In the dynamic landscape of American banking, Black-owned banks have carved out a significant niche, offering a range of financial services to black communities where these services are still often unavailable to this day. The history of Black-owned banks in America is a story of resilience and determination in the face of significant challenges. Emerging as beacons of hope amidst systemic discrimination and financial exclusion faced by the African American community, these institutions were pivotal in wealth creation. In the era of segregation and Jim Crow laws, Black-owned banks played a crucial role, providing financial services to those routinely denied access by white-owned institutions. They enabled the community to buy homes, start businesses, and invest in education, laying the groundwork for economic empowerment. Historical Black communities like Black Wall Street in Tulsa's Greenwood neighborhood, Bronzeville in Chicago, Sweet Auburn in Atlanta, and Farish Street in Jackson, Mississippi, flourished would not have been possible without the foundational support of these banks.
Despite facing hurdles such as limited access to capital and systemic economic barriers, these banks have persevered. Their presence was not only a response to exclusion but also a strategic effort to build wealth within the Black community. Today, Black-owned banks continue to serve a vital purpose. They are more than just financial institutions; they are symbols of economic resilience, providing critical services while championing financial literacy and empowerment.
In this context, let's look at the ten largest Black banks in the nation, celebrating their legacy, current leadership, diverse services, and ongoing community contributions.
1. Liberty Bank & Trust
Headquarters: New Orleans, LA
Total Assets: $1.035 Billion
CEO: Alden J. McDonald Jr.
Services: Offers personal and business banking, checking and savings accounts, mortgages, and credit card services.
Community Impact: Actively involved in financing affordable housing and supporting local businesses.
2. OneUnited Bank
Headquarters: Boston, MA
Total Assets: $684 Million
CEO: Kevin Cohee
Services: Provides a comprehensive suite of personal and business banking services, including checking accounts, savings, and credit cards.
Community Impact: Known for promoting financial literacy and empowerment in the African American community.
3. Carver Federal Savings Bank
Headquarters: New York, NY
Total Assets: $671 Million
CEO: Michael T. Pugh
Services: Offers personal banking, business banking, and lending services, including mortgages.
Community Impact: Focuses on serving underserved communities with an emphasis on economic development.
4. Industrial Bank
Headquarters: Washington D.C.
Total Assets: $600 Million
CEO: B. Doyle Mitchell Jr.
Services: Provides a range of services including personal banking, business banking, loans, and credit services.
Community Impact: Involved in community development and supports various local initiatives.
5. Citizens Trust Bank
Headquarters: Atlanta, GA
Total Assets: $506 Million
CEO: Cynthia N. Day
Services: Offers personal and business banking, loans, and credit card services.
Community Impact: Engages in community initiatives, focusing on economic growth and financial education.
6. Broadway Federal Bank
Headquarters: Los Angeles, CA
Total Assets: $488 Million
CEO: Wayne-Kent A. Bradshaw
Services: Specializes in personal banking, business banking, and various loan options.
Community Impact: Known for supporting affordable housing and community development projects.
7. City First Bank
Headquarters: Washington D.C.
Total Assets: $367 Million
CEO: Brian E. Argrett
Services: Offers various services, including personal and business banking, lending services, and credit facilities.
Community Impact: Focuses on social impact banking and supporting underserved communities.
8. The Harbor Bank
Headquarters: Baltimore, MD
Total Assets: $280 Million
CEO: Joseph Haskins Jr.
Services: Provides personal and business banking services, loan options, and credit services.
Community Impact: Involved in community development financing and supporting local businesses.
9. Citizens Savings Bank and Trust
Headquarters: Memphis, TN
Total Assets: $173 Million
CEO: Deborah A. Cole
Services: Offers a suite of banking services including personal and business banking, loans, and credit cards.
Community Impact: Committed to serving the needs of its community with a focus on financial empowerment.
10. Commonwealth National Bank
Headquarters: Mobile, Alabama
Total Assets: $67 Million
CEO: Sidney King
Services: Provides personal banking, business banking, and a range of credit services.
Community Impact: Actively supports local economic development and community initiatives.
Each of these banks plays a pivotal role in their communities, not just as financial institutions but as catalysts for growth and development. They stand as testaments to the resilience and entrepreneurial spirit within the African American community, providing essential services while fostering economic empowerment.
