Monthly Archives: May 2024

HBCU Money’s 2023 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:

  • 11 of the 17 African American Owned Banks saw increases in assets from 2022.
  • African American Owned Banks (AAOBs) are in 16 states and territories. Key states absent are Maryland, Missouri, New York, and Virginia.
  • Adelphi Bank (OH) is the first African American Owned Bank (AAOB) started in 23 years.
  • Alabama and Georgia each have two AAOBs.
  • African American Owned Banks have approximately $5.8 billion of America’s $23.2 trillion bank assets (see above) or 0.02 percent. The apex of African American owned bank assets was in 1926 when AAOBs held 0.2 percent of America’s bank assets or 10 times the percentage they hold today.
  • African American Owned Banks control 1.7 percent of FDIC designated Minority-Owned Bank Assets.
  • 2023 Median AAOBs Assets: $168,701,000 ($150,072,000)
  • 2023 Average AAOBs Assets: $326,097,000 ($325,391,000)
  • TOTAL AFRICAN AMERICAN OWNED BANK ASSETS 2023: $5,867,738,000 ($5,531,655,000)

ALABAMA

ALAMERICA BANK

Location: Birmingham, Alabama

Founded: January 28, 2000

FDIC Region: Atlanta

Assets: $17,282,000

Asset Change (2022): UP 9.5%

COMMONWEALTH NATIONAL BANK

Location: Mobile, Alabama

Founded: February 19, 1976

FDIC Region: Atlanta

Assets: $66,944,000

Asset Change (2022): UP 9.2%

DISTRICT OF COLUMBIA

INDUSTRIAL BANK

Location: Washington, DC

Founded: August 18, 1934

FDIC Region: New York

Assets: $739,181,000

Asset Change (2022): UP 2.2%

GEORGIA

CARVER STATE BANK

Location: Savannah, Georgia

Founded: January 1, 1927

FDIC Region: Atlanta

Assets: $81,906,000

Asset Change (2022): DOWN 2.5%

CITIZENS TRUST BANK

Location: Atlanta, Georgia

Founded: June 18, 1921

FDIC Region: Atlanta

Assets: $741,413,000

Asset Change (2022): DOWN 8.1%

ILLINOIS

GN BANK

Location: Chicago, Illinois

Founded: January 01, 1934

FDIC Region: Chicago

Assets: $63,898,000

Asset Change (2022): DOWN 11.1%

LOUISIANA

LIBERTY BANK & TRUST COMPANY

Location: New Orleans, Louisiana

Founded: November 16, 1972

FDIC Region: Dallas

Assets: $1,048,899,000

Asset Change (2022): DOWN 3.4%

MASSACHUSETTS

ONEUNITED BANK

Location: Boston, Massachusetts

Founded: August 02, 1982

FDIC Region: New York

Assets: $755,706,000

Asset Change (2022): UP 1.6%

MICHIGAN

FIRST INDEPENDENCE BANK

Location: Detroit, Michigan

Founded: May 14, 1970

FDIC Region: Chicago

Assets: $607,167,000

Asset Change (2022): UP 29.6%

MISSISSIPPI

GRAND BANK FOR SAVINGS, FSB

Location: Hattiesburg, Mississippi

Founded: January 1, 1968

FDIC Region: Dallas

Assets: $161,125,000

Asset Change (2022): UP 38.9%

NORTH CAROLINA

MECHANICS & FARMERS BANK

Location: Durham, North Carolina

Founded: March 01, 1908

FDIC Region: Atlanta

Assets: $429,605,000

Asset Change (2022): UNCHANGED 

OHIO

ADELPHI BANK

Location: Columbus, Ohio

Founded: January 18, 2023

FDIC Region: Chicago

Assets: $43,945,000

Asset Change (2022): N/A

OKLAHOMA

FIRST SECURITY BANK & TRUST

Location: Oklahoma City, Oklahoma

Founded: April 06, 1951

FDIC Region: Dallas

Assets: $119,349,000

Asset Change (2022): UP 50.9%

PENNSYLVANIA

UNITED BANK OF PHILADELPHIA

Location: Philadelphia, Pennsylvania

Founded: March 23, 1992

FDIC Region: New York

Assets: $55,719,000

Asset Change (2022): DOWN 6.2%

SOUTH CAROLINA

OPTUS BANK

Location: Columbia, South Carolina

Founded: March 26, 1999

FDIC Region: Atlanta

Assets: $524,934,000

Asset Change (2022): UP 29.5%

TENNESSEE

CITIZENS SAVINGS B&T COMPANY

Location: Nashville, Tennessee

Founded: January 4, 1904

FDIC Region: Dallas

Assets: $176,277,000

Asset Change (2022): UP 17.5%

TEXAS

UNITY NB OF HOUSTON

Location: Houston, Texas

Founded: August 01, 1985

FDIC Region: Dallas

Assets: $209,014,000

Asset Change (2022): UP 1.3%

WISCONSIN

COLUMBIA SAVINGS & LOAN ASSOCIATION 

Location: Milwaukee, Wisconsin

Founded: January 1, 1924

FDIC Region: Chicago

Assets: $27,374,000

Asset Change (2022): UP 11.6%

SOURCE: FDIC

African America’s April 2024 Jobs Report – 5.6%

OVERALL UNEMPLOYMENT: 3.9%

AFRICAN AMERICA: 5.6%

LATINO AMERICA: 4.8%

EUROPEAN AMERICA: 3.5%

ASIAN AMERICA: 2.8%

Analysis: European Americans saw a tick up of 10 basis points in their unemployment rate after three straight months of no change. Asian and Latino Americans both saw increases of 30 basis points from April. African Americans had a decrease in their unemployment rate of 80 basis points for April.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 5.2%

AFRICAN AMERICAN WOMEN: 5.0% 

AFRICAN AMERICAN TEENAGERS: 18.2%

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 68.7%

AFRICAN AMERICAN WOMEN: 62.9%

AFRICAN AMERICAN TEENAGERS: 33.2%

Analysis: African American Men saw an decrease in their unemployment rate by 100 basis points and African American Women decreased by 60 basis points. African American Men and Women decreased their participation rate in April by 90 basis points and 10 basis points, respectively. African American Teenagers unemployment rate pulls back with a decrease of 190 basis points, but still up almost 60 percent from January. African American Teenagers also had their participation rate increase by 40 basis points up to their highest participation rate over the past five months for the second month in a row.

African American Men-Women Job Gap: African American Women currently have 781,000 more jobs than African American Men in April. This is an increase from 710,000 in March.

CONCLUSION: The overall economy added 175,000 jobs in April while African America added 66,000 jobs. From New York Times, “The cooling job market could bring relief to a tight housing market, where the average rate for a 30-year mortgage hit 7.22 percent this week. “An economy that is too hot is not good for interest rates,” said Lawrence Yun, chief economist at the National Association of Realtors. “Hence, the latest news of some cooling in the labor market could mean the topping-out of mortgage rates this week before more sustained declines through the remainder of this year.”

Stanford-born Marriage Pact: Can HBCUs Copy & Paste This To Increase African American Marriage?

“Black love is a radical act.” – Audre Lorde

A few years ago, HBCU Money did a report highlighting which HBCU states had the highest African American marriage rates. In the piece, HBCU LOVE: Top Ten HBCU States With Highest African American Marriage Rate, Virginia led with 34 percent African American marriage rate. The national average African American marriage rate is 29.7 percent which seven HBCU states exceeded. It is no small leap to say that HBCUs play a vital role in these high marriage rates given their role in helping African Americans have a space dedicated to themselves and cultural pride that feeds into a desire for an African American partner. Not something as likely for African Americans who attend PWIs where so few options are available that it may make it quite difficult to match with or find an African American partner among so few options. It also is significant that HBCUs provide for the bulk of African American professionals in all fields and leading to cultural pride, economic stability, and alignment of values while learning to appreciate the diversity of African America which ultimately play a major role in leading to African American marriage.

Unfortunately, African American marriage rates are still struggling. Finding marriage or a life partner is culturally challenged where young women are stressed to focus on their books and young men are stressed to focus on the plethora of young women where on many HBCU campuses the women to men ratio is considerably unbalanced. This is a result of a myriad of social factors not least among them high school graduation rates among African American boys continues to struggle and those who do graduate have far too few who are actually college ready even if they are accepted. It also does not help that so many young women and men are coming from single parent households, the Office of Juvenile Justice and Delinquency Prevention reports only “four in ten Black children” live with two parents. This means that the majority of women and men on HBCU campuses know marriage only through a theoretical lens and to say little of what has shaped their views on marriage, partnership, and the institution that is African American (healthy) love. For African America that desperately needs more marriage for a myriad of reasons and HBCUs being one of the most optimal African American spaces (for those HBCUs who still care to be such) the question is how can that seedling be grown into a full blown redwood. Enter “The HBCU Marriage Pact”, a blend of HBCU pride, computer science blended together and you end up with HBCU Computer Love – “To share in my computer world, I no longer need a strategy, thanks to modern technology”. Copy and pasted from Stanford University’s Marriage Pact.

Leanne Italie of the Associated Press writes, “The Marriage Pact, an annual matching ritual that has become popular on nearly 90 college campuses around the U.S., has turned that dusty cliche into fun. And a few couples have found lasting love. Nearly half a million students have participated since the pact first rolled out at Stanford University in 2017. Born of an economics project by two students there, the pact involves an algorithm that rates matches based on such statements as “I prefer politically incorrect humor” and “I pride myself on telling hard truths.” Unlike dating apps and services, each student gets just one name, a percentage on the quality of the match and an email address to reach out.” Liam McGregor, creator of Stanford’s Marriage Pact, explained to Ms. Italie that, “Rather than dwell on physical beauty and personal stats like height and hair color, the Marriage Pact focuses its 50-question survey on core values. Communication styles and conflict resolution.” This is what significantly sets it apart from dating apps that allows for the distraction of aesthetics that often mislead our assessment of actual compatibility.

For this to work at HBCUs though it cannot be an exactly Copy & Paste without nuance. African Americans are caught in a vortex between not being able to afford to get married and not being able to afford not too. A large driver of closing the wealth gap is getting African American marriage rates up in order to scale capital and resources among African American families and into African American institutions. While the development of the HBCU Marriage Pact would go a long way it must also come with addressing some of the unique barriers that many African Americans face in building healthy relationships and this is where HBCUs and HBCU alumni associations can come in. Funding an African American Marriage Development Program. In the program students can learn about the history of African American marriage, healthy communication, receive therapy, learn household financial planning, etiquette, and other tools to increase the probability of a sustainable and productive marriage. For an added bonus, those who get married through the HBCU Marriage Pact would also be eligible to receive a financial grant to assist in funding the newlywed couple’s emergency fund in hopes of also mitigating some of the early financial pressures that African American couples face.

HBCUs themselves could coordinate consortium research around the HMP to conduct a longitudinal study to see the HMP’s potential impact. It has a myriad of interdisciplinary components that could be researched from education, economics, health, and many more. Quite an amazing prospect that we could be both putting into action a solvable problem and being the institutions that conduct the research around its theory.

The foundation of all Black institutions is the foundation of the African American family and it is in peril because African Americas are not pairing with each other for a myriad of reasons. But if we are to ensure there are African Americans tomorrow who want to attend HBCUs, then today and immediately we must engage of the work to incentivize and strategize for more of it to happen. The more African American couples who are also HBCU alumni deepens the empowerment and strength of both institutions continuing to be the institutions of our community and not gentrified or diluted like so many of our institutions have lay burden to or under attack by this very moment.

4 WAYS TO STRENGTHEN AN HBCU MARRIAGE PACT:

  • If they choose to sign up for the pact, then they must complete wholistic development of therapy, financial literacy, parenting classes, and more that would show they have the proper aptitude to be someone’s partner.
  • Developing HBCU marriage chapters in cities. This would allow HBCU couples to meet and network with each other to build and develop community.
  • Offer continuing education workshops in best marriage and family practices so that HBCU couples can continue to learn about best practices for community and family building.
  • Create an endowment that gives a financial reward marriage capped at the 10 year anniversary mark. $1,000 in year 1, $2,000 in year 2, so on and so forth up to year 10 when the couple receive $10,000. A combined $55,000 over ten years that would go into financially strengthening the burgeoning family.