Black-Owned Banks and Credit Unions

Black-owned banks tend to serve Black American communities more than other banks do. Their mission includes closing the wealth gap in America.

» Skip ahead to the list of Black-owned U.S. banks and credit unions

The typical white family has eight times the wealth of the typical Black family, according to a 2019 Federal Reserve survey. This gap exists in part because of past U.S. policies as well as banking industry practices, which historically excluded Black Americans from access to credit and banking services.[1]

Black-owned banks — and their not-for-profit equivalent, credit unions — are intentional about helping the Black community. Most are community development financial institutions, which provide financial services in underserved and low- to moderate-income areas. (Learn more about CDFIs.) These banks connect those who have been denied accounts in the past with banking services[2] and lend to Black-owned small businesses and Black homeowners, who are both denied loans more often than white borrowers.[3]

» Check out: Mortgage lenders serving Black communities

Frequently asked questions

What is a Black-owned bank?

A Black-owned bank is a for-profit banking institution in which the majority of stockholders or members of the board of directors are African American. The bank tends to serve a mostly Black community, but this doesn’t mean non-Black people or firms can’t join. In fact, some companies, such as Netflix, have deposited funds in Black-owned banks as a way to support Black communities.

What is a Black-owned credit union?

A Black-owned credit union is a not-for-profit banking institution in which a majority of its current members, its board of directors and the community it serves are African American. Membership can be limited to a certain city or group, such as members of a predominantly Black church or employees at a historically Black college or university.

Can allies join a Black-owned bank?

Yes, joining a Black-owned bank can be a solid way to support its mission. If you’re interested in a Black-owned credit union, check its membership requirements; like other credit unions, some may restrict by geography or other factors.

» See more about 3 ways minority-owned banks help America

"We’re making Black America a better place, and by doing so, making all America a better place,” says Kevin Cohee, CEO and chairman of OneUnited Bank, one of the largest Black-owned banks in the U.S.

List of Black-owned banks and credit unions

Here are some of the Black-owned financial institutions, and a few online-only platforms that partner with banks, currently operating in the U.S.

Financial Institution	Headquarters
MoCaFi	Online only
Greenwood (see NerdWallet's review)	Online only
Alamerica Bank	Birmingham, AL
Commonwealth National Bank	Mobile, AL
City First Bank (see NerdWallet's review)	Washington, D.C. (with branches in CA, D.C.)
Howard University Employees Federal Credit Union	Washington, D.C.
Industrial Bank (see NerdWallet's review)	Washington, D.C. (with branches in D.C., MD, NJ, NY)
Labor (Department of Labor) Federal Credit Union	Washington, D.C.
Phi Beta Sigma Federal Credit Union	Washington, D.C.
FAMU (Florida A&M University) Federal Credit Union	Tallahassee, FL
Citizens Trust Bank	Atlanta, GA
1st Choice Credit Union	Atlanta, GA
Credit Union of Atlanta	Atlanta, GA
United Neighborhood Federal Credit Union	Augusta, GA
Carver State Bank	Savannah, GA
Omega Psi Phi Fraternity Federal Credit Union	Toccoa, GA
GN Bank	Chicago, IL
South Side Community Federal Credit Union	Chicago, IL
Southern Teachers & Parents Federal Credit Union	Baton Rouge, LA
Liberty Bank and Trust Company	New Orleans, LA (with branches in AL, IL, KS, KY, LA, MI, MO, MS)
MECU (Municipal Employees Credit Union) of Baltimore	Baltimore, MD
Securityplus Federal Credit Union	Baltimore, MD
The Harbor Bank of Maryland	Baltimore, MD
Andrews Federal Credit Union (see NerdWallet's review)	Suitland, MD (with branches in D.C., MD, VA)
TEFCU (Transit Employees Federal Credit Union)	Greenbelt, MD (with branches in D.C., MD, VA)
OneUnited Bank	Boston, MA (with branches in CA, FL, MA)
First Independence Bank	Detroit, MI
Hope Credit Union (see NerdWallet's review)	Jackson, MS (with branches in AL, AR, LA, MS, TN)
Jackson Area Federal Credit Union	Jackson, MS
St. Louis Community Credit Union	St. Louis, MO
Carver Federal Savings Bank	New York, NY
Urban Upbound Federal Credit Union	Long Island City, NY
Mechanics & Farmers Bank	Durham, NC
Greater Kinston Credit Union	Kinston, NC
Toledo Urban Federal Credit Union	Toledo, OH
First Security Bank	Oklahoma City, OK
United Bank of Philadelphia	Philadelphia, PA
Hill District Federal Credit Union	Pittsburgh, PA
Optus Bank	Columbia, SC
Palmetto Health Credit Union	Columbia, SC
Brookland Federal Credit Union	West Columbia, SC
Citizens Savings Bank	Nashville, TN
Mount Olive Baptist Church Federal Credit Union	Arlington, TX
Unity National Bank of Houston	Houston, TX (with branches in GA, TX)
Faith Cooperative Credit Union	Dallas, TX
Oak Cliff Christian Federal Credit Union	Dallas, TX
Democracy Federal Credit Union	Alexandria, VA (with branches in D.C., MD, PA, VA)
VSU (Virginia State University) Federal Credit Union	South Chesterfield, VA
Columbia Savings and Loan	Milwaukee, WI

Don’t see your Black-owned credit union here? Let us know.

Note: This list is not exhaustive, due in part to the different processes for banks and credit unions to be recognized as Black-owned. For banks, Black-owned means the institution is owned by Black stockholders, and the Federal Deposit Insurance Corporation tracks eligible banks. All 19 Black-owned banks are represented as of the most recent list, the first quarter of 2022.

For credit unions, members are the owners, and the National Credit Union Administration relies on credit unions to self-report as Black-owned. Not all credit unions from NCUA’s list could be verified as Black-owned. You can see the full list of Black-owned credit unions on the NCUA website.[4]

» Read more about why Black-owned banks matter

Article sources and further context

Works cited

1. Black Americans historically have been blocked from government programs that boosted wealth for white Americans. For example, the Federal Housing Administration refused to provide government-backed mortgages to Black Americans for decades. This encouraged the mostly white-owned banks to perpetuate a racist policy of redlining, or denying or limiting financial services based on race or ethnicity. Lending practices have shifted over time, but racial discrimination remains. As recently as the past decade, some of the biggest U.S. banks settled lawsuits for charging Black borrowers higher mortgage rates than white borrowers with similar credit profiles.

2. About 14% of Black households don’t have bank accounts, compared with 2.5% of white households, according to a 2019 survey by the Federal Deposit Insurance Corporation.

3. Black-owned small businesses applied for bank financing slightly more than other firms, but less than 47% of these applications got full funding, compared with 75% of firms with white owners, according to a 2017 Federal Reserve survey of small business credit. About 16% of Black borrowers are denied mortgages, compared with 6% of white borrowers, according to the 2019 Consumer Financial Protection Bureau report on the mortgage market.

4. FDIC's Minority Depository Institutions List and NCUA’s Minority Depository Institutions.

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Black-Owned Banks and Credit Unions: Where to Find Them

List of Black-owned banks and credit unions

Article sources and further context

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