Black-owned banks tend to serve Black communities in the U.S. more than other banks do.
» Skip ahead to the list of Black-owned U.S. banks and credit unions
Black-owned banks — and credit unions, their not-for-profit equivalent — are intentional about helping the Black community. Many are community development financial institutions, which provide financial services in underserved and low- to moderate-income areas.
These banks connect those who have been denied accounts or loans in the past with banking services. About 11.3% of Black American households are unbanked, compared with 2.1% of white households, according to a 2021 survey by the Federal Deposit Insurance Corp.. Black-owned banks also lend to Black-owned small businesses and Black homeowners, who are both denied loans more often than non-Hispanic white borrowers. (Skip down for more historical context.)
» SEE: Mortgage lenders serving Black communities
Frequently asked questions
What is a Black-owned bank?
A Black-owned bank is a for-profit banking institution in which the majority of stockholders or members of the board of directors are Black Americans. The bank tends to serve a mostly Black community, but this doesn’t mean non-Black people or firms can’t join. For example, some companies, such as Netflix, have deposited funds in Black-owned banks as a way to support Black communities.
What is a Black-owned credit union?
A Black-owned credit union is a not-for-profit banking institution in which a majority of its current members, its board of directors and the community it serves are Black Americans. Membership can be limited to those in a certain city or group, such as members of a predominantly Black church or employees at a historically Black college or university.
Can allies join a Black-owned bank?
Yes, joining a Black-owned bank can be a solid way to support its mission. If you’re interested in a Black-owned credit union, check its membership requirements — like other credit unions, some may have restrictions based on geography or other factors.
Why do Black-owned banks and credit unions matter?
Black-owned financial institutions focus on helping Black families and communities, which haven’t had the same opportunities as their white counterparts to build wealth over time. About 17% of Black borrowers are denied mortgages, compared with 6% of white borrowers, according to a 2022 Consumer Financial Protection Bureau report on the mortgage market. In addition, Black-owned small businesses applied for bank financing slightly more than white firms, but 38% of Black-owned businesses got full funding, compared with 62% of firms with white owners, according to 2020 U.S. Census Bureau survey data in a Federal Reserve report on small business credit.
Is Greenwood still Black-owned?
Greenwood is a Black-owned fintech firm, or neobank, that isn’t a bank itself but partners with a traditional bank to offer its banking accounts with Federal Deposit Insurance Corp. insurance. The bank partner, Coastal Community Bank, isn't a Black-owned bank. Greenwood founder Ryan Glover told the Washington Post in January 2024 that the reason came down to not finding “a Black bank big enough to support their scale,” but that Greenwood remains “majority minority-owned.” In addition, Greenwood’s website mentions its partnerships with minority-owned banks to provide consumer loans, something that the fintech firm doesn’t offer.
What is a minority depository institution?
Minority Depository Institutions are banks and credit unions that are either minority-owned, minority-led or have people of color as the majority of its members, customers or board members, and they serve a community of predominantly minority individuals.
» Check out: Black-owned banks that offer auto loans
"We’re making Black America a better place, and by doing so, making all America a better place,” said Kevin Cohee, CEO and chairman of OneUnited Bank, one of the largest Black-owned banks in the U.S., during a 2021 interview with NerdWallet.
» MORE: See 3 ways minority-owned banks help America
Black-owned banking institutions we’ve reviewed
Select a financial institution to read our review:
Carver Federal Savings Bank.
City First Bank.
Industrial Bank.
Greenwood*.
Hope Credit Union.
Liberty Bank and Trust Company.
OneUnited Bank.
Securityplus Federal Credit Union.
* nonbank fintech firm
List of Black-owned banks, credit unions and fintechs by state
Our list focuses on more than 250 U.S. Black-owned (and Black-led) banks and credit unions, and a rare few are Black-owned nonbank tech firms that partner with banks to offer federally insured banking accounts. Each bank is listed by the state where its headquarters is located. The list is based on federal banking data for banks and credit unions, and in the case of several tech firms, the business platform Crunchbase.
National/online focus
OneUnited Bank (see NerdWallet’s OneUnited Bank review).
Capway*.
Greenwood* (see NerdWallet's Greenwood review).
MoCaFi*.
* nonbank fintech company
Alabama
Fireman's Credit Union.
FOGCE Credit Union.
Arkansas
California
Jones Methodist Church Credit Union.
Connecticut
East End Baptist Tabernacle Federal Credit Union.
First Baptist Church (Stratford) Federal Credit Union.
Delaware
District of Columbia
Asbury Federal Credit Union.
City First Bank (see NerdWallet's City First Bank review).
Industrial Bank (see NerdWallet's Industrial Bank review).
John Wesley A.M.E Zion Church Federal Credit Union.
Mt. Airy Baptist Church Federal Credit Union.
Mt. Gilead Federal Credit Union.
Paramount Baptist Church Federal Credit Union.
Sargent Federal Credit Union.
Washington Typographic Federal Credit Union.
Florida
Georgia
Big Bethel AME Church Federal Credit Union.
FAB Church Federal Credit Union.
Stephens County Community Federal Credit Union.
Illinois
Berean Credit Union.
Bethel AME Church Credit Union.
Chicago Avenue Garage Federal Credit Union.
Community Credit Union.
CTAFC Federal Credit Union.
CTA South Federal Credit Union.
Gideon Federal Credit Union.
Mt. Zion Credit Union.
MWPH Grand Lodge Of Illinois Federal Credit Union.
Pilgrim Baptist Credit Union.
Resurrection Lutheran Federal Credit Union.
Shiloh Englewood Federal Credit Union.
St. Helena Parish Credit Union.
St. Martin De Porres Parish Federal Credit Union.
Trinity UCC Federal Credit Union.
Indiana
Gary Firefighters Association Federal Credit Union.
Gary Municipal Employees Federal Credit Union.
Gary Police Department Employees Federal Credit Union.
Louisiana
AME Church Federal Credit Union.
Arabi Sugar Workers Federal Credit Union.
Avenue Baptist Brotherhood Federal Credit Union.
Concordia Parish School Employees Federal Credit Union.
GGW Federal Credit Union.
Graphic Arts Credit Union.
Iberia Parish Federal Credit Union.
James Ward Jr. Federal Credit Union.
Liberty Bank and Trust Company (see NerdWallet's Liberty Bank review).
SHPE Credit Union.
STSP Credit Union.
St. Mary Parish School Employees Federal Credit Union.
Teamsters Local Union #270 Federal Credit Union.
UBC Southern Council Industria Wo Federal Credit Union.
Union Federal Credit Union.
Washington Educational Association Federal Credit Union.
Xavier University Employees Federal Credit Union.
Maryland
Andrews Federal Credit Union (see NerdWallet's Andrews Federal Credit Union review).
Securityplus Federal Credit Union (see NerdWallet's Securityplus Federal Credit Union review).
Michigan
IM Detroit District Credit Union.
New Rising Star Federal Credit Union.
Mississippi
First Unity Federal Credit Union.
Forrest County Teachers Federal Credit Union.
Hope Credit Union (see NerdWallet's Hope Credit Union review).
Issaquena County Federal Credit Union.
JPFCE Federal Credit Union.
Natchez Educators Federal Credit Union.
Missouri
West Side Baptist Church Federal Credit Union.
New Jersey
Heard AME Federal Credit Union.
Israel Memorial AME Federal Credit Union.
Mercer County Improvement Authority Federal Credit Union.
Newark Post Office Employees Credit Union.
New York
Berea Federal Credit Union.
Bykota Federal Credit Union.
Carver Federal Savings Bank (see NerdWallet's Carver Federal Savings Bank review).
Far Rockaway Postal Federal Credit Union.
N.U.L. Federal Credit Union.
Paul Quinn Federal Credit Union.
Southern Baptist Church Of New York Federal Credit Union.
Union Congregational Federal Credit Union.
Varick Memorial Federal Credit Union.
North Carolina
Mount Vernon Baptist Church Credit Union.
Ohio
Oklahoma
Morning Star Federal Credit Union.
Pennsylvania
Holy Trinity Baptist Federal Credit Union.
MABC Federal Credit Union.
Morning Star Baptist Federal Credit Union.
Mount Carmel Baptist Federal Credit Union.
New Life Credit Union.
Pinn Memorial Federal Credit Union.
SI Philadelphia Federal Credit Union.
Wayland Temple Baptist Federal Credit Union.
White Rock Federal Credit Union.
South Carolina
Tennessee
Metropolitan Teachers Credit Union.
Olivet Baptist Credit Union.
Texas
Our Mother Of Mercy Parish Houston Federal Credit Union.
Pear Orchard Federal Credit Union.
Pilgrim CUCC Federal Credit Union.
SP Trainmen Federal Credit Union.
Waconized Federal Credit Union.
Virginia
Brunswick County Teachers Federal Credit Union.
First Baptist Church Of Vienna Federal Credit Union.
Glamorgan Employees Federal Credit Union.
High Street Baptist Church Federal Credit Union.
Metropolitan Church Federal Credit Union.
Planters Federal Credit Union.
West Virginia
» Want to see other minority-owned financial institutions? See our lists of Native American-owned banks and credit unions and Hispanic American-owned banks and credit unions
Why Black-owned banks matter
Black-owned banks' mission includes closing the nation's wealth gap. The typical white family in the U.S. has about six times the wealth of the typical Black family,according to a 2022 Federal Reserve survey. Put another way, the typical Black family has around $16 for every $100 that the typical white family has. This gap exists in part because of past U.S. policies as well as banking industry practices, which historically excluded Black Americans from access to credit and banking services.
Black Americans historically have been blocked from government programs that boosted wealth for white Americans. For example, the Federal Housing Administration refused to provide government-backed mortgages to Black Americans for decades. This encouraged the mostly white-owned banks to perpetuate a racist policy of redlining, or denying or limiting financial services based on race or ethnicity.
Lending practices have shifted over time, but racial discrimination remains. As recently as the past decade, some of the biggest U.S. banks settled lawsuits for charging Black borrowers higher mortgage rates than white borrowers with similar credit profiles.
» Read more about why Black-owned banks matter
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