines, Presidents George W. Bush and Barack Obama supported and upheld Clinton’s infrastructure. President Donald Trump also made similar promises during his time in office.

Baradaran further argues that — as it is nearly impossible for a segregated community to keep its wealth self-contained — Black-owned banks may actually facilitate the flow of money out of African American communities into the white economy.

Mount sees it the same way: “By emerging themselves within a white-governed capitalist marketplace, Black banks are facilitating the very extraction of wealth from the communities they purport to serve.”

Black-Owned Banks: State-by-State Breakdown

While the number of Black-owned financial institutions may have declined from their peak, they cumulatively have a significant presence. According to Bank Black USA, historical Black-owned bank assets totaled over $7.6 billion in 2019. As of March 8, 2021, the 44 Black-owned banks and credit unions in the U.S. have approximately $6.68 billion in assets. And although 27 states have no Black-owned financial institutions within their borders, several organizations have a presence across the U.S. because of their partnerships with major ATM networks. Additionally, of the 44 Black-owned financial institutions in the country, just over half are not-for-profit credit unions.

The majority of Black-owned institutions offer both traditional brick-and-mortar branches and online/mobile services. Even OneUnited Bank, originally an Internet-only bank, now has multiple physical locations across the U.S. Ensuring online accessibility is a smart move considering that, in 2017, approximately 17.7% of African American consumers were more likely to use mobile banking as their primary method of accessing their accounts. Currently, Columbia Savings and Loan is the sole institution without any online or mobile banking services.

Below: a list of Black-owned banks and credit unions in the U.S., in alphabetical order:

1st Choice Credit Union

Founded in 1946, the Hospital Authority Credit Union was created to provide financial services to employees of Grady Hospital. In 1991, the organization became known as 1st Choice Credit Union.

• Branches: Auburn Avenue Administrative Office (Atlanta) and Grady Memorial Hospital (Atlanta)
• ATMs: Crestview Health & Rehabilitation Center (Atlanta) and Ponce De Leon Center (Atlanta)
• States: Georgia
• Services: Personal and business checking and savings, in addition to loans (personal, mortgage, etc.)
• Assets: $31.75 million
• Availability: Online and brick-and-mortar

Alamerica Bank

Alamerica Bank was originally organized by a group of prominent Birmingham, Alabama, community leaders. It opened on Jan. 28, 2000, and achieved operational profitability after six months of operation.

• Branches: The Alamerica Bank Building (Birmingham, Ala,)
• ATMs: N/A
• States: Alabama
• Services: Deposit services (business and personal accounts), loan services (commercial and personal loans), Internet banking, image statements, and MasterMoney debit cards
• Assets: $16.35 million
• Availability: Online and brick-and-mortar

Broadway Federal Bank

Broadway Federal Bank is a subsidiary of Broadway Financial Corporation, a bank holding company located in Los Angeles. Formerly known as the Broadway Federal Savings and Loan Association, founded in 1946, the original building was destroyed by a fire on April 30, 1992. In December 1995, the organization was converted from a federally chartered mutual savings association to a federally chartered stock savings bank, hence the new name.

• Branches: Mid-Wilshire Administrative Offices (Los Angeles), Inglewood Branch (Inglewood, Calif.), and Exposition Park Branch (Los Angeles)
• ATMs: Part of the MoneyPass network
• States: California
• Services: Personal and business accounts, credit cards, and loan products
• Assets: $481.55 million
• Availability: Online and brick-and-mortar

Brookland Federal Credit Union

Founded in 1999, Brookland Federal Credit Union is a not-for-profit financial cooperative that provides financial services to members of Brookland Baptist Church and their immediate family members. If you join Brookland Federal, you and your family have a lifetime membership.

• Branches: Brookland Federal Credit Union (West Columbia, S.C.)
• ATMs: N/A
• States: South Carolina
• Services: Savings, checking, loans, and other services (financial literacy, guaranteed auto protection, etc.)
• Assets: $3.40 million
• Availability: Online and brick-and-mortar

Brooklyn Cooperative Federal Credit Union

Since its founding in 2001, Brooklyn Coop has served the nearly 300,000 people who reside in Central Brooklyn — over 95% of whom are minorities. Membership is available to anyone who lives, work, goes to a church or school, volunteers, or has family in Brooklyn and requires a $25 fee, plus a $5 minimum deposit.

• Branches: Bedford-Stuyvesant Branch (Brooklyn, N.Y.) and Bushwick Branch (Brooklyn, N.Y.)
• ATMs: Part of the CO-OP ATM network
• States: New York
• Services: Banking accounts (savings, checking, etc.) and loans (small business, residential real estate, etc.)
• Assets: $25 million
• Availability: Online and brick-and-mortar

Carver Federal Savings Bank

Carver Federal Savings Bank was founded in 1948 to serve African American communities with limited access to mainstream financial services. The majority of its branches and ATMs are located in low- to moderate-income neighborhoods. Carver Federal is one of two banks that are considered “Black operated” instead of Black-owned.

• Branches: Atlantic Terminal Branch, Bedford-Stuyvesant – Restoration Plaza Branch, Crown Heights Branch, and Flatbush Branch (all in Brooklyn, N.Y.); St Albans Branch (Jamaica, N.Y.); and 125th Street Branch and Malcolm X Boulevard Branch (both in New York City)
• ATMs: Atlantic Terminal Shopping Mall (2) and ATM Banking Center (all in Brooklyn, N.Y.)
• States: New York
• Services: Personal and business banking, loans, and community cash
• Assets: $687.17 million
• Availability: Online and brick-and-mortar

Carver State Bank

Established on Feb. 23, 1927, Georgia Savings and Realty Corporation was a small, private bank as well as a real estate investment and management company. In 1947, the original institution was converted to a state bank and became known as Carver Savings Bank. By 1962, Carver had become a full-service commercial bank and its name was changed once more to Carver State Bank.

• Branches: Main Office and Skidaway Branch (both in Savannah, Ga.)
• ATMs: Main Office, Skidaway Branch, and Savannah/Hilton Head International Airport (all in Savannah, Ga.)
• States: Georgia
• Services: Personal accounts (checking and savings), business accounts, loans, development programs, and other services (cashier’s checks, money orders, etc.)
• Assets: $52.27 million
• Availability: Online and brick-and-mortar

Citizens Bank

In 1904, One Cent Savings Bank became the first minority-owned bank in Tennessee. The institution’s name was changed to Citizens Savings Bank & Trust Co. in 1920. Citizens Bank is the oldest continuously operating Black-owned bank in the U.S.

• Branches: Memphis Branch – Winchester Road (Memphis, Tenn.) and Main Office (Nashville, Tenn.)
• ATMs: Main Office (Nashville, Tenn.)
• States: Tennessee
• Services: Personal and business banking (checking and savings), credit cards, and loans (personal, business, etc.)
• Assets: $111.58 million
• Availability: Online and brick-and-mortar

Citizens Trust Bank

In 1921, Citizens Trust Bank was created to serve the African American citizens of Atlanta. Today, the bank plays an active role in providing sponsorship support for multiple community organizations.

• Branches: Birmingham (Birmingham, Ala.); Eutaw Branch (Eutaw, Ala.); Cascade Branch (South Fulton, Ga.); Corporate Headquarters and Westside Branch (both in Atlanta); East Point Branch (East Point, Ga.); Rockbridge Branch (Stone Mountain, Ga.); and Panola Branch (Stonecrest, Ga.)
• ATMs: Castleberry Inn ATM and Westside ATM (both in Atlanta); South Dekalb Mall ATM (Decatur, Ga.); Lithonia ATM (Lithonia, Ga.); Rockbridge Plaza ATM and Stone Mountain ATM (both in Stone Mountain, Ga.); and Panola ATM (Stonecrest, Ga.)
• States: Alabama and Georgia
• Services: Banking (savings, checking, etc.) and borrowing (loans, credit cards, etc.) services
• Assets: $572.36 million
• Availability: Online and brick-and-mortar

Columbia Savings & Loan

Columbia Savings & Loan has served Milwaukee’s inner city, particularly its minority population, since 1924.

• Branches: Columbia Savings & Loan Association (Milwaukee)
• ATMs: N/A
• States: Wisconsin
• Services: Mortgages, church loans, and CDs/IRAs
• Assets: $24.84 million
• Availability: Brick-and-mortar only

Commonwealth National Bank

Founded in 1976, Commonwealth National Bank is a full-service, nationally chartered commercial institution. Commonwealth is the sole bank headquartered in Mobile, Alabama, out of the 45 banks doing business there. In addition to being the only Minority Depository Institution (MDI) in Mobile, it is one of two in Alabama.

• Branches: Main Office Branch and Crichton Branch (both in Mobile, Ala.)
• ATMs: Main Office Branch and Crichton Branch (both in Mobile, Ala.), any Publix supermarket ATM, or any PNC Bank ATM
• States: Alabama
• Services: Consumer and business services, in addition to loans
• Assets: $54.52 million
• Availability: Online and brick-and-mortar

Community Owned Federal Credit Union

In 1966, Community Owned Federal Credit Union was founded to provide low-income communities in Johns Island and part of Charleston, South Carolina, with financial services typically denied to them by mainstream institutions. Membership has since grown to include the entire Charleston area.

• Branches: Community Owned Federal Credit Union (Charleston, S.C.)
• ATMs: N/A
• States: South Carolina
• Services: Primary savings account, loans, mortgages, and other services (direct and payroll deposit, in addition to credit workshops)
• Assets: $4.05 million
• Availability: Online and brick-and-mortar

Credit Union of Atlanta

Founded in 1928, the Credit Union of Atlanta remained stable and secure throughout the Great Depression. Any profits earned are used to secure better rates for the institution’s members.

• Branches: Main Office and Pryor Street Lending Center (both in Atlanta)
• ATMs: Atlanta Detention Center, Atlanta Public Safety Annex, Credit Union of Atlanta, and Pryor Street Lending Center (all in Atlanta), in addition to any ATMs in the MoneyPass and STAR networks
• States: Georgia
• Services: Personal savings and checking, business checking, credit builder and personal loans, and payment protection
• Assets: $78.56 million
• Availability: Online and brick-and-mortar

Faith Community United Credit Union

Originally chartered in 1952 as Second Mount Sinai Baptist Church Credit Union, Faith became a Community Development Credit Union (CDCU) in 1991. In 1989, the credit union became the sole provider of financial services when the savings and loans closed in local minority neighborhoods. Faith attained self-sufficiency a year after acquiring its community charter.

• Branches: Faith Community United Credit Union (Cleveland)
• ATMs: N/A
• States: Ohio
• Services: Deposit services, loan services, and insurance
• Assets: $18.05 million
• Availability: Online and brick-and-mortar

Faith Cooperative Federal Credit Union

The story of Faith Cooperative Federal Credit Union is a tale of two different organizations. St. John Federal Credit Union was founded in 1959. It became known as Faith Cooperative Credit Union after it was integrated with Friendship-West Baptist Church’s vision of a microloan bank.

• Branches: Administrative Offices (Dallas)
• ATMs: One located “near the Banquet Hall”
• States: Texas
• Services: Savings, loans, and gap protection
• Assets: $1.57 million
• Availability: Online and brick-and-mortar

FAMU Federal Credit Union

On May 8, 1935, six individuals were convinced to deposit $50 each to acquire a federal credit union charter, resulting in the founding of the Florida A&M College Employees Federal Credit Union. By 1953, the organization was renamed Florida A&M University Federal Credit Union.

• Branches: Office (Tallahassee, Fla.)
• ATMs: One located in the “first drive-thru lane” as well as any ATMs or point-of-sale terminals that are part of American Express, CULIANCE, The Exchange, Honors, Member Access, Plus, Presto, Publix, Walmart, and “other Credit Unions with the participating listed networks”
• States: Florida
• Services: Accounts (checking, savings, IRA), Rattler debit and VISA credit cards, loans, wire transfers, and other services (notary services, bill payments, etc.)
• Assets: $24.14 million
• Availability: Online and brick-and-mortar

Financial Health Federal Credit Union

Financial Health Federal Credit Union has been serving its local community since it was founded in 1971. Membership is available to all employees of Indiana University Health and its affiliates and citizens of several Indianapolis ZIP code areas in exchange for a $10 minimum savings deposit.

• Branches: IU Health West Hospital (Avon, Ind.), and East Branch, Indianapolis Urban League Branch, IU Health Medical Tower, Sunstone Branch and University Branch (all in Indianapolis), in addition to any credit unions in the Co-Op Shared Branch system
• ATMs: “[M]ore than 125 free ATMs in central Indiana, and over 3,500 nationwide [through the Alliance One ATM network]”
• States: Indiana
• Services: Deposits (checking, savings, etc.) and loans (personal, car, etc.)
• Assets: $36.42 million
• Availability: Online and brick-and-mortar

First Independence Bank

In business since May 11, 1970, First Independence Bank has served the Detroit metropolitan area for 50 years. First Independence is the sole African American‐owned bank headquartered in Michigan, in addition to being one of two banks headquartered in Detroit.

• Branches: Clinton Township Branch (Clinton Township, Mich.), and Main Office Branch and Seven Mile Branch (both in Detroit)
• ATMs: Garfield Office (Clinton Township, Mich.), and 1st Floor International Building, City County Building, Livernois, Main Office, and Seven Mile Branch (all in Detroit), in addition to “any nationwide FIB, Fifth Third, TCF, or Chemical Bank ATM … in the Metro Detroit area”
• States: Michigan
• Services: Consumer and business services, in addition to loans
• Assets: $287.42 million
• Availability: Online and brick-and-mortar

First Legacy

The School Workers Federal Credit Union was founded in 1941 by a group of educators in Charlotte, North Carolina. The institution originally offered only a savings and loan program before becoming known as First Legacy Community Credit Union and offering wider financial services and memberships. In 2020, it merged with Self-Help Credit Union of Durham, North Carolina, and operates as First Legacy, a Division of Self-Help.

• Branches: First Legacy, a Division of Self-Help (Charlotte, N.C.)
• ATMs: At Self-Help Credit Union branches, Cashpoint ATMs, and the CO-OP ATM network
• States: North Carolina
• Services: Checking, savings, and loans
• Assets: $29.33 million
• Availability: Online and brick-and-mortar

First Security Bank & Trust

Security Trust and Savings Bank first opened for business in 1903. Twenty-six years later, it merged with First National Bank of Charles City, creating First Security Bank & Trust.

• Branches: Aredale Branch (Aredale, Iowa), Charles City Branch (Charles City, Iowa), Dumont Branch (Dumont, Iowa), Hampton Drive-Up Bank (Hampton, Iowa), Ionia Branch (Ionia, Iowa), Manly Branch (Manly, Iowa), Marble Rock Branch (Marble Rock, Iowa), Nora Springs Branch (Nora Springs, Iowa), Riceville Branch (Riceville, Iowa), Rockford Branch (Rockford, Iowa), Rockwell Branch (Rockwell, Iowa), Rudd Branch (Rudd, Iowa), and Thornton Branch (Thornton, Iowa)
• ITMs (Interactive Teller Machines): Charles City Branch (Charles City, Iowa), Hampton Drive-Up Bank (Hampton, Iowa), Manly Branch (Manly, Iowa), Nora Springs Branch (ATM also available) (Nora Springs, Iowa), Riceville Branch (ATM also available) (Riceville, Iowa), Rockford Branch (ATM also available) (Rockford, Iowa), Rockwell Branch (ATM also available) (Rockwell, Iowa), and Thornton Branch (ATM also available) (Thornton, Iowa)
• States: Iowa
• Services: Personal (checking, savings, etc.), business (checking, savings, etc.), and lending (personal, agricultural, auto and business loans, mortgages, and home equity)
• Assets: $565,000
• Availability: Online and brick-and-mortar

GN Bank

In 1934, after working closely with the Federal Home Loan Bank of Chicago, 13 African American men founded Illinois Service Federal to provide a savings and loan association for Black Chicagoans. The institution was acquired by Groupe Ndoum in 2016, which led to its name change to GN Bank in 2018.

• Branches: Main Office and Chatham Office (both in Chicago)
• ATMs: Main Office and Chatham Office (both in Chicago), in addition to any ATMs in the STAR network
• States: Illinois
• Services: Personal (checking, savings, and credit cards) and small business services (checking, lending, credit cards)
• Assets: $99.68 million
• Availability: Online and brick-and-mortar

Greater Kinston Credit Union

Greater Kinston Credit Union was founded in 1952 and provides a variety of loans and deposit accounts. People who live, work, worship, or attend functions in Lenoir, Greene, Jones, Craven, and Pitt counties are eligible for membership.

• Branches: Branch Office (Kinston, N.C.)
• ATMs: Part of the CashPoints network
• States: North Carolina
• Services: Debit and credit cards; deposit (checking, savings, etc.), nonprofit, and youth accounts; mortgage and personal lending; and other services (automated services, branch services, etc.)
• Assets: $13.52 million
• Availability: Online and brick-and-mortar

Hill District Federal Credit Union

Hill District Federal Credit Union got its start in 1970 and has provided financial services to its members for 50 years. People who live, work, or worship in Pittsburgh’s Hill District — as well as members of an organization that provides economic assistance in the same area — are eligible to join.

• Branches: Hill District Federal Credit Union (Pittsburgh)
• ATMs: N/A
• States: Pennsylvania
• Services: Debit and gift cards, savings, checking, loans, other services (money orders, financial literacy classes, etc.)
• Assets: $8.79 million
• Availability: Online and brick-and-mortar

Hope Credit Union

In 1995, members of Anderson United Methodist Church organized Hope Federal Credit Union to help low-income Jackson, Mississippi, residents with asset development, cooperation, and self-empowerment. Hope has since spread across the Deep South through its sponsors and by merging with other financial organizations, most recently with Tri-Rivers Federal Credit Union in 2007. In June 2020, Netflix invested $10 million into Hope as part of its $100 million initiative to support economic opportunities for Black communities.

• Branches: Arba Street Branch (Montgomery, Ala.), McGehee Road Branch (Montgomery, Ala.), College Station Branch (College Station, Ark.), Little Rock Branch (Little Rock, Ark.), Pine Bluff Branch (Pine Bluff, Ark.), West Memphis Branch (West Memphis, Ark.), Central City Branch (New Orleans), Elysian Fields Branch (New Orleans), Michoud Assembly Facility Branch (New Orleans), Mississippi Coast Branch (Biloxi, Miss.), Drew Branch (Drew, Miss.), Greenville Branch (Greenville, Miss.), Itta Bena Branch (Itta Bena, Miss.), Medical Mall Branch (Jackson, Miss.), University Boulevard Branch (Jackson, Miss.), Louisville Branch (Louisville, Miss.), Macon Branch (Macon, Miss.), Moorhead Branch (Moorhead, Miss.), Robinsonville Branch (Robinsonville, Miss.), Shaw Branch (Shaw, Miss.), Terry MS Branch (Terry, Miss.), Utica Branch (Utica, Miss.), West Point Branch (West Point, Miss.), Jackson Branch (Jackson, Tenn.), Crosstown Branch (Memphis, Tenn.), Harvester Lane Branch (Memphis, Tenn.), Madison Avenue Branch (Memphis, Tenn.), and Ridgeway Branch (Memphis, Tenn.), in addition to any credit unions in the Shared Branching network.
• ATMs: Pine Bluff Branch (Pine Bluff, Ark.), West Memphis Branch (West Memphis, Ark.), Central City Branch (New Orleans), Elysian Fields Branch (New Orleans), Mississippi Coast Branch (Biloxi, Miss.), Drew Branch (Drew, Miss.), Greenville Branch (Greenville, Miss.), Medical Mall Branch (Jackson, Miss.), University Boulevard Branch (Jackson, Miss.), Robinsonville Branch (Robinsonville, Miss.), Shaw Branch (Shaw, Miss.), Terry MS Branch (Terry, Miss.), Jackson Branch (Jackson, Tenn.), Harvester Lane Branch (Memphis, Tenn.), Madison Avenue Branch (Memphis, Tenn.), and Ridgeway Branch (Memphis, Tenn.)
• States: Alabama, Arkansas, Louisiana, Mississippi, and Tennessee
• Services: Personal (checking and wealth-building accounts, personal loans, credit cards, etc.) and business (checking and loans) banking, in addition to transformational deposits
• Assets: $367.61 million
• Availability: Online and brick-and-mortar

Howard University Employees Federal Credit Union

Originally chartered on Oct. 11, 1935, Howard University Employees Federal Credit Union provides financial services to employees of Howard University and their family members. Those who join Howard University Employees FCU have a lifetime membership.

• Branches: C B Powell Building (Washington, D.C.)
• ATMs: Part of the CO-OP and CU Here networks
• States: Washington, D.C.
• Services: Accounts (savings, checking, etc.) and loans
• Assets: $10 million
• Availability: Online (home loans only) and brick-and-mortar

Industrial Bank

Industrial Bank first opened on Aug. 20, 1934, and is one of the larger Black-owned banks in the U.S. In addition to a wide variety of financial services, Industrial Bank also offers free financial education programs.

• Branches: Harlem Banking Center (New York City), Bergen Street Banking Center (Newark, N.J.), Halsey Street Banking Center (Newark, N.J.), Anacostia Gateway Banking Center (Washington, D.C.), F Street Banking Center (Washington, D.C.), Forestville Banking Center (Washington, D.C.), Georgia Avenue Banking Center (Washington, D.C.), J.H. Mitchell Banking Center (Washington, D.C.), Oxon Hill Banking Center (Washington, D.C.), and U Street Banking Center (Washington, D.C.)
• ATMs: Harlem Office (New York City), Bergen Street Office (Newark, N.J.), Halsey Street Office (Newark, N.J.), Anacostia Gateway Office (Washington, D.C.), Ben’s Chili Bowl (Washington, D.C.), DC Court of Appeals (Washington, D.C.), DC Superior Court (2) (Washington, D.C.), F Street Office (Washington, D.C.), Forestville Office (Washington, D.C.), Georgia Avenue Office (Washington, D.C.), J.H. Mitchell Office (Washington, D.C.), Nationals Park (Washington, D.C.), Oxon Hill Office (Washington, D.C.), and U Street Office (Washington, D.C.), in addition to any ATMs in the Allpoint network
• States: New Jersey, New York, and Washington, D.C.
• Services: Personal (loans, checking, etc.) and business (services, loans, etc.) services
• Assets: $559.80 million
• Availability: Online and brick-and-mortar

Liberty Bank

Liberty Bank was originally chartered in New Orleans in 1972. After acquiring the United Bank and Trust Company in 2009, its service grew across the Greater New Orleans area. Liberty Bank is the second-largest Black-owned bank in physical footprint, with branches in eight states.

• Branches: Montgomery Liberty Bank (Montgomery, Ala.), Tuskegee Liberty Bank (Tuskegee, Ala.), Liberty Bank Forest Park (Forest Park, Ill.), Kansas City Liberty Bank (Kansas City, Kan.), Louisville Liberty Bank (Louisville, Ky.), Southdowns Liberty Bank (Baton Rouge, La.), Southern Heights Liberty Bank (Baton Rouge, La.), Canal Street Liberty Bank (New Orleans), Crowder Blvd Liberty Bank (New Orleans), Franklin Ave Liberty Bank (New Orleans), General DeGaulle Liberty Bank (New Orleans), Gentilly Blvd Liberty Bank (New Orleans), Woodward Ave Liberty Bank (Detroit), Jackson Liberty Bank (Jackson, Miss.), and Kansas City Liberty Bank (Kansas City, Mo.)
• ATMs: Montgomery Liberty Bank (Montgomery, Ala.), Tuskegee Liberty Bank (Tuskegee, Ala.), Liberty Bank Forest Park (Forest Park, Ill.), 4850 State Street (Kansas City, Kan.), Southdowns Liberty Bank (Baton Rouge, La.), Southern Heights Liberty Bank (Baton Rouge, La.), 910-B Decatur Street (New Orleans), 2800 Gravier Street (New Orleans), American Can (New Orleans), Canal Street Liberty Bank (New Orleans), City Hall (New Orleans), Crowder Blvd Liberty Bank (New Orleans), Dillard – Rosenwald Hall (New Orleans), Franklin Rouses (New Orleans), French Market (New Orleans), General DeGaulle Liberty Bank (New Orleans), Gentilly Blvd Liberty Bank (New Orleans), Lafon Nursing Facility (New Orleans), Lockheed Martin Buildings 102 & 350 (New Orleans), Orleans Sheriff (New Orleans), Xavier University (2) (New Orleans), Jackson Evers International Airport (Jackson, Miss.), Jackson Liberty Bank (Jackson, Miss.), Student Center (Jackson, Miss.), Tougaloo College (Jackson, Miss.), and Union Station (Jackson, Miss.)
• States: Alabama, Illinois, Kansas, Kentucky, Louisiana, Michigan, Mississippi, and Missouri
• Services: Personal (checking, savings, etc.), business (checking, savings, etc.), and institutional (cash management, corporate financing, etc.) services
• Assets: $765.30 million
• Availability: Online and brick-and-mortar

Lower East Side’s People’s Federal Credit Union

Lower East Side’s People’s Federal Credit Union (or LES People’s FCU) was organized in 1986 to fill the need after the last bank branch in the Lower East Side closed. Membership simply requires opening a share account and is available to anyone who lives, works, volunteers, worships, attend schools, or belongs to any organization located in the Lower East Side, Central Harlem, East Harlem, or the North Shore of Staten Island; any organization or business located in these four communities; residents of New York City who earn less than $48,500 annually; anyone who lives in an HDFC Co-op building; anyone who graduates from the Getting Ahead™ personal financial management class; anyone affiliated with one of their Select Partner Groups; or a family member of an existing member.

• Branches: East Harlem Branch (New York City), Lower East Side Branch (New York City), and North Shore Branch (Staten Island, N.Y.), in addition to any credit unions in the CO-OP network system
• ATMs: Part of the CO-OP ATM network, in addition to any Citibank Branch ATMs (withdrawals only)
• States: New York
• Services: Personal (savings, money market, etc.) and business (checking, savings, etc.) banking, loans (personal, auto, etc.), Housing Development Fund Corporations (HDFCs), and other services (financial counseling, tax preparation, etc.)
• Assets: $71.20 million
• Availability: Online and brick-and-mortar

Mechanics & Farmers Bank

Founded in 1907 by nine businessmen, Mechanics & Farmers Bank is a state-chartered commercial bank. By 1935, M&F Bank became the first lending institution in North Carolina to receive FHA certification. Mechanics & Farmers merged with Fraternal Bank & Trust in 1921 and acquired Mutual Community Savings Bank in 2008.

• Branches: Charlotte (Charlotte, N.C.), Corporate Headquarters (Durham, N.C.), Durham Branch – Durham-Chapel Hill Boulevard (Durham, N.C.), Greensboro (Greensboro, N.C.), Raleigh Branch – Rock Quarry Road (Raleigh, N.C.), and Winston-Salem (Winston-Salem, N.C.)
• ATMs: Durham Branch (Durham, N.C.) and Raleigh Branch – East Hargett Street (Raleigh, N.C.)
• States: North Carolina
• Services: Personal (checking, savings, loans, etc.) and business (commercial checking and savings, loans, etc.) services, in addition to wealth management
• Assets: $309.18 million
• Availability: Online and brick-and-mortar

Mount Olive Baptist Church Federal Credit Union

It received its Federal Charter on Oct. 21, 1997. Mount Olive Baptist Church Federal Credit Union is a faith-based, not-for-profit financial institution. Mount Olive Baptist Church members and their immediate families are eligible to join this organization.

• Branches: Mount Olive Baptist Church FCU (Dallas)
• ATMs: N/A
• States: Texas
• Services: Loans (auto, unsecured, etc.), savings accounts, direct deposits, and wire transfers
• Assets: $8.21 million
• Availability: Online and brick-and-mortar

Oak Cliff Christian Federal Credit Union

Officially chartered on Sept. 22, 2008, Oak Cliff Christian Federal Credit Union is a Christian-based financial institution sponsored by Oak Cliff Bible Fellowship. Members, employees, students, or family of Oak Cliff Bible Fellowship (and its subsidiaries) are eligible to join the organization.

• Branches: Oak Cliff Christian FCU (Dallas)
• ATMs: N/A
• States: Texas
• Services: Loans, financial products (IRAs, money market, etc.), direct deposit, money orders, and credit reports
• Assets: $7.34 million
• Availability: Online and brick-and-mortar

Omega Psi Phi Fraternity Federal Credit Union

Founded in 1986, Omega Psi Phi Fraternity Federal Credit Union is open to members of the fraternity, including its chapters, districts, and other related organizations, and their families, in addition to employees of both the fraternity and credit union itself.

• Branches: Omega Psi Phi Fraternity Federal Credit Union c/o CAMO (Toccoa, Ga.)
• ATMs: N/A
• States: Georgia
• Services: Accounts (single, joint, etc.), share draft checking, loans, and credit cards
• Assets: $2.47 million
• Availability: Online and brick-and-mortar

OneUnited Bank

OneUnited Bank was the first online-only Black-owned bank and is the largest Black-owned bank in the U.S. Originally founded in 1968 as Unity Bank and Trust Company, OneUnited has financed more than $100 million in loans thus far, predominantly in low- to moderate-income communities.

“Everyone is talking about OneUnited Bank now, but what they’re not focusing on with OneUnited Bank is they’re heavily engaged in financial education and financial literacy in the cities that need it most,” Tyrone Ross, community director of Altruist, explains. “So I feel like right now, when you support OneUnited, again you get those end roads into their programs they already have instituted to provide access to financial education and financial literacy.”

• Branches: Compton Branch (Coming Soon) (Compton, Calif.), Corporate Office and Crenshaw Branch (Los Angeles), Miami Branch (Miami), Corporate Headquarters (Boston), and Roxbury Branch (Roxbury, Mass.)
• ATMs: Part of the MoneyPass network
• States: California, Florida, and Massachusetts
• Services: Checking, savings, and secured VISA credit card
• Assets: $666.67 million
• Availability: Online and brick-and-mortar

OPTUS Bank

The story of OPTUS began in 1921, with the founding of Victory Savings Bank by a group of African American leaders. OPTUS is committed to helping anyone, regardless of background or situation, build their wealth and improve their lives.

• Branches: Main Branch (Columbia, S.C.)
• ATMs: Beltline Branch (Columbia, S.C.), Corporate Office (Columbia, S.C.), and Main Branch (Columbia, S.C.)
• States: South Carolina
• Services: Personal (IRA accounts, consumer loans, etc.) and business (transaction accounts, merchant services, etc.) banking
• Assets: $187.39 million
• Availability: Online and brick-and-mortar

South Side Community Federal Credit Union

Since 2004, South Side Community Federal Credit Union has offered access to credit and savings services for its members, in addition to financial education. Individuals are eligible for membership if they live, work, worship, attend school, or belong to an organization within Chicago’s South Side.

• Branches: South Side Community Federal Credit Union (Chicago)
• ATMs: N/A
• States: Illinois
• Services: Accounts (savings, checking, etc.), loans (payroll advance, payday alternative, etc.), financial education classes, and other services (transfer sweeps, money orders, etc.)
• Assets: $6 million
• Availability: Online and brick-and-mortar

Southern Teachers & Parents Federal Credit Union

With more than 80 years of service, Southern Teachers & Parents Federal Credit Union provides personalized financial services to its members. Those eligible for membership include alumni, employees, parents, and students of Southern University; employees in the Assumption, East Baton Rouge, Lafourche, and West Feliciana parishes; employees in Thibodaux and the Lafourche Parish Juvenile Justice Facility; and their family members.

• Branches: Main Office (Baton Rouge, La.) and Lafeda Branch (Thibodaux, La.)
• ATMs: Part of the CU Alliance network
• States: Louisiana
• Services: Accounts (checking, savings, and youth), loans, other services (VISA debit and credit cards, financial counseling, etc.)
• Assets: $30.77 million
• Availability: Online and brick-and-mortar

St. Louis Community Credit Union

Originally chartered in 1942 as Teachers Credit Union, St. Louis Community Credit Union offers both financial services and several programs to support consumers in the local community. Individuals who live or work in St. Louis City, Franklin, and St. Louis County in Missouri — as well as in St. Clair, Madison, Monroe, and Jersey counties in Illinois — are eligible for membership, in addition to their families.

• Branches: Ferguson Branch (Ferguson, Mo.), Florissant Branch (Florissant, Mo.), Flower Valley Branch (Florissant, Mo.), Pagedale Branch (Pagedale, Mo.), Richmond Heights (Richmond Heights, Mo.), St. John Branch (St. John, Mo.), Benton Park Branch (St. Louis), Gateway Branch (St. Louis), Grace Hill (St. Louis), Jennings Branch (St. Louis), LifeWise STL (St. Louis), Midtown Branch (St. Louis), South City (St. Louis), Southtown Branch (St. Louis), Sullivan Branch (St. Louis), University City (University City, Mo.), and MET Center (Wellston, Mo.)
• ATMs: Part of the CO-OP network
• States: Missouri
• Services: Loans (auto, personal, etc.), accounts (savings and checking), business development, advocacy, and insurance (life, AD&D, etc.)
• Assets: $285 million
• Availability: Online and brick-and-mortar

The Harbor Bank of Maryland

Originally opening its doors in September 1982, The Harbor Bank of Maryland offers banking and other financial services, primarily in the Baltimore metropolitan area. The Harbor Bank was also the first community bank in the U.S. to have an investment subsidiary and the first to receive funding from Fannie Mae via the Community Development Financial Institution (CDFI) program. The Harbor Bank is one of the two banks considered “Black-operated” instead of Black-owned.

• Branches: Inner Harbor East Office (Baltimore), Main Office (Baltimore), Pimlico Office (Baltimore), Research Park Office (Baltimore), The Harbor Science & Technology Park East Branch (Baltimore), Randallstown Office (Randallstown, Md.), and Silver Spring (Silver Spring, Md.)
• ATMs: Inner Harbor East Office (Baltimore), Main Office (Baltimore), Pimlico Office (Baltimore), Research Park Office (Baltimore), The Harbor Science & Technology Park East Branch (Baltimore), Randallstown Office (Randallstown, Md.), and Silver Spring (Silver Spring, Md.), in addition to any ATMS in the AllPoint network
• States: Maryland
• Services: Personal (checking, mortgages, etc.) and business (checking, savings, etc.) banking, in addition to loans (personal, mortgage, and business)
• Assets: $322.45 million
• Availability: Online and brick-and-mortar

Toledo Urban Federal Credit Union

Toledo Urban Federal Credit Union originally opened its doors on July 21, 1996, to help its members achieve economic empowerment. Membership in the first community development credit union in Toledo, Ohio, is available to individuals who live, work, worship, perform volunteer services, or participate in associations headquartered in the central city community, in addition to their families.

• Branches: Nexus Building (Toledo, Ohio) and Toledo Urban Federal Credit Union (Toledo, Ohio)
• ATMs: N/A
• States: Ohio
• Services: Checking and share accounts, loans (personal, tuition, etc.), credit and ATM/debit cards, credit counseling, and other services (notary service, overdraft protection, etc.)
• Assets: $10 million
• Availability: Online and brick-and-mortar

Tri-State Bank

In the first 10 years after its founding in 1946, Tri-State Bank of Memphis made more than $10 million in first mortgage loans on homes, representing homeownership for more than 2,000 African American families. Tri-State has also played a critical part in the civil rights movement, including hosting local sit-ins in the bank’s boardroom, providing bail money for protesters, and providing $60,000 in loans to help save the Lorraine Motel, the site of the Rev. Dr. Martin Luther King Jr.’s assassination, from foreclosure in 1982.

• Branches: Whitehaven (Memphis, Tenn.)
• ATMs: Whitehaven (Memphis, Tenn.) and any ATMs in the Money Tower network
• States: Tennessee
• Services: Personal (checking, savings, etc.), business (checking, savings, etc.), loans (auto, mortgage, etc.), and other services (financial education, Fraud Center, etc.)
• Assets: $102.89 million
• Availability: Online and brick-and-mortar

United Bank of Philadelphia

Originally founded in 1992, United Bank of Philadelphia offers personalized banking services in the Greater Philadelphia area to individuals and businesses. By providing financing to small businesses in urban areas, United Bank supports their growth and allows them to create jobs with livable wages, thus improving the economic condition of those working in the local community.

• Branches: Center City (Philadelphia) and Progress Plaza (Philadelphia)
• ATMs: C-Town Supermarket (Philadelphia), City Hall (Philadelphia), Criminal Justice Center (Philadelphia), Masjidullah Inc. (Philadelphia), Philadelphia Traffic Court (Philadelphia), Police Districts (Philadelphia), Revolutions at Penn Treaty (Philadelphia), The Fillmore-Philadelphia (Philadelphia), and West Philadelphia (Philadelphia)
• States: Pennsylvania
• Services: Personal and business banking (checking, savings, etc.), in addition to loans (SBA and commercial loans)
• Assets: $55.57 million
• Availability: Online and brick-and-mortar

Unity National Bank

The bank was founded in 1963 and chartered in 1985. “In February 1989, through a series of transactions and diligent efforts, it was acquired from Bay Bancshares by local minority leaders,” the bank’s history reports. Unity focuses on helping to rebuild the community with an emphasis on commercial loans and mortgages. It also works closely with civic organizations and agencies, such as the NAACP and the Third Ward Redevelopment Council.

• Branches: Atlanta (Atlanta), Blodgett (Houston), and Fort Bend (Missouri City, Texas)
• ATMs: Atlanta (Atlanta), Blodgett (Houston), and Fort Bend (Missouri City, Texas), in addition to any ATMs in the Select network
• States: Georgia and Texas
• Services: Business and personal services (loans, checking and savings accounts, etc.)
• Assets: $183.27 million
• Availability: Online and brick-and-mortar

Urban Upbound Federal Credit Union

Urban Upbound was founded in 2004 to provide five integrated programs to individuals living in public housing and and other low- to moderate-income neighborhoods. Urban Upbound Federal Credit Union offers affordable financial services to its members.

• Branches: Urban Upbound Federal Credit Union (Long Island City, N.Y.)
• ATMs: N/A
• States: New York
• Services: Savings, share certificates, as well as personal and small business loans
• Assets: $1.60 million
• Availability: Online and brick-and-mortar

Virginia State University Federal Credit Union

Authority to establish Virginia State College Federal Credit Union was granted on Oct. 19, 1938. On May 22, 1979, the organization’s board of directors voted to change the name to Virginia State University Federal Credit Union.

• Branches: Virginia State University Federal Credit Union (South Chesterfield, Va.)
• ATMs: Virginia State University Federal Credit Union (South Chesterfield, Va.)
• States: Virginia
• Services: Loans, accounts (checking, savings, etc.), insurance, and other services (wire transfer, direct deposit, etc.)
• Assets: $10.82 million
• Availability: Online and brick-and-mortar