Top 5 Black-Owned Banks in America - AfroTech (2024)

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Top 5 Black-Owned Banks in America - AfroTech? ›

OneUnited Bank is the nation's largest black-owned FDIC-insured bank with offices located in California, Florida, and Massachusetts.

OneUnited Bank is the nation's largest black-owned FDIC-insured bank with offices located in California, Florida, and Massachusetts.

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.

JPMorgan Chase & Co., the nation's largest bank made a $30 billion “racial equity commitment” phased over five years “to provide economic opportunity to underserved communities.” Bank of America, PNC Bank and Citi independently pledged at least $1 billion over a period of two to five years toward diversity initiatives.

Two Black-Led banks, City First in Washington, DC and Broadway Financial Corporation in Los Angeles, CA announced today that they have entered into a transformational Merger of Equals agreement to create the largest Black-Led bank in the nation with more than $1 billion in combined assets under management and ...

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.

OneUnited Bank

This black-owned bank is headquartered in Boston, Massachusetts. They are a registered member of the FDIC or Federal Deposit Insurance Corporation. Since 2018, the bank maintained a total asset of $670 million, with only six branches operating.

The protesters marched to the downtown DC branches of the four targeted “dirty banks” – JPMorgan Chase, CitiBank, Bank of America and Wells Fargo – before staging a “die-in” to symbolize the global threat posed by fossil fuels.

(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.

From inception, Carver Bank has strived to fulfill the mission of its founders by providing local residents with a place to save, grow businesses and build wealth, block by block, and generation to generation. Today, Carver is one of the largest African American operated banks in the United States (NASDAQ:CARV).

Is Citizens Trust Bank still Black-owned? ›

As one of the country's largest Black owned banks, Citizens Trust Bank is FDIC insured. We're a full-service bank, currently serving customers in 49 states.

Noted Bank Accomplishments

Citizens Trust Company became the first African-American owned bank in the United States to become a member of the Federal Deposit Insurance Corporation (FDIC).

In 2008, the Partnership for Progress was launched by the Board of Governors of the Federal Reserve to help promote and preserve minority-owned banks. But despite its efforts, the number of Black-owned banks has declined, from 48 in 2001 to 18 in 2020.

“We got the name Adelphi Bank from a Black-owned bank that was here in the 1920s, Adelphi Building Savings & Loan Company,” Miller says. “Three of my fraternity brothers owned it and they owned the building.”

The investment in HOPE, among the first made by Netflix in Black owned financial institutions through the initiative, is supporting the financing of more than 2,500 entrepreneurs, homebuyers and consumers of color.

Today, there are 40 Black-owned banks in the US. These institutions are working diligently to provide financial services to underserved communities.

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.

BlackRock owns over 491 million Bank of America shares, or 6.2% of its outstanding common stock. Its iShares Core S&P 500 ETF (IVV 0.98%) owns about 0.9% of Bank of America's shares.

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.