All the Black-owned banks in America and why you should support them

Abu Mubarik November 06, 2023
Citizens Trust Bank team. Photo: Citizens Trust Bank

In the last decade, black entrepreneurship has seen tremendous growth in every sector of the economy. From sports to banking to skincare, black entrepreneurship has shown no sign of slowing down. 

One of the areas that is attracting the attention of Black business people is the banking and the fintech space. Until recently, there were a handful of black-owned banks operating in America, according to Forbes. These banks emerged to combat discriminatory practices against Blacks who wanted loans. These banks are now providing economic security for disenfranchised Black communities that have long been underserved by financial institutions.

Black people are two times more likely to be denied credit than their white counterparts, even if they qualify, according to Forbes. The practice has contributed to disparities in wealth between Black and white households.

There are 5,400 insured financial institutions in the United States; only 23 are black-owned as of 2018. According to Forbes, the number of black-owned banks has declined by more than 50 percent from 2001 to 2018. The 2008 financial crisis exacerbated the situation.

Not only have black-owned banks declined, but they also have fewer assets at their disposal than some of the major players in the sector. For instance, OneUnited, the largest black-owned bank in the U.S., manages assets worth $625 million while Bank of America manages nearly $2.5 trillion.

All in all, opening an account with a black-owned bank can help it support its objective of closing the wealth gap in America.

Below is the list of all black-owned banks by state:


Alamerica Bank

Citizens Trust Bank

Commonwealth National Bank


Hope Credit Union


Broadway Federal Bank

District of Columbia

Phi Beta Sigma Federal Credit Union

Howard University Employees Federal Credit Union

City First Bank


FAMU Federal Credit Union


Carver State Bank

Omega Psi Phi Fraternity Federal Credit Union


GN Bank


Mount Zion Indianapolis Credit Union


Liberty Bank


Liberty Bank


Southern Teachers & Parents Federal Credit Union


Harbor Bank of Maryland

Municipal Employees Credit Union of Baltimore

Andrews Federal Credit Union

Democracy Federal Credit Union

Industrial Bank


OneUnited Bank


First Independence Bank

Liberty Bank


First Independence Bank


Jackson Area Federal Credit Union

Hope Credit Union

Liberty Bank


St. Louis Community Credit Union


City First Bank

New Jersey

Messiah Baptist Church Federal Credit Union

Andrews Federal Credit Union

Industrial Bank

New York

Carver Bank

Urban Upbound Federal Credit Union

Industrial Bank

North Carolina

Mechanics & Farmers Bank

Greater Kinston Credit Union


Adelphi Bank

Toledo Metro Credit Union

Toledo Urban Federal Credit Union


First Security Bank and Trust Company


United Bank of Philadelphia

Hill District Federal Credit Union

South Carolina

Optus Bank

Palmetto Health Credit Union

Brookland Federal Credit Union


Citizens Bank

Hope Credit Union

Liberty Credit Union


Unity National Bank

Faith Cooperative Credit Union

Mount Olive Baptist Church Federal Credit Union

Oak Cliff Christian Federal Credit Union


Virginia State University Federal Credit Union

Andrews Federal Credit Union

Democracy Federal Credit Union

Transit Employees Federal Credit Union


Columbia Savings and Loan Association

Last Edited by:Mildred Europa Taylor Updated: November 6, 2023


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