HBCU Money’s 2015 African American Owned Bank Directory


For the most current African American Owned Bank Directory visit the 2017 link by clicking here.

All banks are listed in alphabetical order. In order to be listed in our directory the bank must have at least 51 percent African American ownership. You can click on the bank name to go directly to their website.

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(Founders of Merchants & Farmers Bank in Durham, North Carolina)

OTHER KEY FINDINGS:

  • AAOBs are in 17 states. Key states absent are Florida, Mississippi, New York, and Ohio.
  • Alabama leads the way with 3 AAOBs. Georgia and Illinois had 3 last year, but each saw a bank fail to begin 2015.
  • 2014 Median AAOBs Aseets: $113 470 000 ($117 869 000)*
  • 2014 Average AAOBs Assets: $233 583 000 ($206 932 000)*
  • African American bank assets saw a 2.0 percent decrease or net loss of approximately $100 million in assets in 2014.
  • AAOBs control 0.03 percent of America’s $15.2 trillion Bank Owned Assets.
  • AAOBs control 2.6 percent of FDIC designated Minority-Owned Bank Assets
  • In 2014, there were 25 AAOBs, this year there are 23 or a decrease of almost 8 percent.
  • There has not been an AAOB started in 15 years.
  • Only 10 of 2013’s 23 AAOBs saw increases in assets.
  • For comparison, Asian American Owned Banks have approximately $42.1 billion in assets spread over 75 institutions. They control 5.9 percent of Asian America’s buying power.

*Previous year in parentheses

There are 23 African American owned banks (AAOBs) with assets totaling approximately $4.8 billion in assets or approximately 0.43 percent of African America’s $1.1 trillion in buying power.

ALAMERICA BANK

Location: Birmingham, Alabama

Founded: January 28, 2000

FDIC Region: Atlanta

Assets: $40 946 000

Asset Change (2014): Up 11.5%

BROADWAY FEDERAL BANK FSB

Location: Los Angeles, California

Founded: February 26, 1947

FDIC Region: San Francisco

Assets: $345 574 000

Asset Change (2014): Down 2.2%

CARVER STATE BANK

Location: Savannah, Georgia

Founded: January 1, 1927

FDIC Region: Atlanta

Assets: $43 263 000

Asset Change (2014): Up 6.1%

CITIZENS SAVINGS B&T COMPANY

Location: Nashville, Tennessee

Founded: January 4, 1904

FDIC Region: Dallas

Assets: $99 050 000

Asset Change (2014): Up 1.9%

CITIZENS TRUST BANK

Location: Atlanta, Georgia

Founded: June 18, 1921

FDIC Region: Atlanta

Assets: $400 759 000

Asset Change (2014): Up 2.3%

CITY NB OF NEW JERSEY

Location: Newark, New Jersey

Founded: June 11, 1973

FDIC Region: New York

Assets: $287 222 000

Asset Change (2014): Down 8.3%

COLUMBIA SAVINGS & LOAN ASSOCIATION 

Location: Milwaukee, Wisconsin

Founded: January 1, 1924

FDIC Region: Chicago

Assets: $24 345 000

Asset Change (2014): Up 0.9%

COMMONWEALTH NATIONAL BANK

Location: Mobile, Alabama

Founded: February 19, 1976

FDIC Region: Atlanta

Assets: $58 719 000

Asset Change (2014): Down 1.2%

FIRST INDEPENDENCE BANK

Location: Detroit, Michigan

Founded: May 14, 1970

FDIC Region: Chicago

Assets: $247 106 000

Asset Change (2014): Up 6.7%

FIRST STATE BANK

Location: Danville, Virginia

Founded: September 08, 1919

FDIC Region: Atlanta

Assets: $39 226 000

Asset Change (2014): Up 1.1%

FIRST TUSKEGEE BANK

Location: Tuskegee, Alabama

Founded: October 11, 1991

FDIC Region: Atlanta

Assets: $55 515 000

Asset Change (2014): Down 12.1%

HARBOR BANK OF MARYLAND

Location: Baltimore, Maryland

Founded: September 13, 1982

FDIC Region: New York

Assets: $233 583 000

Asset Change (2014): Down 3.7%

ILLINOIS SERVICE FEDERAL SAVINGS & LOAN

Location: Chicago, Illinois

Founded: January 01, 1934

FDIC Region: Chicago

Assets: $113 470 000

Asset Change (2013): Down 3.7%

INDUSTRIAL BANK

Location: Washington, DC

Founded: August 18, 1934

FDIC Region: New York

Assets: $365 179 000

Asset Change (2014): Up 6.6%

LIBERTY BANK & TRUST COMPANY

Location: New Orleans, Louisiana

Founded: November 16, 1972

FDIC Region: Dallas

Assets: $552 081 000

Asset Change (2014): Down 1.8%

MECHANICS & FARMERS BANK

Location: Durham, North Carolina

Founded: March 01, 1908

FDIC Region: Atlanta

Assets: $289 202 000

Asset Change (2014): Down 0.9%

NORTH MILWAUKEE STATE BANK

Location: Milwaukee, Wisconsin

Founded: February 12, 1971

FDIC Region: Chicago

Assets: $77 115 000

Asset Change (2014): Down 11.2%

ONEUNITED BANK

Location: Boston, Massachusetts

Founded: August 02, 1982

FDIC Region: New York

Assets: $619 908 000

Asset Change (2014): Up 1.2%

SEAWAY BANK & TRUST COMPANY

Location: Chicago, Illinois

Founded: January 02, 1965

FDIC Region: Chicago

Assets: $522 353 000

Asset Change (2014): Down 5.2%

SOUTH CAROLINA COMMUNITY BANK

Location: Columbia, South Carolina

Founded: March 26, 1999

FDIC Region: Atlanta

Assets: $61 783 000

Asset Change (2014): Down 11.2%

TRI-STATE BANK OF MEMPHIS

Location: Memphis, Tennessee

Founded: December 16, 1946

FDIC Region: Dallas

Assets: $126 661 000

Asset Change (2014): Down 15.7%

UNITED BANK OF PHILADELPHIA

Location: Philadelphia, Pennsylvania

Founded: March 23, 1992

FDIC Region: New York

Assets: $60 531 000

Asset Change (2014): Down 3.1%

UNITY NB OF HOUSTON

Location: Houston, Texas

Founded: August 01, 1985

FDIC Region: Dallas

Assets: $75 516 000

Asset Change (2013): Up 8.2%

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5 responses to “HBCU Money’s 2015 African American Owned Bank Directory

  1. I’m curious if anyone knows if the black-owned bank in Mobile has any connection to the historically black town of Africa, located not far from Mobile?

  2. Pingback: Black Banks: An Easy Way to Support the Black Economy

  3. Pingback: Black Banks: An Easy Way to Support the Black Economy

  4. Where’s Carver Federal Savings Bank, New York, New York on your list?

  5. So as of February 2016, there remains only 23 African American Owned Banks?

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