Black-owned banks often times serve African Americans more than other banks do because their mission includes closing the wage gap in America.
A typical white family may earn up to eight times the amount that a typical Black family may earn, according to the 2019 Federal Reserve survey. This gap exists due to many factors but in part because of some past U.S. policies as well as banking industry practices, which historically have excluded Black Americans from access to credit and banking services.
Black-owned banks, and not their not-for-profit twins, credit unions, are intentionally trying to help out the Black community with their regulations and policies. Most are community developed and serve low-t to moderate- income areas. Continue reading to learn more about Black-Owned Banks and Credit Unions & Where to Find Them.
List of Black-owned banks and credit unions
| Financial Institution | Headquarters |
| Alamerica Bank | Birmingham, AL |
| Commonwealth National Bank | Mobile, AL |
| Broadway Federal Bank | Los Angeles, CA |
| Industrial Bank | Washington, DC (branches also in MD, NJ, NY) |
| Howard University Employees Federal Credit Union | Washington, DC |
| FAMU Federal Credit Union | Tallahassee, FL |
| Citizens Trust Bank | Atlanta, GA |
| 1st Choice Credit Union | Atlanta, GA |
| Credit Union of Atlanta | Atlanta, GA |
| Carver State Bank | Savannah, GA |
| Omega Psi Phi Fraternity Federal Credit Union | Toccoa, GA |
| GN Bank | Chicago, IL |
| South Side Community Federal Credit Union | Chicago, IL |
| Southern Teachers & Parents Federal Credit Union | Baton Rouge, LA |
| Liberty Bank and Trust Company | New Orleans, LA (branches also in AL, IL, KS, KY, MI, MO, MS) |
| The Harbor Bank of Maryland | Baltimore, MD |
| OneUnited Bank | Boston, MA (branches also in CA, FL) |
| First Independence Bank | Detroit, MI |
| Hope Credit Union | Jackson, MS (branches also in AL, AR, LA, TN) |
| St. Louis Community Credit Union | St. Louis, MO (branches also in IL) |
| Carver Federal Savings Bank | New York, NY |
| Urban Upbound Federal Credit Union | Long Island City, NY |
| Mechanics & Farmers Bank | Durham, NC |
| Greater Kinston Credit Union | Kinston, NC |
| Toledo Urban Federal Credit Union | Toledo, OH |
| First Security Bank | Oklahoma City, OK |
| United Bank of Philadelphia | Philadelphia, PA |
| Hill District Federal Credit Union | Pittsburgh, PA |
| Community Owned (C.O.) Federal Credit Union | Charleston, SC |
| OPTUS Bank | Columbia, SC |
| Brookland Federal Credit Union | West Columbia, SC |
| Tri-State Bank of Memphis | Memphis, TN |
| Citizens Savings Bank | Nashville, TN |
| Mount Olive Baptist Church Federal Credit Union | Arlington, TX |
| Unity National Bank of Houston | Houston, TX (branches also in GA) |
| Faith Cooperative Credit Union | Dallas, TX |
| Oak Cliff Christian Federal Credit Union | Dallas, TX |
| Virginia State University Federal Credit Union | South Chesterfield, VA |
| Columbia Savings and Loan | Milwaukee, WI |
| Greenwood (coming soon in 2021) | Online only |
| MoCaFi | Online only |
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Bottom Line
Black-owned banks and credit unions exist to further lessen the wealth gap that is present in America. This is due to the historical disadvantage of many bank policies and government regulations. Furthermore, many of these black-owned banks and credit unions are driven by the community and serve the community. For more posts like this, check out our list of the best bank bonuses and bank account bonuses.
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