34 Black-owned Banks and Credit Unions, Sorted by State (2024)

Personal Finance Banking Savings

Written by Leslie Quander Wooldridge, Ryan Wangman, CEPF, and Kit Pulliam; edited by Sophia Acevedo

  • History of Black-owned Banks
  • FAQs
  • Black-owned Banks and Credit Unions by State
  • Methodology

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History of Black-owned Banks

Black-owned banks have a long history of serving Black Americans, and they continue to serve communities today.

The first national bank in the U.S. was created in 1791. While it initially opened in Philadelphia, it had branches across the country. But as slavery continued, the bank did not serve all Americans.

The end of the Civil War eventually brought millions of Black Americans freedom from slavery. And even though then-President Abraham Lincoln established the Freedman's Savings and Trust Company ("Freedman's Bank") in 1865 to help serve freed slaves, Freedman's Bank failed in 1874 due to corruption and risky investments. Though it had once boasted 37 branches and $57 million in deposits, thousands of Black customers lost their savings.

Against a backdrop of racist practices in the banking industry, including denial of access, Black-owned banks arose to help disenfranchised Black Americans. In 1888, Capital Savings Bank in Washington, DC, became the first Black bank to open, and the Savings Bank of the Grand Fountain United Order of True Reformers in Richmond, Virginia, became the first chartered Black-owned bank in the United States, later opening in 1889. More Black-owned banks followed.

Today, these banks are considered "minority depository institutions" (MDI) by the Federal Deposit Insurance Corporation. The FDIC defines an MDI as "a federal insured depository institution for which (1) 51% 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." There are dozens of Black-owned financial institutions in the United States, including credit unions.

Why Black-owned Financial Institutions are Important Service Providers

There continues to be a racial wealth gapin the United States, and access to traditional banks is limited in many majority-Black communities.

"Even though we have federal fair lending and anti-discrimination laws, Black people still suffer from racial discrimination in the banking sector," says Robert E. James, II, chairman of the National Bankers Association, a trade organization and advocacy voice for the nation's minority banks. Black-owned banks and credit unions can be "financial anchors for communities that have been historically deprived equal access to credit, capital, and even basic financial services," says James.

Without access to traditional financial institutions, many Americans turn to high-interest payday loans or pawn shops for access to capital. Lenders often allow people to use alternative forms of credit if they have a poor or low credit score so they can obtain the loan. However, high interest rates and additional fees can make these high-interest loans harder to pay off on time.

According to the Consumer Financial Protection Bureau, many people are unable to pay off these loans and end up having to either get another loan or roll over their loan for another period of time, which adds further fees.

Black-owned banks in Black communities can offer access to FDIC-insured checking and savings accounts, financial literacy programs, reasonable loans, and more.

Why has the Number of Black-owned Banks Dwindled Over the Years?

Like their non-minority peers, many Black-owned banks suffered during the Great Depression, though the damage was more severe because of their locations in lower-income communities hit hard by economic decline. There was a resurgence in Black banking in the 1960s and '70s, but the industry was again struck by economic decline in the 1980s and during the Great Recession in 2008.

As of December 2023, the 23 MDIs tracked by the FDIC (which insures banks) held about $8.5 billion in assets. It's a small percentage of the total industry, but a percentage nonetheless.

"The No. 1 reason for the sharp decline in Black banks has been lack of access to capital," James tells Insider. "Some of that has to do with small scale, being privately held, and the like. Also, our relative small scale has meant that our banks haven't been able to achieve the economies of other, larger banks, hampering our opportunities to grow and expand."

Banks can raise capital by providing a variety of services and products, like loans or bank accounts, and imposing fees. Since Black-owned banks primarily serve minority communities, these institutions aren't able to offer the same variety of products and services as national banks, and as a result, have more limited opportunities for access to capital.

Black-owned Banks FAQs

What is the largest Black-owned bank?

According to the FDIC, City First Bank and Liberty Bank & Trust are the two biggest Black-led banks as of the fourth quarter of 2023.

What kinds of services do Black-owned banks offer?

These banks and credit unions offer a range of personal and business banking services, including deposit accounts, online banking services, credit cards, retirement accounts, and mortgage lending.

Who can bank at a Black-owned bank?

To bank with most of these institutions, you need to either live in a certain state or open an account at a branch — so you can probably only bank with them if you live nearby. But there are a couple, such as OneUnited and Liberty Bank & Trust, that allow you to open an account online from anywhere in the United States.

Where can I learn more about Black-owned banks and credit unions?

Check out this list, of course, and read "Let Us Put Our Money Together: The Founding of America's First Black Banks," a publication of the Federal Reserve Bank of Kansas City. Ifyou want more information on MDIs, including those owned by Hispanic Americans, Asian Americans, and Native Americans, visit the webpage of the National Bankers Association. For historical data on MDIs (banks only), visit the FDIC's webpage.

How many banks in the US are Black-owned?

The FDIC currently lists 23 Black-owned banks in their Minority Depository Institutions list. However, that does not include Black-owned credit unions.

Black-owned Banks and Credit Unions by State

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
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
Washington, DC
West Virginia
Wisconsin
Wyoming

Alabama

Alamerica Bank

Branches:1 (Birmingham)

ATMs: Over 10,000 through Wells Fargo and MoneyPass nationwide

Services:Checking accounts, savings accounts, money market accounts, certificates of deposit, lines of credit, auto loans, construction loans, lot loans, online banking

Citizens Trust Bank

Branches:2 (Birmingham, Eutaw)

ATMs: 2 (Birmingham, Eutaw)

Services: Checking accounts, savings accounts, certificates of deposit, money market accounts, individual retirement accounts, credit cards, home loans, personal loans, auto loans, home equity lines of credit, online banking, mobile banking

Commonwealth National Bank

Branches:2 (Mobile)

ATMs: 1 bank-operated (Mobile) or any Publix Super Market ATM and PNC Bank ATM nationwide

Services:Credit builder certificate of deposit loans, individual retirement accounts, certificates of deposit, checking accounts, savings accounts, money market accounts, personal loans, home loans, vehicle loans, commercial loans, online banking, mobile banking

Community outreach: Commonwealth National Bank offers student scholarships and leadership development programs, and it supports organizations like the Boys & Girls Clubs of South Alabama.

Hope Credit Union

Branches:2 (Montgomery) or any credit union in theShared Branching Network

ATMs:2 (Montgomery) or any credit union in the Shared Branching Network

Services:Checking accounts, savings accounts, individual retirement accounts, share certificates, money market accounts, personal loans, credit builder loans, home equity loans, vehicle loans, credit cards, home loans, savings/share certificate secured loans, signature loans, online banking, mobile banking, telephone banking

Community outreach: Hope Credit Union provides funding for affordable housing and healthy-food programs, as well as leadership training opportunities.

Liberty Bank

Branches:2 (Montgomery, Tuskegee)

ATMs: 4(Montgomery, Tuskegee)

Services:Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

Alaska

None

Arizona

None

Arkansas

Hope Credit Union

Branches:3 (College Station, Little Rock, West Memphis) or any credit union in theShared Branching Network

ATMs:3 (College Station, Little Rock, West Memphis) or any credit union in the Shared Branching Network

Services:Checking accounts, savings accounts, individual retirement accounts, share certificates, money market accounts, personal loans, credit builder loans, home equity loans, vehicle loans, credit cards, home loans, savings/share certificate secured loans, signature loans, online banking, mobile banking, telephone banking

Community outreach: Hope Credit Union provides funding for affordable housing, healthy food programs, and leadership training opportunities.

California

City First Bank

Branches:3 (Inglewood, Los Angeles)

ATMs:3 (Inglewood, Los Angeles) or any one of over 55,000+ MoneyPass ATMs and Citibank ATMs nationwide

Services:Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, money market accounts, online banking, mobile banking, telephone banking

OneUnited Bank

Branches: 2 (Los Angeles, Compton)

ATMs: 100,000+ free ATMs around the country, including both its own network and Allpoint ATMs, MoneyPass ATMs, Chase Bank branch ATMs, and CitiBankbranch ATMs

Services: Checking accounts, savings accounts, certificates of deposit, credit cards, online banking, mobile banking, personal loans, home loans, multifamily loans, commercial real estate loans

Community outreach: OneUnited Bank provides contributions promoting financial literacy, affordable housing, and community development.

Colorado

None

Connecticut

None

Delaware

None

Florida

OneUnited Bank

Branches: 1 (Miami)

ATMs: 100,000+ free ATMs around the country, including both its own network and Allpoint ATMs, MoneyPass ATMs, Chase Bank branch ATMs, and CitiBank branch ATMs

Services: Checking accounts, savings accounts, certificates of deposit, credit cards, online banking, mobile banking, personal loans, home loans, multifamily loans, commercial real estate loans

Community outreach: OneUnited Bank provides contributions promoting financial literacy, affordable housing, and community development.

Georgia

Carver State Bank

Branches:2 (Savannah)

ATMs:1 (Savannah), along with 50,000+ MoneyPass and Wells Fargo ATM networks nationwide

Services:Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home loans, home equity lines of credit, personal loans, credit builder loans, commercial real estate loans, church financing, credit cards, debit cards, credit counseling, online banking, telephone banking

Community outreach:Carver State Bank, with community partners, has established a program to help low-income individuals and families become small business owners and graduates of post-secondary education programs. See more here.

Citizens Trust Bank

Branches: 6 (Atlanta, East Point, South Fulton, Stonecrest, Stone Mountain)

ATMs: 6(Atlanta, Decatur, Lithonia, Stonecrest, Stone Mountain)

Services: Checking accounts, savings accounts, credit cards, certificates of deposit, money market accounts, individual retirement accounts, home loans, personal loans, auto loans, home equity lines of credit, online banking, mobile banking

Credit Union of Atlanta

Branches: 1(Atlanta)

ATMs: 3(Atlanta) or any one of over 40,000 MoneyPass ATMsand any ATM in theSTAR network

Services:Checking accounts, savings accounts, money market accounts, share certificates, individual retirement accounts, auto loans, secured loans, credit cards, home loans, home equity loans, signature loans, online banking, mobile banking, telephone banking

Community outreach: Credit Union of Atlanta sponsors a scholarship for students ages seven to 24 to support childrens' futures.

Unity National Bank

Branches:1 (Atlanta)

ATMs:1 (Atlanta) or any one of the ATMs in theSelect ATM network

Services:Checking accounts, savings accounts, certificates of deposit, money market accounts, individual retirement accounts, auto loans, personal loans, credit cards, faith-based organizational loans, small business loans, commercial loans, commercial real estate loans, online banking, mobile banking

Community outreach: Unity National Bank financially supports agencies like the YMCA, YWCA, NAACP, and United Negro College Fund.

Hawaii

None

Idaho

None

Illinois

GN Bank

Branches: 2(Chicago)

ATMs: Contact the bank for the nearest ATM

Services:Checking accounts, savings accounts, money market accounts, certificates of deposit, personal loans, auto loans, share loans, home loans, home equity loans, home equity lines of credit, business lines of credit, commercial real estate financing, credit cards, debit cards, online banking, mobile banking

Liberty Bank

Branches:1 (Forest Park)

ATMs:1 (Forest Park)

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

Indiana

None

Iowa

None

Kansas

Liberty Bank

Branches:1 (Kansas City)

ATMs:1 (Kansas City)

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

Kentucky

Liberty Bank

Branches:1 (Louisville)

ATMs:0

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

Louisiana

Hope Credit Union

Branches: 2 (New Orleans) or any credit union in the Shared Branching Network

ATMs:2 (New Orleans) or any credit union in the Shared Branching Network

Services:Checking accounts, savings accounts, individual retirement accounts, share certificates, money market accounts, personal loans, credit builder loans, home equity loans, vehicle loans, credit cards, home loans, savings/share certificate secured loans, signature loans, online banking, mobile banking, telephone banking

Community outreach: Hope Credit Union provides funding for affordable housing and healthy-food programs, as well as leadership training opportunities.

Liberty Bank

Branches: 7(Baton Rouge, New Orleans)

ATMs:19 (Baton Rouge, New Orleans)

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

Maine

None

Maryland

Andrews Federal Credit Union

Branches: 3 (Andrews Air Force Base, Suitland, Waldorf) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ free ATMS nationwide through the CO-OP ATM network

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, personal loans, credit cards, gift cards, home loans, home equity loans, home equity lines of credit, homeowners insurance, investment program, early direct deposit, mobile banking, online banking, telephone banking, overseas branches

Community outreach: Andrews Federal Credit Union sponsors several charitable drives and programs for its local community, such as collecting school supplies for schools and students in the Washington, D.C. area and hosting toy drives, turkey giveaways, and adopt-a-family programs during the holidays.

Democracy Federal Credit Union

Branches: 1 (District Heights) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ free ATMS nationwide through the CO-OP ATM network

Services: Checking accounts, savings accounts, money management accounts, individual retirement accounts, share certificates, auto loans, home loans, personal loans, credit cards, home equity loans, home equity lines of credit, recreational vehicle loans, share secured loans, mobile banking, online banking, telephone banking

Industrial Bank

Branches: 2 (Forestville, Oxon Hill)

ATMs:2 (Forestville, Oxon Hill) and any ATMs in theAllpoint network

Services:Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home loans, online banking, mobile banking, telephone banking, credit cards, debit cards, commercial loans

Community outreach: Industrial Bank provides free financial literacy courses every year and participates in community service.

Municipal Employees Credit Union of Baltimore

Branches:9 (Baltimore, Catonsville, Dundalk, Pikesville, Randallstown) and the branches in the CO-OP Shared Branch network

ATMs:9 (Baltimore, Catonsville, Dundalk, Pikesville, Randallstown) and over 30,000 additional no-fee ATMS nationwide through CO-OP ATMs and M&T ATMs

Services:Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, education savings accounts, auto loans, home loans, home equity loans, home equity lines of credit, personal loans, debit cards, credit cards, online banking, mobile banking, telephone banking, insurance products

Community outreach: MECU supports local nonprofits that work in arts and culture, youth empowerment, community development, and more.

SecurityPlus Federal Credit Union

Branches:3 (Baltimore, Owings Mills) and over 6,400shared branches

ATMs: 3 (Baltimore, Owings Mills) and ATMs in theAllpoint Network

Services:Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, education savings accounts, vehicle loans, home loans, home equity loans, home equity lines of credit, personal loans, secured loans, reloadable cards, online banking, mobile banking, insurance products

Community outreach: Securityplus is part of the HopeFul Market, a free farmers market for the homeless.

The Harbor Bank of Maryland

Branches: 8(Baltimore, Randallstown, Silver Spring)

ATMs: 7(Baltimore, Randallstown) and ATMs in theAllpoint network

Services:Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home equity loans, home equity lines of credit, installment loans, VIP loans, mobile banking, online banking, telephone banking, check card, ATM card

Massachusetts

OneUnited Bank

Branches: 3 (Boston, Dorchester, Roxbury)

ATMs: 100,000+ free ATMs around the country, including both its own network and Allpoint ATMs, MoneyPass ATMs, Chase Bank branch ATMs, and CitiBank branch ATMs

Services: Checking accounts, savings accounts, certificates of deposit, credit cards, online banking, mobile banking, personal loans, home loans, multifamily loans, commercial real estate loans

Community outreach: OneUnited Bank provides contributions promoting financial literacy, affordable housing, and community development.

Michigan

First Independence Bank

Branches: 2 (Detroit)

ATMs: 6 (Clinton Township, Detroit) or any nationwide FIB, Fifth Third Bank, Huntington National Bank, US Bank, JPMorgan Chase Bank, Bank of America, Wells Fargo Bank, or Bremer Bank ATM

Services: Checking accounts, savings accounts, certificates of deposit, money market accounts, credit cards, debit cards, online banking, mobile banking, vehicle loans, home equity loans, home equity lines of credit, home loans, personal loans, CD loans

Community outreach: First Independence Bank has established a millennial advisory board and sponsored a youth basketball clinic and tournament.

Liberty Bank

Branches:1 (Detroit)

ATMs: 1 (Detroit)

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

One Detroit Credit Union

Branches:4 (Detroit, Highland Park) and the branches in the CO-OP Shared Branch network

ATMs: 2 (Detroit, Highland Park) and 30,000 additional no-fee ATMS nationwide through the CO-OP ATM network

Services:Checking accounts, savings accounts, individual retirement accounts, share certificates, money market accounts, personal loans, home equity loans, home equity lines of credit, vehicle loans, credit cards, home loans, credit builder loan, payday loans, bill consolidation loans, debit cards, ATM cards, online banking, mobile banking, telephone banking

Community outreach: One Detroit Credit Union sponsors gift and food drives to provide resources for families in need.

Minnesota

First Independence Bank

Branches: 2 (Minneapolis)

ATMs: Any nationwide FIB, Fifth Third, TCF, or Chemical Bank ATM

Services: Checking accounts, savings accounts, certificates of deposit, money market accounts, credit cards, debit cards, online banking, mobile banking, vehicle loans, home equity loans, home equity lines of credit, home loans, personal loans, CD loans

Community outreach: First Independence Bank has established a millennial advisory board and sponsored a youth basketball clinic and tournament.

Mississippi

Grand Bank for Savings

Branches: 1 (Hattiesburg)

ATMS: 1 (Hattiesburg) and any of the 40,000+ ATMs nationwide in the MoneyPass ATM Network

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, early direct deposit, home loans, home equity lines of credit, online banking, mobile banking

Community Outreach: Grand Bank for Savings partners with local nonprofit organizations through its Giving Back Program.

Hope Credit Union

Branches:12 (Biloxi, Drew, Greenville, Itta Bena, Jackson, Louisville, Moorhead, Shaw, Terry, Utica, West Point) or any credit union in theShared Branching Network

ATMs:12 (Biloxi, Drew, Greenville, Itta Bena, Jackson, Louisville, Moorhead, Shaw, Terry, Utica, West Point) or any credit union in the Shared Branching Network

Services:Checking accounts, savings accounts, individual retirement accounts, share certificates, money market accounts, personal loans, credit builder loans, home equity loans, vehicle loans, credit cards, home loans, savings/share certificate secured loans, signature loans, online banking, mobile banking, telephone banking

Community outreach: Hope Credit Union provides funding for affordable housing and healthy-food programs, as well as leadership training opportunities.

Jackson Area Federal Credit Union

Branches: 3 (Byram, Jackson, Clinton)

ATMs:Any ATM in theDolphin ATM Alliance

Services: Savings accounts, individual retirement accounts, certificates of deposit, personal loans, auto loans, student loans, credit cards, insurance products, mobile banking, online banking

Liberty Bank

Branches:1 (Jackson)

ATMs: 4(Jackson)

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

Missouri

Liberty Bank

Branches:1 (Kansas City)

ATMs: 1 (Kansas City)

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

St. Louis Community Credit Union

Branches:15 (Benton Park, Ferguson, Florissant, Jennings, Richmond Heights, St. John, St. Louis, Sullivan, University City) and the branches in the CO-OP Connected Credit Unions network

ATMs:Any of the ATMs in the CO-OP Connected Credit Unionsnetwork

Services:Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, personal loans, home equity lines of credit, auto loans, recreational vehicle/power sports loans, payday saver loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: St. Louis Community Credit Union hosts a monthly community service effort to work with local charities.

Montana

None

Nebraska

None

Nevada

None

New Hampshire

None

New Jersey

Andrews Federal Credit Union

Branches: 3 (Burlington, McGuire Air Force Base, Mt. Laurel) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ no-fee ATMS nationwide through the CO-OP ATM network

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, personal loans, credit cards, gift cards, home loans, home equity loans, home equity lines of credit, homeowners insurance, investment program, early direct deposit, mobile banking, online banking, telephone banking, overseas branches

Community outreach: Andrews Federal Credit Union sponsors several charitable drives and programs for its local community, such as collecting school supplies for schools and students in the Washington, D.C. area and hosting toy drives, turkey giveaways, and adopt-a-family programs during the holidays.

Industrial Bank

Branches: 2 (Halsey Street, Parkview)

ATMs: 2 (Halsey Street, Parkview) and any ATMs in the Allpoint network

Services:Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home loans, online banking, mobile banking, telephone banking, credit cards, debit cards, commercial loans

Community outreach: Industrial Bank provides free financial literacy courses every year and participates in community service.

New Mexico

None

New York

Carver Federal Savings Bank

Branches:7 (Brooklyn, Jamaica, New York City)

ATMs: 3(New York City) and ATMs in theAllpoint network

Services:Checking accounts, savings accounts, money market accounts, individual retirement accounts, landlord/tenant security accounts, debit cards, credit cards, wire transfers, online banking, mobile banking, telephone banking, installment loans, non-profit and faith-based lending, commercial real estate loans, small business loans

Industrial Bank

Branches: 1 (New York City)

ATMs:1 (New York City) and any ATMs in theAllpoint network

Services:Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home loans, online banking, mobile banking, telephone banking, credit cards, debit cards, commercial loans

Community outreach: Industrial Bank provides free financial literacy courses every year and participates in community service.

North Carolina

Mechanics & Farmers Bank

Branches:8 (Charlotte, Durham, Greensboro, Raleigh, Winston-Salem)

ATMs: Approximately 44,000 ATMs nationwide in the Bank of America, JPMorgan Chase, and Wells Fargo networks

Services:Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, health savings accounts, personal loans, home equity lines of credit, auto loans, credit cards, mobile banking, online banking

Community outreach: Mechanics & Farmers Bank hosts financial literacy workshops and workshops to help business owners and community members understand opportunities available during the pandemic.

North Dakota

None

Ohio

Adelphi Bank

Branches: 1 (Columbus)

ATMs:2

Services: Savings accounts, money market accounts, checking accounts, second chance bank accounts, CDs, auto loans, personal loans, business credit cards, business checking accounts, business savings accounts, equipment loans, construction loans, business lines of credit, commercial real estate loans

Warsaw Federal Savings and Loan Association

Branches: 3 (Cincinnati)

ATMs: Any of the 40,000+ ATMs nationwide in the MoneyPass ATM Network

Services: Checking accounts, savings accounts, money market accounts, health savings accounts, certificates of deposit, home loans, debit cards, business checking accounts, business savings accounts, commercial real estate loans, business lines of credit, online banking, mobile banking

Oklahoma

First Security Bank & Trust

Branches:1 (Oklahoma City)

ATMs: Any ATM in the the TransFund network

Services:Checking accounts, savings accounts, money market accounts, certificates of deposit, personal loans, home equity lines of credit, home loans, auto loans, commercial real estate loans, credit cards, debit/ATM cards, mobile banking, online banking, telephone banking

Oregon

None

Pennsylvania

Democracy Federal Credit Union

Branches: 1 (Philadelphia) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ no-fee ATMS nationwide in the CO-OP ATM network

Services: Checking accounts, savings accounts, money management accounts, individual retirement accounts, share certificates, auto loans, home loans, personal loans, credit cards, home equity loans, home equity lines of credit, recreational vehicle loans, share secured loans, mobile banking, online banking, telephone banking

Tioga-Franklin Savings Bank

Branches:1 (Philadelphia)

ATMs: None

Services:savings accounts, checking accounts, money market accounts, CDs, home loans, small business loans, commercial real estate loans, equipment loans, business checking accounts, business savings accounts, merchant services, payroll services

United Bank of Philadelphia

Branches:2 (Philadelphia)

ATMs: 14 (Philadelphia)

Services:Checking accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts, credit building loans, small business loans, nonprofit and church loans, check cards, online banking, telephone banking, banking by mail

Community outreach: United Bank of Philadelphia provides financing to small businesses to spur job growth.

Rhode Island

None

South Carolina

Optus Bank

Branches:1 (Columbia)

ATMs: 2(Columbia), any ATM in the Wells Fargo network for free

Services:Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, money market accounts, auto loans, home loans, home equity lines of credit, lines of credit loans, small business loans, commercial real estate loans, online banking, mobile banking

Palmetto Health Credit Union

Branches: 5(Columbia, Easley)

ATMs:8 (Columbia, Easley) or any ATM in the CO-OP Branching Network

Services:Checking accounts, savings accounts, individual retirement accounts, share certificates, health savings accounts, auto loans, home loans, home equity lines of credit, line of credit loans, personal loans, student loans, online banking, mobile banking, telephone banking, debit cards, credit cards, insurance products

South Dakota

None

Tennessee

Citizens Savings Bank And Trust

Branches: 3(Memphis, Nashville)

ATMs:1 (Nashville) and you are reimbursed any fees from any ATM in the US or abroad

Services:Checking accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts, auto loans, credit cards, home loans, personal loans, debit cards, online banking, mobile banking

Hope Credit Union

Branches:4 (Memphis) or any credit union in theShared Branching Network

ATMs:4 (Memphis) or any ATM in the Shared Branching Network

Services: Checking accounts, savings accounts, individual retirement accounts, share certificates, money market accounts, personal loans, credit builder loans, home equity loans, vehicle loans, credit cards, home loans, savings/share certificate secured loans, signature loans, online banking, mobile banking, telephone banking

Community outreach: Hope Credit Union provides funding for affordable housing and healthy-food programs, as well as leadership training opportunities.

Liberty Bank

Branches: 1 (Memphis)

ATMs:1 (Memphis)

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

Texas

Unity National Bank

Branches:2 (Houston, Missouri City)

ATMs:2 (Houston, Missouri City) or any one of the ATMs in theSelect ATM network

Services: Checking accounts, savings accounts, certificates of deposit, money market accounts, individual retirement accounts, auto loans, personal loans, credit cards, faith-based organizational loans, small business loans, commercial loans, commercial real estate loans, online banking, mobile banking

Community outreach: Unity National Bank financially supports agencies like the YMCA, YWCA, NAACP, and United Negro College Fund.

Utah

None

Vermont

None

Virginia

Andrews Federal Credit Union

Branches: 2 (Alexandria, Springfield) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ no-fee ATMS nationwide through the CO-OP ATM network

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, personal loans, credit cards, gift cards, home loans, home equity loans, home equity lines of credit, homeowners insurance, investment program, early direct deposit, mobile banking, online banking, telephone banking, overseas branches

Community outreach: Andrews Federal Credit Union sponsors several charitable drives and programs for its local community, such as collecting school supplies for schools and students in the Washington, D.C. area and hosting toy drives, turkey giveaways, and adopt-a-family programs during the holidays.

Democracy Federal Credit Union

Branches: 2 (Alexandria) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ no-fee ATMS nationwide in the CO-OP ATM network

Services: Checking accounts, savings accounts, money management accounts, individual retirement accounts, share certificates, auto loans, home loans, personal loans, credit cards, home equity loans, home equity lines of credit, recreational vehicle loans, share secured loans, mobile banking, online banking, telephone banking

Transit Employees Federal Credit Union

Branches: 1 (Alexandria) and the branches in the CO-OP Shared Branch network

ATMs: ATMs in thefollowing networks: CO-OP, Star, CU24, Visa, Shared Branch, Transit Employees FCU

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, loyalty loans, student loans, personal loans, signature loans, credit cards, gift cards, reloadable cards, home loans, home equity loans, home equity lines of credit, secured loans, insurance products, wire transfers, mobile banking, online banking

Washington

Washington

None

Washington, DC

Andrews Federal Credit Union

Branches: 2 (Washington, DC) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ no-fee ATMS nationwide through the CO-OP ATM network

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, personal loans, credit cards, gift cards, home loans, home equity loans, home equity lines of credit, homeowners insurance, investment program, early direct deposit, mobile banking, online banking, telephone banking, overseas branches

Community outreach: Andrews Federal Credit Union sponsors several charitable drives and programs for its local community, such as collecting school supplies for schools and students in the Washington, D.C. area and hosting toy drives, turkey giveaways, and adopt-a-family programs during the holidays.

City First Bank

Branches: 1 (Corporate Headquarters)

Services:Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, money market accounts, online banking, mobile banking, telephone banking

Democracy Federal Credit Union

Branches: 2 (Washington, DC) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ no-fee ATMS nationwide in the CO-OP ATM network

Services: Checking accounts, savings accounts, money management accounts, individual retirement accounts, share certificates, auto loans, home loans, personal loans, credit cards, home equity loans, home equity lines of credit, recreational vehicle loans, share secured loans, mobile banking, online banking, telephone banking

Industrial Bank

Branches: 4 (Washington, DC)

ATMs: 8(Washington, DC) and any ATMs in the Allpoint network

Services:Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home loans, online banking, mobile banking, telephone banking, credit cards, debit cards, commercial loans

Community outreach: Industrial Bank provides free financial literacy courses every year and participates in community service.

Transit Employees Federal Credit Union

Branches: 1 (Washington, DC) and the branches in the CO-OP Shared Branch network

ATMs: ATMs in thefollowing networks: CO-OP, Star, CU24, Visa, Shared Branch, Transit Employees FCU

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, loyalty loans, student loans, personal loans, signature loans, credit cards, gift cards, reloadable cards, home loans, home equity lines of credit, secured loans, insurance products, wire transfers, mobile banking, online banking

West Virginia

None

Wisconsin

Columbia Savings and Loan Association

Branches:1 (Milwaukee)

ATMs:0

Services:Certificates of deposit, individual retirement accounts, home loans, church loans

Wyoming

None

Methodology: How Did Personal Finance Insider Choose the Banks and Credit Unions on This List?

Each bank we selected is an FDIC-designated minority depository institution. The FDIC defines an MDI as a bank in which "minority individuals own 51% or more of the voting stock, or a majority of the board of directors is a minority and the community that the institution serves is predominantly minority." We chose banks on the FDIC'sofficial MDI list as of Q4 2023.

Each credit union we selected is an NCUA-designated minority depository institution. The NCUA defines an MDI as a credit union in which "more than 50% of its current members are minority individuals, more than 50% of its current and eligible potential members are minority individuals, and more than 50% of its current board members are minority individuals."

We narrowed down our list by setting 8,000 members as the minimum threshold for a credit union to be considered. You can find smaller credit unions that may be closer to you on this list.

Leslie Quander Wooldridge

Leslie Quander Wooldridge is a writer, editor, consultant, and coach whose articles have reached tens of millions of readers. Visit her at www.lesliequander.com or follow her on Instagram.

Ryan Wangman, CEPF

Loans Reporter

Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.

Kit Pulliam

Personal Finance Insider editorial fellow

Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years.ExperienceKit has spent their career making complicated concepts more accessible to the average person. As a tutor in math and reading comprehension after college, they melded the certainty of numbers with the flexibility of words, a skill that has served them in the personal finance field since.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.ExpertiseTheir expertise includes:

  • Certificates of deposit
  • Savings accounts
  • Checking accounts
  • CD rates
  • Bank reviews

EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.

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FAQs

Are there any Black-owned banks in the United States? ›

One type of MDI is a Black-owned bank. These institutions serve to lessen economic inequality and provide banking and loan services to underserved communities. We've provided a detailed list of 34 Black-owned banks and credit unions divided by state to help you find a Black-owned bank that fits your banking needs.

Why were Black-owned banks so important to black businesses? ›

Black-owned and black-customer service oriented banks and insurance companies were formed out of the exclusion of African Americans from these systems, and provided a source of credit, economic development, jobs, and training opportunities for their communities.

What is the largest Black-owned bank by assets? ›

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 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.

What are shadow banks in the US? ›

Shadow banks are financial intermediaries that conduct maturity, credit, and liquidity transformation without explicit access to central bank liquidity or public sector credit guarantees. The banks have played a key role in the market-based financial system, particularly in the run-up to the financial crisis.

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.

What is the most famous black bank? ›

Best Black-owned banks
  • Carver Federal Savings Bank.
  • OneUnited Bank.
  • Liberty Bank.
  • Industrial Bank.
  • GN Bank.
  • Citizens Savings Bank.
Aug 22, 2024

What is the #1 bank in America? ›

List of largest banks in the United States
RankBank nameTicker Symbol
1JPMorgan ChaseJPM
2Bank of AmericaBAC
3CitigroupC
4Wells FargoWFC
69 more rows

What is the oldest black bank? ›

(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.

What bank did Bank of America merge with? ›

The bank was founded by the merger of NationsBank and Bank of America in 1998. It is the second-largest banking institution in the United States and the second-largest bank in the world by market capitalization, both after JPMorgan Chase.

Who did Howard bank merge with? ›

F.N.B. Corporation Completes Merger with Howard Bancorp, Inc. First National Bank.

Is OneUnited Bank really 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.

Do Black-owned banks discriminate against Black borrowers? ›

There is some evidence that black rejection rates are in fact higher at black-owned banks than at white-owned banks (Black, Collins, and Cyree 1997) . ... Racial disparities persist in the mortgage lending market, as does debate over their causes.

Is the United Bank of Philadelphia Black-owned? ›

The United Bank of Philadelphia is an African American-owned commercial banking serving individuals and small businesses in the Greater Philadelphia region. The primary mission of the United Bank of Philadelphia is to deliver excellent customer service at a profit and to make our bank the “hometown” bank of choice.

Is Harbor bank Black-owned? ›

Harbor Bank of Maryland is the only bank currently headquartered in Baltimore City and the only Black-owned bank in the state.

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