Black-Owned Banks in America by State

Whether in person or online, Black-owned banks play a crucial role in empowering communities and fostering financial inclusion. Physical branches serve as cornerstones of trust, offering a welcoming space for personalized service and valued face-to-face connections. Meanwhile, the rise of digital banking has allowed institutions like OneUnited Bank to expand its reach, especially to those who are more likely to manage their finances online.

By tapping into the growing demand for mobile banking — used by 33% of Black consumers — and online banking (used by 20%), these banks provide modern, convenient services that help them stay competitive with larger institutions. In doing so, they help close financial gaps and bring a sense of pride and ownership to underserved communities.

Black-owned banks are vital for economic empowerment, offering fair lending, supporting businesses and advancing social equity. We put together a complete list of Black-owned banks and credit unions currently operating in the U.S. and a map to provide a more comprehensive resource. These financial institutions are leading the way in promoting financial inclusion and equity for Black Americans.

Here's a look at some of the leading online and mobile banking options currently serving Black communities, aimed at fostering economic empowerment and financial inclusion.

• OneUnited Bank is often called "the first Black Internet bank" and "the largest Black-owned bank in the country." The bank has branches in Los Angeles, Boston and Miami and also provides online banking services nationwide.
• Greenwood is a Black-owned, mobile-only financial technology platform that was formed in 2020. It was inspired by the early 1900s Greenwood District, also known as "Black Wall Street," a historical pinnacle of Black wealth where Black businesses thrived. It partners with Coastal Community Bank (which is not Black-owned) to offer FDIC-insured banking accounts.
• Capway is a Black-owned non-bank fintech company that initially operated as a digital-only bank and offers micro-lending, along with other financial services and educational resources, with a national/online focus.
• MoCafi is a Black-owned financial platform focused on addressing social inequities by serving the underbanked and unbanked. It provides a range of financial services, including bank accounts, a money management app and personal wealth coaching.

Alternatives to Black-owned banks include credit unions, CDFIs, MDIs, community banks and online-only banks, each offering different benefits like lower fees, local support or convenience depending on your financial needs.

Below, we share key insights and statistics to highlight the role and impact of Black-owned banks in driving economic equity and community support.

• First Black-Owned Bank in the U.S.: This distinction belongs to True Reformers Bank, founded in 1888 in Richmond, Virginia.
• Number of Black-Owned Banks: While the exact number may fluctuate slightly due to mergers, closures or new openings, as of October 2023, there were 23 Black-owned banks in the United States.
• Latest Opening: In 2023, Adelphi Bank opened in Columbus, Ohio, becoming the first new Black-owned bank in the United States in over twenty years and the only one in Ohio.
• Oldest Black-Owned Bank: The oldest Black-owned bank still in operation is Citizens Savings Bank and Trust Company, established in 1904.
• Assets: The total combined assets of all Black-owned banks were under $8 billion as of September 2022.
• Loans: Black-owned banks account for less than 1% of all mortgage lending to Black borrowers.
• Bank With the Most Significant Assets: As of 2022, City First Bank has total assets of $1.2 billion.

Since the nineteenth century, Black-owned banks have been a powerful force for financial equity. Racism and segregation led Black communities to unite their resources, with Black-owned banks playing a crucial role in their economic well-being.

True Reformers Bank, the first Black-owned bank in America, blazed a trail for financial empowerment within the Black community in 1888, when a Black fraternal organization faced racial tensions that prevented them from using mainstream financial services. In response, the founder of that group established a Black-owned financial institution, which later expanded to 24 states.

Although True Reformers Bank eventually faced challenges that contributed to its short existence, it was significant in paving the way for future Black-owned banks that have become important for financial equity in Black communities. Between 1888 and 1934, 134 Black-owned banks were established to empower Black communities by providing critical access to credit and financial services.

While the number of these institutions has declined over the years, their role remains vital in addressing the ongoing financial disparities of the Black community.

Black-owned banks are vital for their role in economic empowerment, wealth creation and addressing financial inequities within Black communities, helping them flourish financially. They provide essential lending services to Black homeowners, local businesses and organizations, bridging the wealth gap and bolstering economic growth in underserved areas.

Black and Latino or Hispanic communities often rely more on high-interest financial services like check cashing and payday lenders due to a scarcity of banks in their neighborhoods. Notably, Black-owned banks offer financial services to roughly 11% of unbanked Black households and often-denied Black businesses and homeowners. These banks are community-oriented, offering financial mentorship and reinvesting in local economies, like Citizens Trust Bank, which is one of the larger Black-owned banks in the U.S. These institutions are crucial in countering systemic racism in the financial sector by ensuring fair and equitable access to services and combating discriminatory banking practices.

We answered some of the most common questions about Black-owned banks. Here’s a quick guide to help you understand their impact, benefits and how they work