34 Black-Owned Banks and Credit Unions, Sorted by State

Oct 23, 2024

Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.

The FDIC and NCUA recognize minority depository institutions, or MDIs, which are institutions that are led by minority group. One type of MDI is a Black-owned bank. These institutions serve to lessen economic inequality and provide banking and loan services to underserved communities.

We've provided a detailed list of 34 Black-owned banks and credit unions divided by state to help you find a Black-owned bank that fits your banking needs.

AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowa KansasKentuckyLouisianaMaine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington Washington, DC West Virginia Wisconsin Wyoming

Black-owned banks have a long history of serving Black Americans, and they continue to serve communities today.

The first national bank in the U.S. was created in 1791. While it initially opened in Philadelphia, it had branches across the country. But as slavery continued, the bank did not serve all Americans.

The end of the Civil War eventually brought millions of Black Americans freedom from slavery. And even though then-President Abraham Lincoln established the Freedman's Savings and Trust Company ("Freedman's Bank") in 1865 to help serve freed slaves, Freedman's Bank failed in 1874 due to corruption and risky investments. Though it had once boasted 37 branches and $57 million in deposits, thousands of Black customers lost their savings.

Against a backdrop of racist practices in the banking industry, including denial of access, Black-owned banks arose to help disenfranchised Black Americans. In 1888, Capital Savings Bank in Washington, DC, became the first Black bank to open, and the Savings Bank of the Grand Fountain United Order of True Reformers in Richmond, Virginia, became the first chartered Black-owned bank in the United States, later opening in 1889. More Black-owned banks followed.

Today, these banks are considered "minority depository institutions" (MDI) by the Federal Deposit Insurance Corporation. The FDIC defines an MDI as "a federal insured depository institution for which (1) 51% or more of the voting stock is owned by minority individuals; or (2) a majority of the board of directors is minority and the community that the institution serves is predominantly minority." There are dozens of Black-owned financial institutions in the United States, including credit unions.

The FDIC divides MDIs into two groups: banks where 51% or more of the voting stock is owned by a minority group, and banks where a majority of the board of directors is part of a minority group, and the community that the institutions serves is predominantly a minority group. The former is considered to be owned by a minority group, while the latter is considered to be led by a minority group. For Black-owned banks, each bank is either Black-owned or Black-led, respectively. We provide that information for each bank we cover.

The NCUA, which is the credit union version of the FDIC, doesn't differentiate between credit unions in the same way, since credit unions are owned by their members. The NCUA requires credit unions to have a majority-minority board, membership, and community served. This means a credit union's board members must be over 50% minority, its current members must be over 50% minority, and the community it serves must be over 50% minority. These requirements are similar to, but not the same as, the requirements for a bank to qualify as Black-led.

Alamerica Bank

Branches: 1 (Birmingham)

ATMs: Over 10,000 through Wells Fargo and MoneyPass nationwide

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, money market accounts, certificates of deposit, lines of credit, auto loans, construction loans, lot loans, online banking

Citizens Trust Bank

Branches: 2 (Birmingham, Eutaw)

ATMs: 2 (Birmingham, Eutaw)

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, certificates of deposit, money market accounts, individual retirement accounts, credit cards, home loans, personal loans, auto loans, home equity lines of credit, online banking, mobile banking

Commonwealth National Bank

Branches: 2 (Mobile)

ATMs: 1 bank-operated (Mobile) or any Publix Super Market ATM and PNC Bank ATM nationwide

Black-owned or Black-led: Black-owned

Services: Credit builder certificate of deposit loans, individual retirement accounts, certificates of deposit, checking accounts, savings accounts, money market accounts, personal loans, home loans, vehicle loans, commercial loans, online banking, mobile banking

Community outreach: Commonwealth National Bank offers student scholarships and leadership development programs, and it supports organizations like the Boys & Girls Clubs of South Alabama.

Hope Credit Union

Branches: 2 (Montgomery) or any credit union in the Shared Branching Network

ATMs: 2 (Montgomery) or any credit union in the Shared Branching Network

Services: Checking accounts, savings accounts, individual retirement accounts, share certificates, money market accounts, personal loans, credit builder loans, home equity loans, vehicle loans, credit cards, home loans, savings/share certificate secured loans, signature loans, online banking, mobile banking, telephone banking

Community outreach: Hope Credit Union provides funding for affordable housing and healthy-food programs, as well as leadership training opportunities.

Liberty Bank

Branches: 2 (Montgomery, Tuskegee)

ATMs: 4 (Montgomery, Tuskegee)

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

None

None

Hope Credit Union

Branches: 3 (College Station, Little Rock, West Memphis) or any credit union in the Shared Branching Network

ATMs: 3 (College Station, Little Rock, West Memphis) or any credit union in the Shared Branching Network

Services: Checking accounts, savings accounts, individual retirement accounts, share certificates, money market accounts, personal loans, credit builder loans, home equity loans, vehicle loans, credit cards, home loans, savings/share certificate secured loans, signature loans, online banking, mobile banking, telephone banking

Community outreach: Hope Credit Union provides funding for affordable housing, healthy food programs, and leadership training opportunities.

City First Bank

Branches: 3 (Inglewood, Los Angeles)

ATMs: 3 (Inglewood, Los Angeles) or any one of over 55,000+ MoneyPass ATMs and Citibank ATMs nationwide

Black-owned or Black-led: Black-led

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, money market accounts, online banking, mobile banking, telephone banking

OneUnited Bank

Branches: 2 (Los Angeles, Compton)

ATMs: 100,000+ free ATMs around the country, including both its own network and Allpoint ATMs, MoneyPass ATMs, Chase Bank branch ATMs, and CitiBank branch ATMs

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, certificates of deposit, credit cards, online banking, mobile banking, personal loans, home loans, multifamily loans, commercial real estate loans

Community outreach: OneUnited Bank provides contributions promoting financial literacy, affordable housing, and community development.

None

None

None

OneUnited Bank

Branches: 1 (Miami)

ATMs: 100,000+ free ATMs around the country, including both its own network and Allpoint ATMs, MoneyPass ATMs, Chase Bank branch ATMs, and CitiBank branch ATMs

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, certificates of deposit, credit cards, online banking, mobile banking, personal loans, home loans, multifamily loans, commercial real estate loans

Community outreach: OneUnited Bank provides contributions promoting financial literacy, affordable housing, and community development.

Carver State Bank

Branches: 2 (Savannah)

ATMs: 1 (Savannah), along with 50,000+ MoneyPass and Wells Fargo ATM networks nationwide

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home loans, home equity lines of credit, personal loans, credit builder loans, commercial real estate loans, church financing, credit cards, debit cards, credit counseling, online banking, telephone banking

Community outreach: Carver State Bank, with community partners, has established a program to help low-income individuals and families become small business owners and graduates of post-secondary education programs.

Citizens Trust Bank

Branches: 6 (Atlanta, East Point, South Fulton, Stonecrest, Stone Mountain)

ATMs: 6 (Atlanta, Decatur, Lithonia, Stonecrest, Stone Mountain)

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, credit cards, certificates of deposit, money market accounts, individual retirement accounts, home loans, personal loans, auto loans, home equity lines of credit, online banking, mobile banking

Credit Union of Atlanta

Branches: 1 (Atlanta)

ATMs: 3 (Atlanta) or any one of over 40,000 MoneyPass ATMs and any ATM in the STAR network

Services: Checking accounts, savings accounts, money market accounts, share certificates, individual retirement accounts, auto loans, secured loans, credit cards, home loans, home equity loans, signature loans, online banking, mobile banking, telephone banking

Community outreach: Credit Union of Atlanta sponsors a scholarship for students ages seven to 24 to support childrens' futures.

Unity National Bank

Branches: 1 (Atlanta)

ATMs: 1 (Atlanta) or any one of the ATMs in the Select ATM network

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, certificates of deposit, money market accounts, individual retirement accounts, auto loans, personal loans, credit cards, faith-based organizational loans, small business loans, commercial loans, commercial real estate loans, online banking, mobile banking

Community outreach: Unity National Bank financially supports agencies like the YMCA, YWCA, NAACP, and United Negro College Fund.

None

None

GN Bank

Branches: 2 (Chicago)

ATMs: Contact the bank for the nearest ATM

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, money market accounts, certificates of deposit, personal loans, auto loans, share loans, home loans, home equity loans, home equity lines of credit, business lines of credit, commercial real estate financing, credit cards, debit cards, online banking, mobile banking

Liberty Bank

Branches: 1 (Forest Park)

ATMs: 1 (Forest Park)

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

None

None

Liberty Bank

Branches: 1 (Kansas City)

ATMs: 1 (Kansas City)

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

Liberty Bank

Branches: 1 (Louisville)

ATMs: 0

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

Hope Credit Union

Branches: 2 (New Orleans) or any credit union in the Shared Branching Network

ATMs: 2 (New Orleans) or any credit union in the Shared Branching Network

Services: Checking accounts, savings accounts, individual retirement accounts, share certificates, money market accounts, personal loans, credit builder loans, home equity loans, vehicle loans, credit cards, home loans, savings/share certificate secured loans, signature loans, online banking, mobile banking, telephone banking

Community outreach: Hope Credit Union provides funding for affordable housing and healthy-food programs, as well as leadership training opportunities.

Liberty Bank

Branches: 7 (Baton Rouge, New Orleans)

ATMs: 19 (Baton Rouge, New Orleans)

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

None

Andrews Federal Credit Union

Branches: 3 (Andrews Air Force Base, Suitland, Waldorf) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ free ATMS nationwide through the CO-OP ATM network

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, personal loans, credit cards, gift cards, home loans, home equity loans, home equity lines of credit, homeowners insurance, investment program, early direct deposit, mobile banking, online banking, telephone banking, overseas branches

Community outreach: Andrews Federal Credit Union sponsors several charitable drives and programs for its local community, such as collecting school supplies for schools and students in the Washington, D.C. area and hosting toy drives, turkey giveaways, and adopt-a-family programs during the holidays.

Andrews Federal Credit Union partners with Kasasa to offer higher interest rates.

Democracy Federal Credit Union

Branches: 1 (District Heights) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ free ATMS nationwide through the CO-OP ATM network

Services: Checking accounts, savings accounts, money management accounts, individual retirement accounts, share certificates, auto loans, home loans, personal loans, credit cards, home equity loans, home equity lines of credit, recreational vehicle loans, share secured loans, mobile banking, online banking, telephone banking

Democracy Federal Credit Union partners with Kasasa to offer higher interest rates.

Industrial Bank

Branches: 2 (Forestville, Oxon Hill)

ATMs: 2 (Forestville, Oxon Hill) and any ATMs in the Allpoint network

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home loans, online banking, mobile banking, telephone banking, credit cards, debit cards, commercial loans

Community outreach: Industrial Bank provides free financial literacy courses every year and participates in community service.

Industrial Bank partners with Kasasa to offer higher interest rates.

Municipal Employees Credit Union of Baltimore

Branches: 9 (Baltimore, Catonsville, Dundalk, Pikesville, Randallstown) and the branches in the CO-OP Shared Branch network

ATMs: 9 (Baltimore, Catonsville, Dundalk, Pikesville, Randallstown) and over 30,000 additional no-fee ATMS nationwide through CO-OP ATMs and M&T ATMs

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, education savings accounts, auto loans, home loans, home equity loans, home equity lines of credit, personal loans, debit cards, credit cards, online banking, mobile banking, telephone banking, insurance products

Community outreach: MECU supports local nonprofits that work in arts and culture, youth empowerment, community development, and more.

SecurityPlus Federal Credit Union

Branches: 3 (Baltimore, Owings Mills) and over 6,400 shared branches

ATMs: 3 (Baltimore, Owings Mills) and ATMs in the Allpoint Network

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, education savings accounts, vehicle loans, home loans, home equity loans, home equity lines of credit, personal loans, secured loans, reloadable cards, online banking, mobile banking, insurance products

Community outreach: Securityplus is part of the HopeFul Market, a free farmers market for the homeless.

The Harbor Bank of Maryland

Branches: 8 (Baltimore, Randallstown, Silver Spring)

ATMs: 7 (Baltimore, Randallstown) and ATMs in the Allpoint network

Black-owned or Black-led: Black-led

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home equity loans, home equity lines of credit, installment loans, VIP loans, mobile banking, online banking, telephone banking, check card, ATM card

OneUnited Bank

Branches: 3 (Boston, Dorchester, Roxbury)

ATMs: 100,000+ free ATMs around the country, including both its own network and Allpoint ATMs, MoneyPass ATMs, Chase Bank branch ATMs, and CitiBank branch ATMs

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, certificates of deposit, credit cards, online banking, mobile banking, personal loans, home loans, multifamily loans, commercial real estate loans

Community outreach: OneUnited Bank provides contributions promoting financial literacy, affordable housing, and community development.

First Independence Bank

Branches: 2 (Detroit)

ATMs: 6 (Clinton Township, Detroit) or any nationwide FIB, Fifth Third Bank, Huntington National Bank, US Bank, JPMorgan Chase Bank, Bank of America, Wells Fargo Bank, or Bremer Bank ATM

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, certificates of deposit, money market accounts, credit cards, debit cards, online banking, mobile banking, vehicle loans, home equity loans, home equity lines of credit, home loans, personal loans, CD loans

Community outreach: First Independence Bank has established a millennial advisory board and sponsored a youth basketball clinic and tournament.

Liberty Bank

Branches: 1 (Detroit)

ATMs: 1 (Detroit)

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

One Detroit Credit Union

Branches: 4 (Detroit, Highland Park) and the branches in the CO-OP Shared Branch network

ATMs: 2 (Detroit, Highland Park) and 30,000 additional no-fee ATMS nationwide through the CO-OP ATM network

Services: Checking accounts, savings accounts, individual retirement accounts, share certificates, money market accounts, personal loans, home equity loans, home equity lines of credit, vehicle loans, credit cards, home loans, credit builder loan, payday loans, bill consolidation loans, debit cards, ATM cards, online banking, mobile banking, telephone banking

Community outreach: One Detroit Credit Union sponsors gift and food drives to provide resources for families in need.

First Independence Bank

Branches: 2 (Minneapolis)

ATMs: Any nationwide FIB, Fifth Third, TCF, or Chemical Bank ATM

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, certificates of deposit, money market accounts, credit cards, debit cards, online banking, mobile banking, vehicle loans, home equity loans, home equity lines of credit, home loans, personal loans, CD loans

Community outreach: First Independence Bank has established a millennial advisory board and sponsored a youth basketball clinic and tournament.

Grand Bank for Savings

Branches: 1 (Hattiesburg)

ATMS: 1 (Hattiesburg) and any of the 40,000+ ATMs nationwide in the MoneyPass ATM Network

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, early direct deposit, home loans, home equity lines of credit, online banking, mobile banking

Community Outreach: Grand Bank for Savings partners with local nonprofit organizations through its Giving Back Program.

Hope Credit Union

Branches: 12 (Biloxi, Drew, Greenville, Itta Bena, Jackson, Louisville, Moorhead, Shaw, Terry, Utica, West Point) or any credit union in the Shared Branching Network

ATMs: 12 (Biloxi, Drew, Greenville, Itta Bena, Jackson, Louisville, Moorhead, Shaw, Terry, Utica, West Point) or any credit union in the Shared Branching Network

Services: Checking accounts, savings accounts, individual retirement accounts, share certificates, money market accounts, personal loans, credit builder loans, home equity loans, vehicle loans, credit cards, home loans, savings/share certificate secured loans, signature loans, online banking, mobile banking, telephone banking

Community outreach: Hope Credit Union provides funding for affordable housing and healthy-food programs, as well as leadership training opportunities.

Jackson Area Federal Credit Union

Branches: 3 (Byram, Jackson, Clinton)

ATMs: Any ATM in the Dolphin ATM Alliance

Services: Savings accounts, individual retirement accounts, certificates of deposit, personal loans, auto loans, student loans, credit cards, insurance products, mobile banking, online banking

Liberty Bank

Branches: 1 (Jackson)

ATMs: 4 (Jackson)

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

Liberty Bank

Branches: 1 (Kansas City)

ATMs: 1 (Kansas City)

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

St. Louis Community Credit Union

Branches: 15 (Benton Park, Ferguson, Florissant, Jennings, Richmond Heights, St. John, St. Louis, Sullivan, University City) and the branches in the CO-OP Connected Credit Unions network

ATMs: Any of the ATMs in the CO-OP Connected Credit Unions network

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, personal loans, home equity lines of credit, auto loans, recreational vehicle/power sports loans, payday saver loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: St. Louis Community Credit Union hosts a monthly community service effort to work with local charities.

None

None

None

None

Andrews Federal Credit Union

Branches: 3 (Burlington, McGuire Air Force Base, Mt. Laurel) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ no-fee ATMS nationwide through the CO-OP ATM network

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, personal loans, credit cards, gift cards, home loans, home equity loans, home equity lines of credit, homeowners insurance, investment program, early direct deposit, mobile banking, online banking, telephone banking, overseas branches

Community outreach: Andrews Federal Credit Union sponsors several charitable drives and programs for its local community, such as collecting school supplies for schools and students in the Washington, D.C. area and hosting toy drives, turkey giveaways, and adopt-a-family programs during the holidays.

Industrial Bank

Branches: 2 (Halsey Street, Parkview)

ATMs: 2 (Halsey Street, Parkview) and any ATMs in the Allpoint network

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home loans, online banking, mobile banking, telephone banking, credit cards, debit cards, commercial loans

Community outreach: Industrial Bank provides free financial literacy courses every year and participates in community service.

Industrial Bank partners with Kasasa to offer higher interest rates.

None

Carver Federal Savings Bank

Branches: 7 (Brooklyn, Jamaica, New York City)

ATMs: 3 (New York City) and ATMs in the Allpoint network

Black-owned or Black-led: Black-led

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, landlord/tenant security accounts, debit cards, credit cards, wire transfers, online banking, mobile banking, telephone banking, installment loans, non-profit and faith-based lending, commercial real estate loans, small business loans

Industrial Bank

Branches: 1 (New York City)

ATMs: 1 (New York City) and any ATMs in the Allpoint network

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home loans, online banking, mobile banking, telephone banking, credit cards, debit cards, commercial loans

Community outreach: Industrial Bank provides free financial literacy courses every year and participates in community service.

Industrial Bank partners with Kasasa to offer higher interest rates.

Mechanics & Farmers Bank

Branches: 8 (Charlotte, Durham, Greensboro, Raleigh, Winston-Salem)

ATMs: Approximately 44,000 ATMs nationwide in the Bank of America, JPMorgan Chase, and Wells Fargo networks

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, health savings accounts, personal loans, home equity lines of credit, auto loans, credit cards, mobile banking, online banking

Community outreach: Mechanics & Farmers Bank hosts financial literacy workshops and workshops to help business owners and community members understand opportunities available during the pandemic.

None

Adelphi Bank

Branches: 1 (Columbus)

ATMs: 2

Black-owned or Black-led: Black-owned

Services: Savings accounts, money market accounts, checking accounts, second chance bank accounts, CDs, auto loans, personal loans, business credit cards, business checking accounts, business savings accounts, equipment loans, construction loans, business lines of credit, commercial real estate loans

Warsaw Federal Savings and Loan Association

Branches: 3 (Cincinnati)

ATMs: Any of the 40,000+ ATMs nationwide in the MoneyPass ATM Network

Black-owned or Black-led: Black-led

Services: Checking accounts, savings accounts, money market accounts, health savings accounts, certificates of deposit, home loans, debit cards, business checking accounts, business savings accounts, commercial real estate loans, business lines of credit, online banking, mobile banking

First Security Bank & Trust

Branches: 1 (Oklahoma City)

ATMs: Any ATM in the the TransFund network

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, money market accounts, certificates of deposit, personal loans, home equity lines of credit, home loans, auto loans, commercial real estate loans, credit cards, debit/ATM cards, mobile banking, online banking, telephone banking

None

Democracy Federal Credit Union

Branches: 1 (Philadelphia) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ no-fee ATMS nationwide in the CO-OP ATM network

Services: Checking accounts, savings accounts, money management accounts, individual retirement accounts, share certificates, auto loans, home loans, personal loans, credit cards, home equity loans, home equity lines of credit, recreational vehicle loans, share secured loans, mobile banking, online banking, telephone banking

Tioga-Franklin Savings Bank

Branches: 1 (Philadelphia)

ATMs: None

Black-owned or Black-led: Black-led

Services: savings accounts, checking accounts, money market accounts, CDs, home loans, small business loans, commercial real estate loans, equipment loans, business checking accounts, business savings accounts, merchant services, payroll services

United Bank of Philadelphia

Branches: 2 (Philadelphia)

ATMs: 14 (Philadelphia)

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts, credit building loans, small business loans, nonprofit and church loans, check cards, online banking, telephone banking, banking by mail

Community outreach: United Bank of Philadelphia provides financing to small businesses to spur job growth.

None

Optus Bank

Branches: 1 (Columbia)

ATMs: 2 (Columbia), any ATM in the Wells Fargo network for free

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, money market accounts, auto loans, home loans, home equity lines of credit, lines of credit loans, small business loans, commercial real estate loans, online banking, mobile banking

Palmetto Health Credit Union

Branches: 5 (Columbia, Easley)

ATMs: 8 (Columbia, Easley) or any ATM in the CO-OP Branching Network

Services: Checking accounts, savings accounts, individual retirement accounts, share certificates, health savings accounts, auto loans, home loans, home equity lines of credit, line of credit loans, personal loans, student loans, online banking, mobile banking, telephone banking, debit cards, credit cards, insurance products

None

Citizens Savings Bank And Trust

Branches: 3 (Memphis, Nashville)

ATMs: 1 (Nashville) and you are reimbursed any fees from any ATM in the US or abroad

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts, auto loans, credit cards, home loans, personal loans, debit cards, online banking, mobile banking

Hope Credit Union

Branches: 4 (Memphis) or any credit union in the Shared Branching Network

ATMs: 4 (Memphis) or any ATM in the Shared Branching Network

Services: Checking accounts, savings accounts, individual retirement accounts, share certificates, money market accounts, personal loans, credit builder loans, home equity loans, vehicle loans, credit cards, home loans, savings/share certificate secured loans, signature loans, online banking, mobile banking, telephone banking

Community outreach: Hope Credit Union provides funding for affordable housing and healthy-food programs, as well as leadership training opportunities.

Liberty Bank

Branches: 1 (Memphis)

ATMs: 1 (Memphis)

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing.

Unity National Bank

Branches: 2 (Houston, Missouri City)

ATMs: 2 (Houston, Missouri City) or any one of the ATMs in the Select ATM network

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, certificates of deposit, money market accounts, individual retirement accounts, auto loans, personal loans, credit cards, faith-based organizational loans, small business loans, commercial loans, commercial real estate loans, online banking, mobile banking

Community outreach: Unity National Bank financially supports agencies like the YMCA, YWCA, NAACP, and United Negro College Fund.

None

None

Andrews Federal Credit Union

Branches: 2 (Alexandria, Springfield) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ no-fee ATMS nationwide through the CO-OP ATM network

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, personal loans, credit cards, gift cards, home loans, home equity loans, home equity lines of credit, homeowners insurance, investment program, early direct deposit, mobile banking, online banking, telephone banking, overseas branches

Community outreach: Andrews Federal Credit Union sponsors several charitable drives and programs for its local community, such as collecting school supplies for schools and students in the Washington, D.C. area and hosting toy drives, turkey giveaways, and adopt-a-family programs during the holidays.

Democracy Federal Credit Union

Branches: 2 (Alexandria) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ no-fee ATMS nationwide in the CO-OP ATM network

Services: Checking accounts, savings accounts, money management accounts, individual retirement accounts, share certificates, auto loans, home loans, personal loans, credit cards, home equity loans, home equity lines of credit, recreational vehicle loans, share secured loans, mobile banking, online banking, telephone banking

Transit Employees Federal Credit Union

Branches: 1 (Alexandria) and the branches in the CO-OP Shared Branch network

ATMs: ATMs in the following networks: CO-OP, Star, CU24, Visa, Shared Branch, Transit Employees FCU

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, loyalty loans, student loans, personal loans, signature loans, credit cards, gift cards, reloadable cards, home loans, home equity loans, home equity lines of credit, secured loans, insurance products, wire transfers, mobile banking, online banking

None

Andrews Federal Credit Union

Branches: 2 (Washington, DC) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ no-fee ATMS nationwide through the CO-OP ATM network

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, personal loans, credit cards, gift cards, home loans, home equity loans, home equity lines of credit, homeowners insurance, investment program, early direct deposit, mobile banking, online banking, telephone banking, overseas branches

Community outreach: Andrews Federal Credit Union sponsors several charitable drives and programs for its local community, such as collecting school supplies for schools and students in the Washington, D.C. area and hosting toy drives, turkey giveaways, and adopt-a-family programs during the holidays.

City First Bank

Branches: 1 (Corporate Headquarters)

ATMS: 0

Black-owned or Black-led: Black-led

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, money market accounts, online banking, mobile banking, telephone banking

Democracy Federal Credit Union

Branches: 2 (Washington, DC) and the branches in the CO-OP Shared Branch network

ATMs: 30,000+ no-fee ATMS nationwide in the CO-OP ATM network

Services: Checking accounts, savings accounts, money management accounts, individual retirement accounts, share certificates, auto loans, home loans, personal loans, credit cards, home equity loans, home equity lines of credit, recreational vehicle loans, share secured loans, mobile banking, online banking, telephone banking

Industrial Bank

Branches: 4 (Washington, DC)

ATMs: 8 (Washington, DC) and any ATMs in the Allpoint network

Black-owned or Black-led: Black-owned

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home loans, online banking, mobile banking, telephone banking, credit cards, debit cards, commercial loans

Community outreach: Industrial Bank provides free financial literacy courses every year and participates in community service.

Industrial Bank partners with Kasasa to offer higher interest rates.

Transit Employees Federal Credit Union

Branches: 1 (Washington, DC) and the branches in the CO-OP Shared Branch network

ATMs: ATMs in the following networks: CO-OP, Star, CU24, Visa, Shared Branch, Transit Employees FCU

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, loyalty loans, student loans, personal loans, signature loans, credit cards, gift cards, reloadable cards, home loans, home equity lines of credit, secured loans, insurance products, wire transfers, mobile banking, online banking

None

Columbia Savings and Loan Association

Branches: 1 (Milwaukee)

ATMs: 0

Black-owned or Black-led: Black-owned

Services: Certificates of deposit, individual retirement accounts, home loans, church loans

None

There continues to be a racial wealth gap in the United States, and access to traditional banks is limited in many majority-Black communities. The importance of Black-owned banks lies in their abilities to provide access to banking services for underserved communities.

"Even though we have federal fair lending and anti-discrimination laws, Black people still suffer from racial discrimination in the banking sector," says Robert E. James, II, chairman of the National Bankers Association, a trade organization and advocacy voice for the nation's minority banks. Black-owned banks and credit unions can be "financial anchors for communities that have been historically deprived equal access to credit, capital, and even basic financial services," says James.

Without access to traditional financial institutions, many Americans turn to high-interest payday loans or pawn shops for access to capital. Lenders often allow people to use alternative forms of credit if they have a poor or low credit score so they can obtain the loan. However, high interest rates and additional fees can make these high-interest loans harder to pay off on time.

According to the Consumer Financial Protection Bureau, many people are unable to pay off these loans and end up having to either get another loan or roll over their loan for another period of time, which adds further fees.

Black-owned banks in Black communities can offer access to FDIC-insured checking and savings accounts, financial literacy programs, reasonable loans, and more.

Like their non-minority peers, many Black-owned banks suffered during the Great Depression, though the decline of Black-owned banks was more severe because of their locations in lower-income communities hit hard by economic decline. There was a resurgence in Black banking in the 1960s and 1970s, but the industry was again struck by economic decline in the 1980s and during the Great Recession in 2008.

As of December 2023, the 23 Black-owned banks tracked by the FDIC (which insures banks) held about $8.5 billion in assets. It's a small percentage of the total industry, but a percentage nonetheless.

"The No. 1 reason for the sharp decline in Black banks has been lack of access to capital," James tells Business Insider. "Some of that has to do with small scale, being privately held, and the like. Also, our relative small scale has meant that our banks haven't been able to achieve the economies of other, larger banks, hampering our opportunities to grow and expand."

Banks can raise capital by providing a variety of services and products, like loans or bank accounts, and imposing fees. Since Black-owned banks primarily serve minority communities, these institutions aren't able to offer the same variety of products and services as national banks, and as a result, have more limited opportunities for access to capital.

According to the FDIC, City First Bank and Liberty Bank & Trust are the two biggest Black-led and Black-owned banks as of the second quarter of 2024.

Black-owned banks and credit unions offer a range of personal and business banking services, including bank accounts, online banking services, credit cards, retirement accounts, and mortgage lending.

To bank with most Black-owned banks, you need to either live in a certain state or open an account at a branch — so you can probably only bank with them if you live nearby. But there are a couple, such as OneUnited and Liberty Bank & Trust, that allow you to open an account online from anywhere in the United States.

To learn more about Black-owned banks and credit unions, read "Let Us Put Our Money Together: The Founding of America's First Black Banks," a publication of the Federal Reserve Bank of Kansas City. If you want more information on MDIs, including those owned by Hispanic Americans, Asian Americans, and Native Americans, visit the webpage of the National Bankers Association. For historical data on MDIs (banks only), visit the FDIC's webpage.

The FDIC currently lists 23 Black-owned banks in their Minority Depository Institutions list. However, that does not include Black-owned credit unions.

Each bank we selected is an FDIC-designated minority depository institution. The FDIC defines an MDI as a bank in which "minority individuals own 51% or more of the voting stock, or a majority of the board of directors is a minority and the community that the institution serves is predominantly minority." We chose banks on the FDIC's official MDI list as of Q2 2024.

Each credit union we selected is an NCUA-designated minority depository institution. The NCUA defines an MDI as a credit union in which "more than 50% of its current members are minority individuals, more than 50% of its current and eligible potential members are minority individuals, and more than 50% of its current board members are minority individuals."

We narrowed down our list by setting 8,000 members as the minimum threshold for a credit union to be considered. You can find smaller credit unions that may be closer to you on this list.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

**Enrollment required.