The Top 10 List of Black-Owned Banks in the United States

I. Introduction of the Top 10 List of Black-Owned Banks in the United States

Looking for List of Black-Owned Banks in the United States? Let’s talk about why Black-owned banks are such a big deal. These banks have been around for over a century, quietly making a major impact on communities across the country. For a long time, traditional financial institutions didn’t offer equal access to loans, mortgages, or even basic banking services for African-Americans. Black-owned banks bridge this gap and give Black communities access to the same financial tools that help build wealth and stability.

Supporting Black-owned banks today means more than just opening an account; it’s a way to uplift communities by helping them gain the financial resources they need to thrive. Using this list of Black-owned banks in the United States, you’ll find that these banks prioritize small business loans, affordable housing, and financial education, and they invest in initiatives that drive lasting change. By banking with them, you’re not only investing in your financial future, but you’re also helping to make a difference in neighborhoods that have been historically underserved.

So, if you’re looking for ways to contribute to economic empowerment and community development, getting to know this list of Black-owned banks in the United States is a great place to start. In this article, we’ll dive into the top 10 list of Black-owned banks in the United States and highlight what makes each one unique. So, let’s explore how these banks continue to drive change and offer support where it’s needed most.

II. Overview of of the List of Black-Owned Banks in the United States

Black-owned banks hold a special place in the history of American finance. Established to serve African-American communities, these institutions emerged as essential financial lifelines, especially when mainstream banks refused to serve Black customers. The first on our list of Black-owned banks in the United States, the Freedman’s Savings Bank, founded in 1865 after the Civil War to help newly freed Black Americans build a foundation for their financial futures. While the Freedman’s Savings Bank eventually closed, its creation marked the start of a legacy of Black-owned institutions committed to economic justice and community empowerment.

Today, Black-owned banks continue to fill vital roles. They aren’t just businesses—they’re community-focused institutions that support the financial needs of neighborhoods often overlooked by larger banks. These banks help bridge gaps in access to financial services, offering options like small business loans, affordable home mortgages, and personal banking tailored to the needs of local communities. They also invest heavily in financial literacy programs, teaching essential money-management skills that strengthen both individuals and families.

In addition to traditional banking, Black-owned banks often lead the charge in community reinvestment, putting money back into local projects like affordable housing, community centers, and small business initiatives. This focus on neighborhood improvement and accessible banking creates positive ripple effects that extend beyond just financial growth, nurturing a sense of stability and empowerment within Black communities.

Thus, these banks represent more than just financial services—they’re agents of change. From promoting home ownership to helping entrepreneurs get off the ground, Black-owned banks are reshaping the economic landscape, pushing for greater equality, and working to narrow wealth gaps. As we go through the top Black-owned banks in the U.S., you’ll see how each one contributes to building a stronger, more inclusive financial system.

III. Top 10 List of Black-Owned Banks in the United States and Their Unique Contributions

In this section, we’ll explore the Top 10 list of Black-owned banks in the United States, each with a unique story and approach to supporting its community. In fact, these banks are known not only for their financial services but for their dedication to uplifting historically underserved areas. Let’s look at what sets each one apart.

1. OneUnited Bank 

• Overview: The largest Black-owned bank in the country, OneUnited Bank has branches in Boston, Los Angeles, and Miami and serves customers nationwide with a strong online presence.
• Unique Characteristics:
  • OneUnited is a digital-first bank, making it accessible to customers across the U.S.
  • Known for its #BankBlack movement, which encourages economic empowerment within Black communities.
  • The bank actively promotes financial literacy through campaigns and workshops, emphasizing social justice and community empowerment.

2. Liberty Bank and Trust Company

• Overview: Headquartered in New Orleans, Liberty Bank has expanded its services across several states, including Alabama, Texas, and Kansas.
• Unique Characteristics:
  • Liberty has a robust focus on affordable housing, providing loans to help underserved individuals and families purchase homes.
  • The bank plays a significant role in economic empowerment and disaster recovery lending, particularly after hurricanes and other natural events.
  • Known for its dedication to supporting low-income communities with accessible financial products.

3. Citizens Trust Bank

• Overview: Founded in 1921, this Atlanta-based bank has a long history of serving the local community.
• Unique Characteristics:
  • Citizens Trust Bank has a strong reputation for supporting small businesses, often collaborating with the local government to offer specialized loan programs.
  • With a commitment to financial literacy, Citizens Trust provides resources and educational programs for individuals and families.
  • The bank prioritizes working with minority-owned businesses, helping create jobs and economic growth within Atlanta.

4. Carver Federal Savings Bank

• Overview: Based in Harlem, New York, Carver Federal Savings Bank was founded to meet the needs of urban communities in New York City.
• Unique Characteristics:
  • Carver is dedicated to neighborhood revitalization and provides funding for community projects, affordable housing, and small businesses.
  • The bank offers tailored loans designed for small businesses and entrepreneurs in low-income areas.
  • Carver actively reinvests in the community, supporting affordable housing and urban development initiatives.

5. Industrial Bank

• Overview: Founded in Washington, D.C. in 1934, Industrial Bank is one of the oldest and most respected Black-owned banks.
• Unique Characteristics:
  • Known for its focus on non-profit organizations, Industrial Bank supports community-driven projects and social services.
  • The bank offers specialized programs for minority-owned businesses and provides affordable financial products to local residents.
  • Industrial Bank is highly active in community development, participating in programs and partnerships that benefit the D.C. area.

6. Unity National Bank

• Overview: The only Black-owned bank in Texas, Unity National Bank has branches in Houston and Atlanta.
• Unique Characteristics:
  • Unity prioritizes financial literacy and community outreach, making banking accessible to Black and Hispanic communities alike.
  • The bank provides small business loans and home mortgage options aimed at first-time buyers, focusing on underserved populations.
  • Unity dedicates itself to supporting financial inclusion for those who have traditionally lacked access to banking services.

7. City First Bank

• Overview: After its recent merger with Broadway Federal Bank, City First Bank became one of the largest Black-led banks in the country.
• Unique Characteristics:
  • Known for its commitment to social impact investing, City First focuses on funding affordable housing, education, and health services.
  • The bank offers specialized lending for community development projects that benefit under-resourced neighborhoods.
  • City First’s structure is designed to support projects that make a difference, focusing on housing and community sustainability.

8. First Independence Bank

• Overview: Based in Detroit, Michigan, First Independence serves customers in the Detroit area with services aimed at community improvement.
• Unique Characteristics:
  • Known for its focus on affordable housing and home ownership loans, First Independence provides options tailored for underserved borrowers.
  • The bank has a strong commitment to financial inclusion, especially for underbanked communities, and promotes local economic development.
  • First Independence Bank supports Detroit’s economic revival by prioritizing small business loans and job creation programs.

9. Tri-State Bank of Memphis

• Overview: Established in Memphis, Tri-State Bank has long been a supporter of Civil Rights-era initiatives and community activism.
• Unique Characteristics:
  • The bank is known for small business lending, often working with minority-owned companies to fuel local economic growth.
  • Tri-State Bank offers mortgage programs for low- to moderate-income families, supporting homeownership in the Memphis area.
  • The bank’s historic commitment to activism and social justice continues today through its community-focused initiatives.

10. Mechanics & Farmers Bank

• Overview: Headquartered in Durham, North Carolina, Mechanics & Farmers Bank is one of the oldest Black-owned banks in the U.S.
• Unique Characteristics:
  • Mechanics & Farmers emphasizes small business and personal banking solutions tailored for first-time homeowners and entrepreneurs.
  • With deep ties in North Carolina, the bank supports community reinvestment projects that benefit local families and businesses.
  • It has a strong history of promoting economic stability and financial independence within the communities it serves.

IV. The Role of Black-Owned Banks in Community Empowerment

The institutions on this list of Black-owned banks in the United States have consistently acted as pillars of strength and support in Black communities across the United States. By tailoring their services to the unique needs of underserved communities, these institutions are driving meaningful change and empowering individuals to achieve financial stability and growth. Here’s how they’re making a difference in the lives of their customers and communities.

1. Bridging the Wealth Gap and Promoting Financial Inclusion

One of the biggest contributions of Black-owned banks is their role in closing the racial wealth gap. Mainstream banks have historically denied Black Americans access to fair loans and other financial products, but Black-owned banks actively work to make banking accessible and inclusive. They provide affordable loan options, first-time homebuyer programs, and savings products that make it easier for families to build wealth over time. By creating opportunities for homeownership and savings, Black-owned banks help Black families establish financial security that can be passed down through generations.

2. Supporting Small Business Development

Small businesses are at the heart of every thriving community, creating jobs and providing essential services. Black-owned banks are champions of local entrepreneurship, offering small business loans and other resources to help business owners succeed. Many of these banks focus on minority-owned businesses that have difficulty accessing traditional funding. By doing so, the institutions on this list of Black-owned banks in the United States not only empower individuals to pursue their dreams but also contribute to local job creation and economic resilience. These banks understand the challenges small business owners face and work closely with them to provide customized financial solutions.

3. Investing in Community Reinvestment Projects

Community reinvestment is a top priority for Black-owned banks, which often invest in affordable housing, education, health services, and urban renewal projects. Through initiatives like the Community Reinvestment Act (CRA), these banks commit to putting money back into their communities. This can include financing the development of affordable housing units, supporting local infrastructure projects, and building community centers. By reinvesting in their neighborhoods, Black-owned banks help improve the quality of life for local residents and foster a sense of pride and connection within the community.

4. Promoting Financial Literacy and Education

Many Black-owned banks are deeply committed to financial literacy, recognizing that financial empowerment starts with knowledge. These banks provide free or low-cost workshops and resources on topics like budgeting, saving, credit management, and home buying. By teaching financial skills, they empower people to make informed decisions about their money, break cycles of debt, and plan for the future. This focus on education is especially valuable for young adults, families, and anyone who may not have had access to financial education before. Through these efforts, The institutions on this list of Black-owned banks in the United States build a foundation for long-term financial stability in their communities.

5. Providing Accessible and Culturally Competent Banking Services

Black-owned banks understand the cultural and economic challenges faced by Black communities and offer services that are tailored to their needs. Many of these banks go the extra mile to make banking accessible, whether through bilingual support, community outreach programs, or culturally relevant marketing and products. For customers who have traditionally been underserved or mistrustful of large financial institutions, Black-owned banks offer a safe and welcoming alternative.

6. Advocating for Social and Economic Justice

Many Black-owned banks advocate for social and economic justice as part of their mission. Some participate in movements like #BankBlack, which encourages individuals to invest in Black-owned banks to support economic empowerment. Others actively engage in policy discussions, advocate for fair lending practices, and work to combat predatory lending in vulnerable communities. Through this advocacy, Black-owned banks help shape a financial system that is fairer, more inclusive, and more accountable to the communities it serves.

V. How to Support and Bank with Black-Owned Banks

Banking with a purpose can have a powerful impact, and choosing to support Black-owned banks is one way to help build a more inclusive economy. Whether you’re looking to open a new account, secure a loan, or simply invest in a way that aligns with your values, Black-owned banks offer plenty of options. Here are some practical steps to get started.

1. Choosing the Right Bank for Your Needs

Each Black-owned bank has its unique strengths and areas of focus, so finding one that meets your specific financial needs is key. Start by considering factors like the bank’s location, services offered, and whether they have branches nearby or online options that work for you. For example, some banks are well-suited for small business loans, while others may focus on homeownership programs. Many Black-owned banks also offer online banking, allowing you to support these institutions even if they’re not physically near you.

2. Opening a Savings or Checking Account

One of the simplest ways to support a Black-owned bank is by opening a checking or savings account. By depositing your money, you’re helping these banks build capital that can then be reinvested in the community through loans and other financial products. Plus, your deposits are protected just like any other bank account, as Black-owned banks are FDIC-insured. Many offer competitive interest rates, low fees, and convenient digital banking tools, so you can manage your money easily while supporting a good cause.

3. Exploring Loan and Mortgage Options

If you’re in the market for a personal loan, business loan, or mortgage, consider applying through a Black-owned bank. Many of these banks offer tailored loan products that cater to first-time homebuyers, small businesses, and individuals with limited credit history. By securing your loan through a Black-owned bank, you’re helping to strengthen the bank’s lending power, which allows it to continue providing resources to underserved communities. Plus, these banks commit to fair lending practices and offer competitive rates.

4. Taking Advantage of Digital Banking Services

Even if a Black-owned bank doesn’t have a physical branch near you, many offer online and mobile banking options that make it easy to open an account and manage your finances from anywhere. From mobile check deposits to online bill pay, digital banking services provide a convenient way to access your account and support Black-owned banks. In fact, some of these banks, like OneUnited, are digital-first and offer seamless online experiences tailored for nationwide customers.

5. Participating in Financial Literacy Programs

Many Black-owned banks host workshops, webinars, and other educational programs focused on financial literacy. In fact, these programs cover topics such as budgeting, debt management, and homeownership, and they’re often free or low-cost. By participating in these programs, you can gain valuable knowledge to improve your own financial health while supporting the bank’s mission to empower its community. Sharing these resources with family and friends is another way to spread the impact and support the bank’s educational efforts.

6. Spreading the Word and Encouraging Others to Bank Black

One of the most powerful ways to support Black-owned banks is simply by spreading the word. Encourage friends, family, and colleagues to consider Black-owned banks for their financial needs. You can share information on social media, participate in campaigns like #BankBlack, or talk about your positive experiences with a Black-owned bank. The more people who bank with these institutions, the more capital they’ll have to invest in community development and financial empowerment.