21 American Banks Owned By Black People

Many people claim they don’t keep their money in African American or Black owned banks because they are not aware of any that exist. Well, this article’s aim is to eradicate this line of excuses. We are going to provide  comprehensive list of the 21 African American owned banks in the United States.

These 21 banks have total assets of approximately $4.7 billion dollars. This is a measly 0.43 percent of the $1.1 trillion dollars of annual spending power of the African American community. That’s right, we have over a trillion dollars in spending annually, but only keep $4.7 billion dollars of this in Black Owned Banks.

support-black-business-415x400-300x289Many of you may not see a problem with this because the idea, or delusion, of multiculturalism has infected you. This is no accident. This is part of the same reasons in 1994 there were 54 African American owned banks, but only 21 remain today less than 20 years later. At this rate, we will be down to single digits in the next two decades or less, despite our annual spending power rapidly increasing.

Another shameful reality in these figures is we are constantly complaining loans are not extended to black owned businesses, which is why they are on the massive decline as well. We are complaining, but if we just pooled a quarter of that $1 trillion dollars in spending power in these banks, we could fund more businesses than we have ideas. All of this without the touch, approval or need of anyone outside of our community.

The bottom line, black community, is we must do better. They say when a people know better, they do better. Well?

Now you are in possession of a list of the ONLY 21 black owned banks in the country. These banks all have majority, 51% African American ownership or more, black owners. What are you going to do with this information?

1. ALAMERICA BANK

Location: Birmingham, Alabama

Founded: January 28, 2000

FDIC Region: Atlanta

Assets: $35 404 000

2. BROADWAY FEDERAL BANK FSB

Location: Los Angeles, California

Founded: February 26, 1947

FDIC Region: San Francisco

Assets: $385 055 000

3. CAPITAL CITY BANK & TRUST COMPANY

Location: Atlanta, Georgia

Founded: October 3, 1994

FDIC Region: Atlanta

Assets: $294 572 000

4. CARVER STATE BANK

Location: Savannah, Georgia

Founded: January 1, 1927

FDIC Region: Atlanta

Assets: $41 573 000

5. CITIZENS TRUST BANK

Location: Atlanta, Georgia

Founded: June 18, 1921

FDIC Region: Atlanta

Assets: $392 286 000

6. CITY NB OF NEW JERSEY

Location: Newark, New Jersey

Founded: June 11, 1973

FDIC Region: New York

Assets: $340 301 000

7. COMMONWEALTH NATIONAL BANK

Location: Mobile, Alabama

Founded: February 19, 1976

FDIC Region: Atlanta

Assets: $63 244 000

8. COVENANT BANK

Location: Chicago, Illinois

Founded: June 20, 1977

FDIC Region: Chicago

Assets: $59 842 000

9. FIRST INDEPENDENCE BANK

Location: Detroit, Michigan

Founded: May 14, 1970

FDIC Region: Chicago

Assets: $215 924 000

10. FIRST STATE BANK

Location: Danville, Virginia

Founded: September 08, 1919

FDIC Region: Atlanta

Assets: $38 882 000

11. FIRST TUSKEGEE BANK

Location:Tuskegee, Alabama

Founded: October 11, 1991

FDIC Region: Atlanta

Assets: $63 127 000

12. HIGHLAND COMMUNITY BANK

Location: Chicago, Illinois

Founded: November 09, 1970

FDIC Region: Chicago

Assets: $84 948 000

13. ILLINOIS SERVICE FEDERAL SAVINGS & LOAN

Location: Chicago, Illinois

Founded: January 01, 1934

FDIC Region: Chicago

Assets: $140 148 000

14. INDUSTRIAL BANK

Location: Washington, DC

Founded: August 18, 1934

FDIC Region: New York

Assets: $342 524 000

15. LIBERTY BANK & TRUST COMPANY

Location: New Orleans, Louisiana

Founded: November 16, 1972

FDIC Region: Dallas

Assets: $545 019 000

16. MECHANICS & FARMERS BANK

Location: Durham, North Carolina

Founded: March 01, 1908

FDIC Region: Atlanta

Assets: $304 809 000

17. NORTH MILWAUKEE STATE BANK

Location: Milwaukee, Wisconsin

Founded: February 12, 1971

FDIC Region: Chicago

Assets: $91 490 000

18. ONEUNITED BANK

Location: Boston, Massachusetts

Founded: August 02, 1982

FDIC Region: New York

Assets: $590 624 000

19. SEAWAY BANK & TRUST COMPANY

Location: Chicago, Illinois

Founded: January 02, 1965

FDIC Region: Chicago

Assets: $573 168 000

20. UNITED BANK OF PHILADELPHIA

Location: Philadelphia, Pennsylvania

Founded: March 23, 1992

FDIC Region: New York

Assets: $67 930 000

21. UNITY NB OF HOUSTON

Location: Houston, Texas

Founded: August 01, 1985

FDIC Region: Dallas

Assets: $68 125 000

Source: FDIC

 

Read more: http://urbanintellectuals.com/2013/10/03/did-you-know-there-were-21-african-american-owned-banks-in-the-country/

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Facebook Comments

  1. Williams July 20, 2015 at 6:17 pm

    Highland community bank has been closed and is now a branch of United Fidelity bank. Covenant bank has been permanently closed as well.

    Reply
  2. Grant July 24, 2015 at 10:06 am

    There aren’t any black owned banks in NYC?

    Reply
  3. http://BusinessFirstFamily.com August 4, 2015 at 8:46 am

    I know precisely how you feel. Great post.

    Reply

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