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

Black-owned banks tend to serve Black communities in the U.S. more than other banks do.

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

Black-owned banks — and credit unions, their not-for-profit equivalent — are intentional about helping the Black community. Many are community development financial institutions, which provide financial services in underserved and low- to moderate-income areas.

These banks connect those who have been denied accounts or loans in the past with banking services. About 10.6% of Black American households are unbanked, compared with 1.9% of white households, according to a 2023 survey by the Federal Deposit Insurance Corp.

^[1]

Federal Deposit Insurance Corp. 2023: FDIC National Survey of Unbanked and Underbanked Households. Accessed May 21, 2026. View all sources . Black-owned banks also lend to Black-owned small businesses and Black homeowners, who are both denied loans more often than non-Hispanic white borrowers

^[2]

Consumer Financial Protection Bureau. Data Point: 2023 Mortgage Market Activity and Trends. Accessed May 21, 2026. View all sources . (Skip down for more historical context.)

» SEE: Mortgage lenders serving Black communities

"We’re making Black America a better place, and by doing so, making all America a better place,” said Kevin Cohee, CEO and chairman of OneUnited Bank, one of the largest Black-owned banks in the U.S., during a 2021 interview with NerdWallet.

Black-owned banking institutions we’ve reviewed

Select a financial institution to read our review:

• Andrews Federal Credit Union.

• Hope Credit Union.

• Securityplus Federal Credit Union.

List of Black-owned banks, credit unions and fintechs by state

Our list focuses on more than 250 U.S. Black-owned (and Black-led) banks and credit unions, and a rare few are Black-owned nonbank tech firms that partner with banks to offer federally insured banking accounts. Each bank is listed by the state where its headquarters is located. The list is based on federal banking data for banks

^[3]

Federal Deposit Insurance Corp. Minority Depository Institutions Program. Accessed May 21, 2026. View all sources and credit unions

^[4]

National Credit Union Administration. Minority Depository Institutions. Accessed May 21, 2026. View all sources , and in the case of several tech firms, the business platform Crunchbase.

 » Want to see other minority-owned financial institutions? See our list of Native American-owned banks and credit unions

Why Black-owned banks matter

Black-owned banks' mission includes closing the nation's wealth gap. The typical White family in the U.S. has about six times the wealth of the typical Black family, according to a 2022 Federal Reserve survey. Put another way, the typical Black family has around $16 for every $100 that the typical white family has. 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.

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.