Black-owned banks have enabled Black people to accumulate savings, learn finance skills, start their own businesses, and more for centuries. To this day, Black-owned financial institutions are still essential to the progress and livelihood of Black Americans. But the sad reality is, the number of these banks is rapidly dwindling. We can support these businesses and our great community by ‘Banking Black.’
Why should I consider Banking Black?
The lack of financial institutions and services in Black communities leads to fewer opportunities for Black people to save, invest, and protect their money. So when you look at America’s staggering wealth gap where the median wealth for a Black family is just a tenth of a White household’s, bear in mind that the lack of Black-owned banks is one reason to blame.
Financial exclusion puts Black people at a disadvantage. Still, many Black-owned banks try to combat the wealth disparity gap by supporting Black-owned businesses and organizations, providing financial literacy programming, and giving financial aid to communities in need.
Black banks provide the standard financial services that we all need while supporting its community and economic development in the process. Now is the perfect time to invest in Black-owned financial institutions, and it’s up to us to build our economic power and help grow Black banks. So, if you’re ready to help make a difference, here’s a list of 10 Black-owned banks around the country:
1. Citizens Trust Bank; located across 15 cities in the U.S.
2. United Bank of Philadelphia; located in Philadelphia, PA
3. OneUnited Bank; located in three cities in the U.S.
4. Tri-State Bank of Memphis; located in Memphis, TN
5. Unity National Bank; located in three cities in TX and GA
6. GN Bank; located in Chicago, Ill
7. Broadway Federal Bank FSB; located in Los Angeles, CA
8. Carver State Bank; located in Savannah, GA
9. Alamerica Bank; located in Birmingham, AL
10. Harbor Bank of Maryland; located in MD
11. Industrial Bank; 6 location in the DMV area
Discover the Black-owned bank nearest to you, and start #BankingBlack today!