NASHVILLE, Tenn. (WKRN) — The oldest Black-owned bank in our country can be found in Nashville, Tennessee.
Citizens Savings Bank and Trust was founded in 1904, known as Once Cent Savings Bank.
Three African American men dreamed of helping others build wealth and economic security. That dream lead R.H. Boyd, Preston Taylor, and J.C. Napier to opening the bank on January 16, 1904.
That was a time after the Civil War Reconstruction, when racial relations were still divided.
“They were the only ones they took that first step we were the only options,” said Corey Hammonds, Chief Operating Credit Officer for the bank.
He gave News 2’s Kenley Hargett some insight about the founders.
“The mission in what these principal founders started, we are still doing the same thing,” he said. “It has to be because of us, it has to be by us, it has be for us, what we are doing today is we’re just trying to take that to the next step.”
Creating financial legacies for African Americans through their bank is still happening today.
Hammonds said many Black churches and families have relied on them for banking, since they’re not allowed to use other commercial banks.
Among the legacies helped are Reverend Tonia Keys, her family and church — Jefferson Street Missionary Baptist.
“It was very important. I remember my parents, my uncles, aunts that was the bank they used. As a matter of fact, several of my family members still bank there today because like you said it was the only bank we could put our money,” Keys said.
Keys said the bank helped other reverends of the church make strides for African Americans throughout Nashville.
“It has been a very good working relationship, as I said, they have been our bank we have known many of the persons who worked there we had personal relationships with them to where we can call them if we need them,” she said.
Meanwhile, Hammonds believes there is a lot more work to be done to improve financial literacy and bring a more diverse workforce to the banking industry.
He said that is achievable as long as the same view of progression the founders had more than a hundred years ago continues.
“The educational component it’s the stigmatism from it, what people have to understand is, where you put your money that is what you support, so when you put your money in an African-American owned bank, you’re supporting the African-American community,” said Hammonds.
Citizens Savings Bank and Trust has a historical marker right outside their main branch location on Jefferson Street. It stands as a reminder of the strides the bank has made in their industry.
FAQs
The need for a Black-owned bank was finally recognized in 1904 when the One Cent Savings Bank was founded by Nashville residents and businessmen R.H. Boyd, J.C. Napier and Preston Taylor. Today the bank is known as Citizens Savings and Loan and is now the oldest continually Black-owned Bank in America.
What is the oldest Black-owned bank in America? ›
(WKRN) — The oldest Black-owned bank in our country can be found in Nashville, Tennessee. Citizens Savings Bank and Trust was founded in 1904, known as Once Cent Savings Bank. Three African American men dreamed of helping others build wealth and economic security.
Who was the first black bank owner in the United States? ›
William Washington Browne, a former slave and Union Army officer from Georgia, founded the first Black-owned bank in America—True Reformers Bank—on March 2, 1888. The name of the bank was inspired by the Grand Fountain United Order of True Reformers, a Black fraternal organization established by Browne.
What is the richest black bank in the US? ›
OneUnited is the largest Black-owned bank in the U.S. It is also FDIC insured and initially launched in 1968.
Why were Black-owned banks so important to black businesses? ›
Black-owned banks deploy resources that uniquely address the needs of Black-owned businesses, homeowners, and community nonprofits. As these institutions close, the needs of Black entrepreneurs and households go unmet.
What is the largest Black-owned bank in the United States? ›
About OneUnited Bank
We're the nation's largest Black-owned bank, first Black-owned digital bank, and award winning CDFI with branches in Boston, Los Angeles and Miami.
What two Black-owned banks just merged? ›
Merge To Create Largest Black-Owned Bank in America. In an exciting development in the world of finance, two of the country's leading Black-owned banks — City First Bank and Broadway Financial Corp. — have finalized efforts to merge as City First Broadway.
Which bank has a black CEO? ›
Kevin Cohee is the owner, Chairman and Chief Executive Officer of OneUnited Bank, the largest Black owned bank and the first Black owned internet bank in America. In the aftermath of the protest against police brutality in 2016, Mr.
Who was the first black woman bank owner? ›
National Park Service. In November 1903, Maggie L. Walker (1864-1934) chartered the Saint Luke Penny Bank in Richmond, VA. She was the first African American woman to establish a bank in the United States.
How many African Americans own banks? ›
The total number of Black-owned banks has steadily declined over the years. In 2001, there were 48 federally insured Black-owned banks. That number has dropped to 20 banks, as of September 2022 — about a 58 percent loss.
JP Morgan Private Bank
“J.P. Morgan Private Bank is the more elite program serving ultra-high-net-worth individuals,” Naghibi said. “It offers comprehensive services in savings, checking and retirement account management.
Is OneUnited Black-owned? ›
Yes, OneUnited Bank is really Black owned. Our majority owners are our Chairman & Chief Executive Officer, Kevin Cohee and our President & Chief Operating Officer, Teri Williams. All of our board of directors and management team, the majority of which are African American, also own shares in OneUnited Bank.
What is the most powerful bank in us? ›
JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs. With generous bonuses and promotions and a variety of products, Chase is a popular choice for consumers across the country.
Do Black-owned banks discriminate against Black borrowers? ›
While both ownership groups are found to possibly discriminate, black-owned banks have significantly higher rejection rates for black applicants.
What is the world's largest black-owned business? ›
At the top of the list is David Steward's successful company, World Wide Technology. The corporation employs about 10,000 people across the globe and brought in $17 billion in revenue last year, according to Forbes. The technology service provider has continuously ranked No.
Why do we need Black-owned banks? ›
When Black-owned banks provide more checking accounts, mortgages, and loans they increase Black wealth and, in turn, overall wealth. The push towards Black-led banks helping Black businesses gain access to money is vital.
What is the oldest surviving bank in the USA? ›
Future Treasury Secretary Alexander Hamilton founds the Bank of New York, the oldest continuously operating bank in the United States—operating today as BNY Mellon.
What was the first Black-owned bank in Harlem? ›
Freedom National Bank was an African-American owned bank in Harlem (New York City) founded in 1964 and shut down in 1990.
Is Carver bank still Black-owned? ›
Carver Federal Savings Bank, opened under the leadership of M. Moran Weston in 1948, is the "largest black-owned financial institution" in the United States. RegusWachovia Global Equity Holding Group & Carver Bancorp, Inc. is its holding company. Carver Bancorp, Inc.
What is the oldest bank still active? ›
The oldest bank still in existence is Banca Monte dei Paschi di Siena, headquartered in Siena, Italy, which has been operating continuously since 1472.
