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Black owned banks in philadelphia pa

That coalition has since grown to 30 financial institutions, including the Federal Reserve Bank of Philadelphia, Pennsylvania CDFI Network. The company has reported itself as a Black or african american male owned business, and employed at least one person during the applicable loan loan period. $. Black-owned banks have enabled Black people to accumulate savings, United Bank of Philadelphia; located in Philadelphia, PA.

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Black-Owned Banks and Credit Unions: Where to Find Them

Black-owned banks tend to serve African Americans more than other banks do. Their mission includes closing the wealth gap in America.

» Skip ahead to the list of Black-owned U.S. banks and credit unions

The typical white family has eight times the wealth of the typical Black family, according to a 2019 Federal Reserve survey. This gap exists in part because of are the florida keys open U.S. policies as well as banking industry practices, which historically excluded Black Americans from access to credit and banking services.[1]

Black-owned banks — and their not-for-profit equivalent, credit unions — are intentional about helping the Black community. Most are community development financial institutions, which provide financial services in underserved and low- to moderate-income areas. (Learn more about CDFIs.) These banks connect those who have been denied accounts in the past with banking services[2] and lend to Black-owned small businesses and Black homeowners, who are both denied loans more often than white borrowers.[3]

Frequently asked questions

A Black-owned bank is a for-profit banking institution in which the majority of stockholders or members of the board of directors are African American. The bank tends to serve a mostly Black community, but this doesn’t mean non-Black people or firms can’t join. In fact, some companies, such as Netflix, have begun depositing funds in Black-owned banks as a way to support Black communities.

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 African American. Membership can be limited to a certain city or group, such as members of a predominantly Black church or employees at a historically Black college or university.

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 restrict by geography or other factors.

» See more about 3 ways minority-owned banks help America

"We’re making Black America a better place, and by doing so, making all America a better place,” says Kevin Cohee, CEO and chairman of OneUnited Bank, one of the largest Black-owned banks in the U.S.

List of Black-owned banks and credit unions

Here are some of the Black-owned financial institutions, and a few online-only platforms that partner with banks, currently operating in the U.S.

Washington, DC (branches also in MD, NJ, NY)
New Orleans, LA (branches also in AL, IL, KS, KY, MI, MO, MS)
Boston, MA (branches also in CA, FL)
Jackson, MS (branches also in AL, AR, LA, TN)
St. Louis, MO (branches also in IL)
Houston, TX (branches also in GA)

Don’t see your Black-owned credit union here? Let us know.

Note: This list is not exhaustive, due in part to the different processes for banks and credit unions to be recognized as Black-owned. For banks, Black-owned means the institution is owned by stockholders, and the Federal Deposit Insurance Corporation tracks eligible banks. All 20 Black-owned banks are represented as of the most recent list, the third quarter of 2020.

For credit unions, members are the owners, and the National Credit Union Administration relies on credit unions to self-report as Black-owned. Not all credit unions from NCUA’s list could be verified as Black-owned.[4]

» Read more about why Black-owned banks matter

Article sources and further context

1. 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.

2. About 14% of Black households don’t have bank accounts, compared with 2.5% of white households, according to a 2019 survey by the Federal Deposit Insurance Corporation.

3. Black-owned small businesses applied for bank financing slightly more than other firms, but less than 47% of these applications got full funding, compared with 75% of firms with white owners, according to a 2017 Federal Reserve survey 2019 holiday and payday calendar opm small business credit. About 16% of Black borrowers are denied mortgages, compared with 6% of white borrowers, according to the black owned banks in philadelphia pa Consumer Financial Protection Bureau report on the mortgage market.

4. FDIC's Minority Depository Institutions List and NCUA’s Minority Depository Institutions.

Источник: https://www.nerdwallet.com/article/banking/black-owned-banks-and-credit-unions

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Commonwealth National Bank

Commonwealth National Bank is a full-service institution founded in 1976. It’s the only Minority Depository Institution (MDI) in Mobile, and only one of two MDIs in all of Alabama.

Branch locations: Alabama
ATMs: Can use any Commonwealth branch ATM, Publix Super Market ATM or any PNC Bank ATM nationwide
Branches: 2

• Personal:

  • Checking accounts: 2
  • Savings accounts: 4
  • CDs: 2

  Business:

  • Checking accounts: 2
  • Savings accounts: 2
  • CDs: 1

Metro Bank

Metro Bank opened its doors in 1989 and now has nine branch locations with over 175 employees. It’s consistently ranked as one of the top performing banks in Alabama.

Branch locations: Alabama
ATMs: 10
Branches:9

• Personal:

  • Checking accounts:4
  • Savings accounts:3
  • CDs:1

  Business:

  • Checking accounts:2
  • Savings accounts:2
  • CDs:1

Alaska

There aren’t any Black-owned banks headquartered in Alaska, but these banks serve this area:

Arizona

There aren’t any Black-owned banks headquartered in Arizona, but these banks serve this area:

Arkansas

There aren’t any Black-owned banks headquartered in Arkansas, but these banks serve this area:

California

Broadway Federal Bank

Broadway Federal Bank is a subsidiary of Broadway Federal Bank — a savings bank serving low-to-moderate income communities in Southern California. It’s a full-service institution offering a variety of products for individuals, businesses and non-profit organizations. It’s set to merge with City First Bank in the near future, which will make it the largest Black-owned bank in the country.

Branch locations: Los Angeles, CA
ATMs: 20,000 MoneyPass ATMs and three Broadway Federal Bank ATMs
Branches: 3

• Personal:

  • Checking accounts: 2
  • Savings accounts: 3
  • CDs: 1

  Business:

  • Checking accounts: 1
  • Savings accounts: 2
  • CDs: 0 2

Colorado

There aren’t any Black-owned banks headquartered in Colorado, but these banks serve this area:

Connecticut

There aren’t any Black-owned banks headquartered in Connecticut, but these banks serve this area:

Delaware

There aren’t any Black-owned banks headquartered in Delaware, but these banks serve this area:

Florida

FAMU Federal Credit Union

FAMU Federal Credit Union was created in 1935 after six individuals used $50 of their personal funds to secure a federal credit union charter. The credit union used to be located on the Florida A&M campus, hence its name. Now it’s located just outside of the FAMU campus.

Branch locations: Tallahassee, Florida
ATMs: 1
Branches: 1

• Personal:

  • Checking accounts: 4
  • Savings accounts: 2
  • CDs: 2

  Business:

  • Checking accounts:0
  • Savings accounts:0
  • CDs:0

• You can become a FAMU Federal Credit Union member if you are — or are a relative of:

  • An employee of the Florida A&M University Federal Credit Union
  • An employee or student of the Florida A&M University (including employees of Metz Culinary Management Food Services)
  • A member of the Bethel Missionary Baptist Church in Tallahassee, Florida
  • A member of the Tabernacle Missionary Baptist Church in Tallahassee, Florida

  • A member of the Jacob Chapel Baptist Church in Tallahassee, Florida
  • A member of the Jerusalem Missionary Baptist Church of Tallahassee, Florida
  • A voting member of the Tallahassee Branch of the National Association for the Advancement of Colored People (NAACP) located in Tallahassee, Florida
  • A member of the Florida A&M University National Alumni Association, Inc.

Georgia

1st Choice Credit Union

1st Choice Credit Union was started in 1946 to serve Grady Hospital employees. It was originally named Hospital Authority Credit Union, but switched to its current name in 1991. This credit union is 9,000 members strong and is headquartered on Atlanta’s historic Auburn Avenue.

Branch locations: Atlanta, Georgia
ATMs: Three bank-owned ATMs, plus 32,000 Pulse or 2 million CIRRUS ATMs
Branches: 2

• Personal:

  • Checking accounts: 2
  • Savings accounts: 4
  • CDs:1

  Business:

  • Checking accounts:1
  • Savings accounts:1
  • CDs:1

• You can apply for membership at 1st Choice Credit Union if you work for:

  • Aid Atlanta, Inc.
  • Archive America
  • Atlanta Business League
  • Atlanta Life Insurance Company
  • Emory School of Medicine
  • Kimberly & Cameron Interior
  • Morehouse School of Medicine
  • Sattiewhite Training Productions, Inc.

  • The Atlanta Metropolitan Black Chamber of Commerce
  • The Concern Black Clergy
  • The Getting Ahead Association
  • The Historical District Development
  • This Is It Restaurant
  • ForeverFamily, Inc.
  • Grady Health System
  • Have a contract with 1st Choice Credit Union

Carver State Bank

Located in the heart of Savannah, Georgia, Carver State Bank was established in 1927. It started out as a private bank that served its founder, Louis B. Toomer and his friends. But it became a full-service commercial bank when Lawrence D. Perry took over as president in 1961.

Branch locations: Savannah, Georgia
ATMs: 3
Branches: 2

• Personal:

  • Checking accounts: 5
  • Savings accounts: 4
  • CDs: 1

  Business:

  • Checking accounts: 2
  • Savings accounts: 0
  • CDs: 0

Citizens Trust Bank

Citizens Trust Bank was established in 1921 to serve African Americans in Atlanta, Georgia. Today, it has a strong focus on investing money back into the community through sponsorship support.

Branch locations: Alabama; Georgia
ATMs: 7
Branches: 7

• Personal:

  • Checking accounts: 8
  • Savings accounts: 6
  • CDs: 1

  Business:

  • • Checking accounts:1
    • Savings accounts:1
    • CDs:1

Credit Union of Atlanta

Credit Union of Atlanta was founded in 1928 and remained financially strong throughout the Great Depression. It’s a Community Development Financial Institution (CDFI), which means it offers easily accessible financial products to critical communities in need of economic growth.

Branch locations: Atlanta, Georgia
ATMs: Four bank owned, plus any ATMs in the MoneyPass and STAR networks
Branches:2

• Personal:

  • Checking accounts: 2
  • Savings accounts: 5
  • CDs: 1

  Business:

  • Checking accounts:1
  • Savings accounts:0
  • CDs:0

• You and your family can become members of the Credit Union of Atlanta if you are an employee of an wachovia routing number or organization affiliated with the City of Atlanta, including:

  • Zoo Atlanta, Inc.
  • Atlanta Public Schools
  • Atlanta Fulton County Emergency Management Agency
  • Fulton County Government; Enterprise Car Sales of Georgia
  • Atlanta Development Authority

  • Getting Ahead Association
  • Nebo Baptist Church
  • Victory Tabernacle Missionary Baptist Church

  You may also qualify if you are:

  • An employee of the Credit Union of Atlanta
  • A member or employee of the Wheat Street Baptist Church in Atlanta, Georgia
  • A resident or employee of Wheat Street Gardens, Wheat Street Towers, or Wheat Street Shopping Center

  • A member or employee of the Calvary Baptist Church in Madison, Georgia
  • A member or employee of the Cathedral of Faith Church of God In Christ in Atlanta, Georgia
  • A member of the Cathedral of Faith Church of God In Christ

  You may also be eligible for membership if you receive a pension or annuity from these organizations.

Greenwood

Headquartered in Atlanta, Georgia, Greenwood is a digital bank for Black and Latinx communities. From giving grants black owned banks in philadelphia pa small business owners and providing meals to families in need to donating to the UNCF, Goodr and NAAP, Greenwood works to give back to the community.

Branch locations: Digital bank headquartered in Atlanta, Georgia. Serves all states.
ATMs: Global ATM network.
Branches: 1

• Greenwood is new, so there are no products yet. But they’ll have spending and savings products available soon.

Omega Psi Phi Fraternity Federal Credit Union

Omega Psi Phi Fraternity Federal Credit Union opened its doors in 1986. It manages $2.18 million in assets and primarily serves Omega Psi Phi Fraternity members and their families.

Branch locations: Toccoa, Georgia
ATMs: N/A
Branches: 1

• Personal:

  • Checking accounts: 1
  • Savings accounts: 1
  • CDs: 0

  Business:

  • Checking accounts:0
  • Savings accounts:0
  • CDs:0

• To become a member, you’ll need to be a member or an employee of:

  • The Omega Psi Phi Fraternity, Inc.
  • The Omega Psi Phi Fraternity Federal Credit Union

  • Chapters, districts, and other related organizations

  Membership also extends to your family members.

Hawaii

There aren’t any Black-owned banks headquartered in Hawaii, but these banks serve this area:

Idaho

There aren’t any Black-owned banks headquartered in Idaho, but these banks serve this area:

Illinois

GN Bank (Groupe Nduom)

This institution was founded in 1934 by 13 African American men who were on a mission to provide savings and loan services to Black Chicagoans. It was originally named Illinois Service Federal, but changed its name to GN Bank in 2018 after it was acquired by Groupe Nduom.

Branch locations: Chicago, Illinois
ATMs: 2 million+ ATMs in the STAR network
Branches: 1

• Personal:

  • Checking accounts: 4
  • Savings accounts: 5
  • CDs: 0

  Business:

  • Checking accounts:1
  • Savings accounts:0
  • CDs:0

South Side Community Federal Credit Union

South Side Community Federal Credit Union has been offering up financial education, credit and savings services to its members since 2004. Membership is open to anyone who lives, works, worships, attends school or belongs to an organization on the South Side of Chicago.

Branch locations: Chicago, Illinois
ATMs: N/A
Branches: 1

• Personal:

  • Checking accounts: 1
  • Savings accounts: 6
  • CDs: 1

  Business:

  • Checking accounts:1
  • Savings accounts:1
  • CDs:1

• Anyone who lives, works, worships, attends school or belongs to an organization on Chicago’s south side — from 22nd Street to the southern city limits and from the Lake on the East to Western Avenue on the West — qualify for membership.

Indiana

There aren’t any Black-owned banks headquartered in Indiana, but these banks serve this area:

Iowa

There aren’t any Black-owned banks headquartered in Iowa, but these banks serve this area:

Kansas

There aren’t any Black-owned banks headquartered in Kansas, but these banks serve this area:

Kentucky

There aren’t any Black-owned banks headquartered in Kentucky, but these banks serve this area:

Louisiana

Liberty Bank

In terms of branch locations, Liberty Bank has the second-largest footprint of any Black-owned bank with 15 branches spread throughout eight states. It’s committed union bank philippines 24 hour customer service providing financial mentorship to minority communities, so more families can buy homes and more individuals can start businesses.

Branch locations: Alabama, Hancock bank online business login, Kansas, Kentucky, Louisiana, Mississippi, Michigan, Missouri
ATMs: 28
Branches:15

• Personal:

  • Checking accounts: 4
  • Savings accounts: 4
  • CDs: 1

  Business:

  • Checking accounts:2
  • Savings accounts:2
  • CDs:1

Southern Teachers & Parents Federal Credit Union

Southern Teachers & Parents Federal Credit Union has been offering personalized service to its members for over 80 years. It primarily serves Southern University alumni, employees, parents and students; employees of Assumption, East Baton Rouge, Lafourche, West Feliciana Parishes; church members in Baton Rouge, Terrebonne and Lafourche Parishes and employees of the City of Thibodaux and Lafourche Parish Juvenile Justice Facility.

Branch locations: Baton Rouge, Louisiana; Thibodaux, Louisiana
ATMs: Two bank-owned ATMs, plus any ATM in the CU Alliance network
Branches:2

• Personal:

  • Checking accounts: 0
  • Savings accounts: 2
  • CDs: 1

  Business:

  • Checking accounts:0
  • Savings accounts:0
  • CDs:0

• Membership to the Southern Teachers & Parents Federal Credit Union extends to:

  • Alumni, employees, parents and students of Southern University

  • Church members in Baton Rouge, Terrebonne and Lafourche Parishes

  Employees of the following organizations also qualify:

  • Assumption, East Baton Rouge, Lafourche and West Feliciana Parishes

  • City of Thibodaux and Lafourche Parish Juvenile Justice Facility

Maine

There aren’t any Black-owned banks headquartered in Maine, but these banks serve this area:

Maryland

The Harbor Black owned banks in philadelphia pa of Maryland

The Harbor Bank of Maryland primarily serves the Baltimore metropolitan area. Its doors opened in 1982 where it served as the first community bank in the US to have an investment subsidiary. It was also the first bank in Maryland to receive Black owned banks in philadelphia pa Mae funding under the Community Development Financial Institution (CDFI) Program.

Branch locations: Baltimore, MD area
ATMs: 55,000 Allpoint ATMs
Branches: 7

• Personal:

  • Checking accounts: 3
  • Savings accounts: 3
  • CDs: 2

  Business:

  • Checking accounts:4
  • Savings accounts:3
  • CDs:1

Massachusetts

OneUnited Bank

OneUnited Bank was the first online-only Black-owned bank established in the US. It puts a strong focus on financial education and helping low-to-moderate income communities secure funding and resources needed to achieve economic growth.

Branch locations: Los Angeles, California; Boston, Massachusetts; Miami, Florida
ATMs: 30,000+ MoneyPass ATMs
Branches:5

• Personal:

  • Checking accounts: 2
  • Savings accounts: 1
  • CDs: 1

  Business:

  • Checking accounts:0
  • Savings accounts:0
  • CDs:0

Michigan

First Independence Bank

First Independence Bank has been serving the Detroit metropolitan area since 1970. It’s the only African American-owned bank headquartered in Michigan.

Branch locations: Detroit, MI
ATMs: Any FIB, Fifth Third, TCF or Chemical Bank ATM with 147 in the Metro Detroit area
Branches:3

• Personal:

  • Checking accounts: 6
  • Savings accounts: 3
  • CDs: 2

  Business:

  • Checking accounts:5
  • Savings accounts:3
  • CDs:1

Minnesota

There aren’t any Black-owned banks headquartered in Minnesota, but these banks serve this area:

Mississippi

Hope Credit Union

Hope Credit Union was organized by members of Anderson United Methodist Church in 1995. Its mission is to be a beacon for capital accumulation for individuals and businesses in minority communities. Netflix gave this institution $10 million in 2020 as part of its initiative to build economic opportunities in Black communities.

Branch locations: Alabama, Arkansas, Louisiana, Mississippi, and Tennessee
ATMs: 23 ATMs
Branches:28

• Personal:

  • Checking accounts: 2
  • Savings accounts: 5
  • CDs: 1

  Business:

  • Checking accounts:1
  • Savings accounts:0
  • CDs:0

• Hope Credit Union is open to anyone who completes a membership application. By applying, you’ll automatically become a member of both the Hope Credit Union and the Hope Enterprise Corporation.

Missouri

First Boulevard

Based in Kansas City, First Boulevard is an online-only banking account committed to closing the racial wealth gap in America. It offers audio-based financial literacy lessons, early access to direct deposits and cash back at participating Black-owned businesses. It hasn’t launched yet, but you can sign up for the waiting list.

Branch locations: Online only, but serves: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

ATMs: 37,000+ MoneyPass ATMs across the US
Branches: None

• Personal:

  • Checking accounts: 1
  • Savings accounts: 0
  • CDs: 0

  Business:

  • Checking accounts:0
  • Savings accounts:0
  • CDs:0

• First Boulevard hasn’t launched yet, but you can join the waiting list at firstboulevard.com.

St. Louis Community Credit Union

Charted in 1942, St. Louis Community Credit Union is more than a financial institution. It’s also a for-profit cooperative, a Community Development Financial Institution (CDFI) and a Low-Income Designated credit union. It offers several programs to support its local community.

Branch locations: Missouri
ATMs: 30,000+ CO-OP ATMs
Branches:17

• Personal:

  • Checking accounts: 4
  • Savings accounts: 6
  • CDs: 1

  Business:

  • Checking accounts:0
  • Savings accounts:0
  • CDs:0

• Anyone who lives or works in the following areas can become a member:

  • St. Louis City
  • Franklin, St. Louis

  • St. Charles counties in Missouri
  • St. Clair, Madison, Monroe and Jersey counties in Illinois

Montana

There aren’t any Black-owned banks headquartered in Montana, but these banks serve this area:

Nebraska

There aren’t any Black-owned banks headquartered in Nebraska, but these banks serve this area:

Nevada

There aren’t any Black-owned banks headquartered in Nevada, but these banks serve this area:

New Hampshire

There aren’t any Black-owned banks headquartered in New Hampshire, but these banks serve this area:

New Jersey

There aren’t any Black-owned banks headquartered in New Jersey, but these banks serve this area:

New Mexico

There aren’t any Black-owned banks headquartered in New Mexico, but these banks serve this area:

New York

Black Owned Financial Firms

Black-Owned Banks

Finance is a major part of any economy. For sustainability in this day and age, financial literacy is very vital as it helps in the acquisition and management of wealth and assets. Most folks use bank accounts to manage their day-to-day spending and the importance of working with blank-owned banks has risen to the surface as an important issue.

What Is Banking Black?

Banking black is actually not a new concept. It’s something that has been around for decades and most recently, has been accelerated by the Black Lives Matter movement.

Black Owned Banks & Federal Credit Unions

You may ask yourself, what exactly does it mean to bank Black and what are Black-owned banks? A Black-owned financial institution and credit union is that which provides services to minority communities and whereby 51% or more is Black-owned. A Black-led financial institution or credit union is that which the majority of the board of directors are Black and the bank primarily serves Black communities. The FDIC certifies banks that are Black-owned or Black-led (the FDIC term is African American Minority Depository Institution).

History Of Black Owned Financial Institutions

Black owned banks and black owned financial institutions have been around for centuries now. It all began with initial meetings among African Americans interested in establishing their own black owned banks and federal credit union around 1851, before the civil war. This eventually paved way for the first black-owned bank.

The Savings Bank of the Grand Fountain United Order of True Reformers in Richmond, Virginia was the very first black owned bank that was owned by African Americans in the United States. The institution was founded on March 2, 1888, by Reverend William Washington Browne and opened on April 3, 1889. Even though the True Reformers bank was the first Black owned bank chartered in the United States, the Capitol Savings Bank of Washington D.C. was the first to actually open on October 17, 1888. At first, the bank operated from his home and later at 604-608 North Second Street.

One black owned banks in philadelphia pa the very important reasons why the first ever Black-led bank was set up was to enable African Americans to accumulate enough wealth and resources to generate adequate capital to set up other service-based businesses like insurance companies, catering businesses, nursing homes, among others. These financial institutions also presented an opportunity for African Americans to learn and acquire accounting skills and techniques that would help them handle and manage large cash volumes.

Bay Street Capital Holdings is one of the few black-owned investment firms in the US.

The black-owned bank is a signatory for the United Nations Principles of Responsible Investing. As one of the few black-owned investment banks in the country, Bay Street invests with high conviction, through the lens of history, in organizations we believe will outperform. We are one of the few black-owned banks, black-owned financial institutions, personal loans, credit unions, credit cards, financial services, financial literacy, financial institutions, African American and minority depository institution services. We are passionate about building income communities, black communities, and BIPOC communities. We serve on the board of directors for various nonprofits and foundations across the US.

Our founder, William Huston founded Bay Street after 13 years of supporting the United States' largest retirement plan ($650B) Thrift Savings Plan. He is recognized as Investopedia’s Top 100 Financial Advisors for 2021. In California, only two black-owned firms out of nineteen firms

received this recognition. In Scottsdale Arizona, Ekenna Anya-Gafu CFP, AAMS is recognized among the Best Financial Advisors for his responsiveness, friendliness, helpfulness, and detail. Bay Street was founded to advocate for diverse and emerging fund managers and entrepreneurs. In 2021, Bay Street was selected as a finalist out of over 900 firms across the US in the category of Asset Manager for Corporate Social Responsibility (CSR).

Black-Owned Banks and Financial Institutions

Bay Street Capital is strictly for investing purposes. If you are looking for a "retail" bank where you can have your checking and savings accounts, there are several Black-owned banks that offer similar financial services as other institutions like loans, online & mobile banking, etc. Here is a list of Black-owned banks and their locations.

Alamerica Bank which has its HQ in Birmingham, Ala.

Commonwealth National Bank which has two locations in Mobile, Ala.

Citizens Trust Bank which is located in 15 cities across the U.S.

Columbia Savings and Loan which is located in Milwaukee, Wyo.

Broadway Federal Bank FSB which has two locations in Los Angeles, Calif. and one in Inglewood, Calif.

GN Bank which is located in Chicago, Ill.

Carver State Bank which has two locations in Savannah, Ga.

Carver Federal Savings Bank which is located in three cities in N.Y.

Columbia Savings & Loan ASSN which is located in Milwaukee, Wyo.

First Independence Bank which is located in two cities in Mich.

Harbor Bank of Maryland which is located in three cities in Md.

Liberty Bank & Trust CO which is located in 10 cities across the U.S.

Industrial Bank NA which has multiple locations in N.Y., Md., and N.J.

OneUnited Bank which is located in three cities across the U.S.

Optus Bank which is located in Columbia, S.C.

Mechanics & Farmers Bank. It’s located in five cities in the Carolinas

Tri-State Bank of Memphis which is located in Memphis, Tenn.

Unity National Bank which is located in three cities in Texas and Ga.

United Bank of Philadelphia which is located in Philadelphia, Pa.

First Security Bank and Trust Company which have their HQ at Chase bank credit card limit in 2001, there were about 48 Black-owned banks. However, this number has gone down over the years due to regulatory restrictions set in place that favor larger financial institutions and not so much smaller financial institutions.



One of the sectors that systemic inequality has affected is the banking industry. As of 2016, the average wealth for a White family was approximately $171,000 while that of a Black family was $ 17,600. The assumption that Black people are not good with their finances is a purely false claim that is rooted in societal issues.

So, if you’re looking to bank Black or join a Black-led bank, here are some reasons why you should do so:

Black-led banks often engage in community activities by re-investing their time and resources to support their goals and values. With the ongoing COVID-19 pandemic, it is very important for Black-led banks to continue supporting the communities around them.

Black-owned and Black-led banks allow entrepreneurs to access capital to start, grow and maintain their businesses. By funding the dreams of these entrepreneurs, not only do the businessmen and women gain but so does the bank and the country's economy

Black-led banks have also been trying to solve some of the mainstream issues within the banking sector like the loan application process.



Black applications for loans and mortgages are usually rejected almost twice as much as White applications for the same services. Black-led banks are trying to bridge this gap and allow more Black people to access loans easily.

Also when it comes to the credit card space, the situation is not too different. Many middle-class families have struggled to pay their credit card debts. This had led to a lot of advocacy to help out the Black Community. Notably, credit companies like Visa have introduced cards with 0% interest within the first six months in order to provide some relief in the midst of the pandemic.

Another way in which Black-led banks are adding value is by offering financial literacy workshops for the members of its community. Financial literacy is a very key aspect of financial management as it covers how to acquire and maintain resources so that you’re able to invest and get maximum returns.

Banking black is a great opportunity to give people who’d been written off a second chance. It’s an opportunity to create economic empowerment as well as make a positive impact on society.

In July 2016 there was a rise in support of Black-owned businesses as a result of the Black Lives Matter movement. One bridgewater savings bank east bridgewater hours initiative was the Black Money Matters movement that black owned banks in philadelphia pa spearheaded by rapper Michael Render popularly known as Killer Mike. He made a call for action that was televised by BET asking Black people to bank Black. The effects of the campaign were short-lived but impactful as his efforts led to the opening of 8.000 new accounts at the Citizens Trust Bank in Atlanta which is Black-owned. It is reported that One United Bank received $3 million in deposits across the country while Carver Bank received $2.4 million in deposits, all thanks wells fargo bank branch locations near me the movement.

While such notable actions are very helpful, these are still temporary fixes and longer-term solutions are needed. Increasing the number of loans and capital available to members of the Black community would help keep Black-owned businesses running and stimulating the economy.

Dr. JeFreda R Brown stated that “Black-owned banks should be given a chance to grow and be a strong financial staple in the communities they serve. Also, Black-owned banks are a great option for anyone because they promote economic revitalization. Banking with Black-owned banks helps increase community development and economic development. This is why they need support from everyone.”

Choosing to bank and invest your money in Black-led banks is a great decision as it helps keep the banks and credit unions afloat and running. Step by step, this helps to lessen the disparity gap that minority communities are currently facing.

Here are a few factors to consider when choosing a bank:

Identify your individual needs

As you shop around for a Black-owned bank, start by identifying what your primary needs are. Is it good customer service, mobile and internet banking, or accessibility that you’re looking for? Make a list of the must-haves and deal-breakers and then begin your search. Ensure to go with a Black-owned bank that is well-tailored for your needs.

Location

The physical location of a bank is important if most or a large majority of your bank-related processes need to be sorted out in a physical location. In this case, the proximity of a bank to your home, office, and general areas where you frequent is vital for ease of access. Also if you’re a person who frequently travels for work or leisure, be sure to consider banking with an entity black owned banks in philadelphia pa allows for transactions in multiple locations across the globe.

Digital needs

While shopping for a Black-led bank, it is important to take into consideration their digital, mobile, and internet banking features if you’re a person who usually uses these mediums when it comes to daily transactions. Ensure you go for a bank that has these features enabled and one that also provides cybersecurity in this age of cybercrime.

Banking Black isn’t just about depositing and withdrawing money from a Black-owned or Black-led bank. It’s about taking a stand against inequality and discrimination of minority communities and promoting financial literacy and inclusion.

References

https://aofund.org/resource/business-banking-10-tips-choosing-right-bank/

https://mightydeposits.com/posts/bank-black

https://finance.yahoo.com/news/wall-street-oldest-black-owned-123009089.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAAbfr--frmk7S3onhlOzb-JdwOQcugZFimL6lj9aeZuWvjfi5egMyR3d2jYQAF75xsxnIUkVN3rGUE2NO8lPQpMub_RxDmFH9OQiAgPT4N2l53KYVum9ZCpm9zo-6V_5cMpNWWLzTjXI5DIBvnRit4JcNLWAmgX-mxbbcdWdUnct

https://www.thefader.com/2016/08/12/one-united-black-bank-interview

https://www.nerdwallet.com/article/banking/black-owned-banks-and-credit-unions

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Small businesses in New Jersey endured unprecedented challenges throughout 2020 as a union bank philippines 24 hour customer service of the COVID-19 pandemic and the recession that followed. Academic research and data from the Small Business Credit Survey (SBCS) confirm that the effects of the pandemic were negative and extensive, encompassing decreases in firm activity,¹ revenue, employment, and financing opportunities across the United States.² This was true for New Jersey businesses as well, although additional analysis is necessary to understand how these trends played out at the state level.

Some of the report's key findings for New Jersey are summarized here.

Quantitative Findings

• Between 2019 and 2020, reported decreases in revenue and employment were more prevalent for firms owned by people color. In particular, 96 percent of Asian-owned firms, 95 percent of Hispanic-owned firms, and 93 percent of Black-owned firms reported that they experienced a decrease in revenue.
• Just 44 percent of Black-owned firms reported receiving all the Paycheck Protection Program (PPP) funding they sought.
• One in five Latino-owned firms said that they received no PPP funding, about seven times the rate of White-owned firms.

Qualitative Findings

• Credit access disparities are about more than being banked or unbanked. These disparities are highly impacted by relationships, trust, and the lending institutions minority-owned small businesses felt would better meet their needs.
• When it came to decisions on whether to access public programs such as the PPP, perceptions of risk mattered. The PPP was understood by many to be a loan, and the risk of that loan was something many very small, home-based, or minority-owned businesses felt was too great.
• The pandemic exposed how structural barriers, such as a lack of collateral and a lack of documentation for immigrant-owned businesses, hampered access to capital and financing for many small businesses. Many of these reflect systemic issues that existed before the pandemic and have been exacerbated by the crisis.

Download the report appendix.

This report is part of a Research in Action Lab. Conducted in partnership with New Jersey Economic Development Authority (NJEDA), the lab focuses on access to credit and capital for small businesses hit hardest by the COVID-19 pandemic.

Join the Philadelphia Fed and NJEDA for a virtual event, Main Street in the Garden State: Ensuring an Equitable Small Business Recovery, on November 15 from 10:00 a.m. to 12:00 noon to discuss the findings from this report along with opportunities for developing an inclusive recovery.

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"These are peculiar times. You meet people everywhere in a particular frame of mind; distrust and suspicion are easily generated; folks may doubt today what they never questioned before."

 

Bank president Major Richard R. Wright standing in front of the Citizens and.

Run on the Erie National Bank, Sixth and Erie Avenue, Philadelphia, PA, 1931.

Mr. and Mrs. Benjamin Mason with lawyer Raymond Pace Alexander at the dedication.