Monthly Archives: May 2020

HBCU Money’s 2020 African American Owned Bank Directory


All banks are listed by state. 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.

OTHER KEY FINDINGS:

  • AAOBs are in 16 states and territories. Key states absent are Florida, Mississippi, New York, Ohio, and Virginia.
  • There has not been an AAOB started in 19 years.
  • Alabama, Georgia, and Tennessee, each have two AAOBs.
  • 14 of the AAOBs saw increases in assets from the previous year.
  • African American Owned Banks have approximately $4.3 billion of America’s $19.5 trillion bank assets or 0.02 percent.
  • AAOBs control 1.7 percent of FDIC designated Minority-Owned Bank Assets, which is down from 1.8 percent in 2019. A third straight year of declines.
  • 2020 Median AAOBs Aseets: $106,140,000 ($142,129,000)*
  • 2020 Average AAOBs Assets: $225,519,000 ($217,533,000)*
  • For comparison, Asian American Owned Banks have approximately $129.3 billion in assets spread over 73 institutions. Asian AOBs saw an increase of $9.9 billion increase (8.3 percent) in assets from 2019, while African American Owned Banks saw a 5.2 percent increase in assets.
  • TOTAL AFRICAN AMERICAN OWNED BANK ASSETS: $4,284,856,000

ALABAMA

ALAMERICA BANK

Location: Birmingham, Alabama

Founded: January 28, 2000

FDIC Region: Atlanta

Assets: $19,584,000

Asset Change (2019): DOWN 27.8%

COMMONWEALTH NATIONAL BANK

Location: Mobile, Alabama

Founded: February 19, 1976

FDIC Region: Atlanta

Assets: $49,791,000

Asset Change (2019): UP 6.5%

CALIFORNIA

BROADWAY FEDERAL BANK FSB

Location: Los Angeles, California

Founded: February 26, 1947

FDIC Region: San Francisco

Assets: $438,033,000

Asset Change (2019): UP 5.0%

DISTRICT OF COLUMBIA

INDUSTRIAL BANK

Location: Washington, DC

Founded: August 18, 1934

FDIC Region: New York

Assets: $530,840,000

Asset Change (2019): UP 26.1%

GEORGIA

CARVER STATE BANK

Location: Savannah, Georgia

Founded: January 1, 1927

FDIC Region: Atlanta

Assets: $42,345,000

Asset Change (2019): UP 6.7%

CITIZENS TRUST BANK

Location: Atlanta, Georgia

Founded: June 18, 1921

FDIC Region: Atlanta

Assets: $418,130,000

Asset Change (2019): UP 5.6%

ILLINOIS

GN BANK

Location: Chicago, Illinois

Founded: January 01, 1934

FDIC Region: Chicago

Assets: $137,351,000

Asset Change (2019): DOWN 3.4%

LOUISIANA

LIBERTY BANK & TRUST COMPANY

Location: New Orleans, Louisiana

Founded: November 16, 1972

FDIC Region: Dallas

Assets: $627,856,000

Asset Change (2019): UP 5.2%

MARYLAND

HARBOR BANK OF MARYLAND

Location: Baltimore, Maryland

Founded: September 13, 1982

FDIC Region: New York

Assets: $311,321,000

Asset Change (2019): UP 9.6%

MASSACHUSETTS

ONEUNITED BANK

Location: Boston, Massachusetts

Founded: August 02, 1982

FDIC Region: New York

Assets: $654,051,000

Asset Change (2019): UP 0.8%

MICHIGAN

FIRST INDEPENDENCE BANK

Location: Detroit, Michigan

Founded: May 14, 1970

FDIC Region: Chicago

Assets: $295,951,000

Asset Change (2019): UP 15.8%

NORTH CAROLINA

MECHANICS & FARMERS BANK

Location: Durham, North Carolina

Founded: March 01, 1908

FDIC Region: Atlanta

Assets: $265,273,000

Asset Change (2019): UP 1.2%

OKLAHOMA

FIRST SECURITY BANK & TRUST

Location: Oklahoma City, Oklahoma

Founded:

FDIC Region: Dallas

Assets: $55,713

Asset Change (2019): N/A

PENNSYLVANIA

UNITED BANK OF PHILADELPHIA

Location: Philadelphia, Pennsylvania

Founded: March 23, 1992

FDIC Region: New York

Assets: $49,442,000

Asset Change (2019): DOWN 8.5%

SOUTH CAROLINA

OPTUS BANK (FORMERLY SOUTH CAROLINA COMMUNITY)

Location: Columbia, South Carolina

Founded: March 26, 1999

FDIC Region: Atlanta

Assets: $78,131,000

Asset Change (2019): UP 30.7%

TENNESSEE

CITIZENS SAVINGS B&T COMPANY

Location: Nashville, Tennessee

Founded: January 4, 1904

FDIC Region: Dallas

Assets: $97,321,000

Asset Change (2019): DOWN 7.2%

TRI-STATE BANK OF MEMPHIS

Location: Memphis, Tennessee

Founded: December 16, 1946

FDIC Region: Dallas

Assets: $85,617,000

Asset Change (2019): UP 2.9%

TEXAS

UNITY NB OF HOUSTON

Location: Houston, Texas

Founded: August 01, 1985

FDIC Region: Dallas

Assets: $106,140,000

Asset Change (2019): UP 6.8%

WISCONSIN

COLUMBIA SAVINGS & LOAN ASSOCIATION 

Location: Milwaukee, Wisconsin

Founded: January 1, 1924

FDIC Region: Chicago

Assets: $23,586,000

Asset Change (2018): Down 1.6%

The Cultural Danger Of Covid-19: A Devolution Of Intellectual Progress


By William A. Foster, IV

“A man only learns in two ways, one by reading, and the other by association with smarter people.” – Will Rogers

I am rarely one who likes to write qualitative pieces over quantitative ones, but for the moment I am going to make an exception. I can give you numbers about how the economy is suffering and is going to continue to suffer for the foreseeable future. I could give you the number of cases, deaths, lack of PPE numbers, and percentage of overworked medical and essential workers. I could go on and on and on with numbers, I am economist after all, but here is the reality of all those numbers – they are bad, real bad, and will be bad for sometime to come. Instead, what I would like to discuss is an acute qualitative cultural loss we may potentially experience and perhaps give us an opportunity to think about what this very new world could look like that we are about to embark upon if we are not proactive in maintaining a core essence of our humanity.

The world we are entering will be far more online and far more physically distanced from each other both on a micro level and global macro one. Everything from work, school, and socializing. Many would argue that online college is the way of the future. This maybe true, but people forget one of the most critical components of college in person is the social aspect, the relationship building that simply can not currently be replicated online. A few decades ago, I was a freshmen at Livingstone College in Salisbury, NC and there I would meet my three best friends that I am sure will be that for the rest of my life. Our meeting was happenstance. None of us had the same major, personality, or interest. We called ourselves the Variety Pack because nothing about us was alike, but alas, we found each other, bonded, and formed a brotherhood that has stood the test of time. For all the differences of course, two of us did share the same Algebra/Trigonometry class. The class was an 8AM class and the pain of getting up for it when you are not a morning person can not be overstated in my case. However, myself and Rashad, the one of the said Variety Pack with whom I had the ungodly morning class with, loved to sit up and debate theology many nights. Rashad was/is a devout Christian. I on the other hand am something of a spiritual nomad you might say, but am fascinated by the intellectual aspect of religion. One particular night in our dorm hallway we got into one of our intense discussions and the hours clearly raced by because before we knew it the sun was rising. Sleep? Forget about it. We both agreed we would get ready and meet for breakfast and try our best to stay up through class. Moments like these and many more are what built our bond and there is simply no way to replace it online. People from different backgrounds meeting, sharing an experience, bonding, learning from each other, evolving, and developing their understanding of the world.

Simply put, COVID-19 has the potential of sending us back to the dark ages in terms of cultural evolution and development. Thousands of students who study abroad every year will no longer get to do so. Student exchanges, especially from China and Asia in general, will be looked at with heavy skepticism if considered at all. Americans, who are already known to be culturally hubris and inept, often failing to travel much and experience culture even within the United States will be even more isolated. Tourism and vacations that allow us to experience distant lands and bring back with us new ideas will be vastly reduced. Academic tourism for professors who may themselves spend time as visiting professors at different universities will be greatly hampered. Cultural developments like fusion cuisines from different parts of the world will retrench and much more will simply begin to deteriorate. The rise of intellectual incest, a term I use when someone or an institution is only receiving ideas from the same petri dish of thought. If a student receives all of their degrees for instance from the same institution, this would be an example of intellectual incest. Because the world is now going to shrink itself in an effort to protect itself, there is a unknown danger that may start to form. We have seen the world where people are exposed to different cultures, ideas, and ways of life and we have seen a world where people are isolated and xenophobia forms out of it.

The danger that we become a less tolerant, less compassionate, less understanding, and less intellectually evolved is a real possibility that could have far reaching societal implications for future generations. In a world where terroristic nationalism has been on the rise in far too many countries, COVID-19 may give many the “pass” they have been looking for to justify retrenching from a world that was evolving and developing towards efficiency of its intellect. Sharing best practices the world over is something we need more of and not less. This is by no means to say we were in Utopia. I do not believe in Utopia and not sure I would I enjoy living in it. Conflict has its place within measure in a society. Disagreement has its place within measure in a society. My Global Economic Environment professor, Dr. Catherine Mann, taught me years ago in business school that if you do not truly understand your opposition’s position, then you can not truly understand your own. To this day she is one of the most brilliant and wisest people I have ever met and there is an acute truth in what she said. How does one know their position is best if they have nothing to compare it with? Plan A maybe good, but an objective view of Plan B may allow it to have tweaks made to it that can make it great or perhaps it is Plan AB that is great. Without that engagement, we will be taking steps back in the interactions that create evolution and development of thought.

I am not sure when we will come out of this state we are in and I am not sure how we will be when we do. What I do know is that fear can drives even the fiercest animals into hiding and that fear for humans could undo hundreds of years of intellectual progress. Great ideas will become fewer and farther apart if that is true. The grand ideas of humanity like cleaning up pollution, reaching Mars and beyond, eliminating poverty, and so many more will take hundreds of years longer to accomplish than they otherwise would have. Yes, the world has forever changed and we will have to interact with each other differently, but make no mistake about it, we must continue to interact. Can you imagine a world where peanut butter never met jelly? Neither can I and I do not want too.