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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 bank 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 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.
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 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.
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.
Personal Finance Insider editorial fellow
Kit Pulliam (they/them) is a Personal Finance Insider editorial fellow at Business Insider, specializing in banking. Kit joined Business Insider in January 2024. They cover bank reviews, savings rates, and more.Kit is an alumnus of Vanderbilt University, where they studied English and psychology. Kit previously worked as an editorial specialist at Tax Analysts. They are based in the DC area. You can email them at kpulliam@businessinsider.com.
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