Category Archives: Lists

HBCU Money’s 2016 African American Owned Bank Directory

Posted on March 8, 2016 by | 28 comments

For the most current African American Owned Bank Directory visit the 2022 link by clicking here.

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.

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

OTHER KEY FINDINGS:

  • AAOBs are in 17 states and territories. Key states absent are Florida, Mississippi, New York, and Ohio.
  • Alabama, Georgia, Illinois, Tennessee, and Wisconsin each have two AAOBs.
  • 2016 Median AAOBs Aseets: $107 551 000 ($113 470 000)*
  • 2016 Average AAOBs Assets: $210 292 000 ($233 583 000)*
  • African American bank assets saw a 1.2 percent decrease or net loss of approximately $57 million in assets in 2015.
  • AAOBs control 0.03 percent of America’s $15.7 trillion Bank Owned Assets.
  • AAOBs control 2.3 percent of FDIC designated Minority-Owned Bank Assets, which is down from 2.6 percent in 2015.
  • There has not been an AAOB started in 16 years.
  • Only 8 of 2016’s 22 AAOBs saw increases in assets.
  • For comparison, Asian American Owned Banks have approximately $46.1 billion in assets spread over 68 institutions. They control 6.0 percent of Asian America’s buying power.

*Previous year in parentheses

There are 22 African American owned banks (AAOBs) with assets totaling approximately $4.6 billion in assets or approximately 0.43 percent of African America’s $1.1 trillion in buying power.

ALABAMA

ALAMERICA BANK

Location: Birmingham, Alabama

Founded: January 28, 2000

FDIC Region: Atlanta

Assets: $35 476 000

Asset Change (2015): Down 13.4%

COMMONWEALTH NATIONAL BANK

Location: Mobile, Alabama

Founded: February 19, 1976

FDIC Region: Atlanta

Assets: $56 501 000

Asset Change (2015): Down 3.8%

CALIFORNIA

BROADWAY FEDERAL BANK FSB

Location: Los Angeles, California

Founded: February 26, 1947

FDIC Region: San Francisco

Assets: $402 902 000

Asset Change (2015): Up 16.6%

DISTRICT OF COLUMBIA

INDUSTRIAL BANK

Location: Washington, DC

Founded: August 18, 1934

FDIC Region: New York

Assets: $388 951 000

Asset Change (2015): Up 6.5%

GEORGIA

CARVER STATE BANK

Location: Savannah, Georgia

Founded: January 1, 1927

FDIC Region: Atlanta

Assets: $42 174 000

Asset Change (2015): Down 2.5%

CITIZENS TRUST BANK

Location: Atlanta, Georgia

Founded: June 18, 1921

FDIC Region: Atlanta

Assets: $387 897 000

Asset Change (2015): Down 3.2%

ILLINOIS

ILLINOIS SERVICE FEDERAL SAVINGS & LOAN

Location: Chicago, Illinois

Founded: January 01, 1934

FDIC Region: Chicago

Assets: $101 291 000

Asset Change (2015): Down 10.7%

SEAWAY BANK & TRUST COMPANY

Location: Chicago, Illinois

Founded: January 02, 1965

FDIC Region: Chicago

Assets: $369 544 000

Asset Change (2015): Down 29.3%

LOUISIANA

LIBERTY BANK & TRUST COMPANY

Location: New Orleans, Louisiana

Founded: November 16, 1972

FDIC Region: Dallas

Assets: $604 163 000

Asset Change (2015): Up 9.4%

MARYLAND

HARBOR BANK OF MARYLAND

Location: Baltimore, Maryland

Founded: September 13, 1982

FDIC Region: New York

Assets: $285 246 000

Asset Change (2015): Up 22.1%

MASSACHUSETTS

ONEUNITED BANK

Location: Boston, Massachusetts

Founded: August 02, 1982

FDIC Region: New York

Assets: $648 615 000

Asset Change (2015): Up 4.6%

MICHIGAN

FIRST INDEPENDENCE BANK

Location: Detroit, Michigan

Founded: May 14, 1970

FDIC Region: Chicago

Assets: $216 821 000

Asset Change (2015): Down 12.3%

NEW JERSEY

CITY NB OF NEW JERSEY

Location: Newark, New Jersey

Founded: June 11, 1973

FDIC Region: New York

Assets: $250 095 000

Asset Change (2015): Down 12.9%

NORTH CAROLINA

MECHANICS & FARMERS BANK

Location: Durham, North Carolina

Founded: March 01, 1908

FDIC Region: Atlanta

Assets: $298 014 000

Asset Change (2015): Up 3.0%

PENNSYLVANIA

UNITED BANK OF PHILADELPHIA

Location: Philadelphia, Pennsylvania

Founded: March 23, 1992

FDIC Region: New York

Assets: $59 001 000

Asset Change (2015): Down 2.5%

SOUTH CAROLINA

SOUTH CAROLINA COMMUNITY BANK

Location: Columbia, South Carolina

Founded: March 26, 1999

FDIC Region: Atlanta

Assets: $52 995 000

Asset Change (2015): Down 14.2%

TENNESSEE

CITIZENS SAVINGS B&T COMPANY

Location: Nashville, Tennessee

Founded: January 4, 1904

FDIC Region: Dallas

Assets: $104 060 000

Asset Change (2015): Up 5.1%

TRI-STATE BANK OF MEMPHIS

Location: Memphis, Tennessee

Founded: December 16, 1946

FDIC Region: Dallas

Assets: $111 042 000

Asset Change (2015): Down 12.3%

TEXAS

UNITY NB OF HOUSTON

Location: Houston, Texas

Founded: August 01, 1985

FDIC Region: Dallas

Assets: $83 327 000

Asset Change (2015): Up 10.3%

VIRGINIA

FIRST STATE BANK

Location: Danville, Virginia

Founded: September 08, 1919

FDIC Region: Atlanta

Assets: $37 612 000

Asset Change (2015): Down 4.1%

WISCONSIN

COLUMBIA SAVINGS & LOAN ASSOCIATION 

Location: Milwaukee, Wisconsin

Founded: January 1, 1924

FDIC Region: Chicago

Assets: $23 684 000

Asset Change (2015): Down 2.7%

NORTH MILWAUKEE STATE BANK

Location: Milwaukee, Wisconsin

Founded: February 12, 1971

FDIC Region: Chicago

Assets: $67 115 000

Asset Change (2015): Down 13.0%

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HBCU Money™ Business Book Feature – Misbehaving: The Making of Behavioral Economics

Posted on March 6, 2016 by | Leave a comment

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Shortlisted for the Financial Times & McKinsey Business Book of the Year Award.

Get ready to change the way you think about economics.

Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans―predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth―and change the way we think about economics, ourselves, and our world.

Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. Whether buying a clock radio, selling basketball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments.

Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. He reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber.

Laced with antic stories of Thaler’s spirited battles with the bastions of traditional economic thinking,Misbehaving is a singular look into profound human foibles. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining.

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HBCU Money’s 2015 Top 10 HBCU Endowments

Posted on February 2, 2016 by | 7 comments

 

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The keyword for  2015’s HBCU endowments – concerning. Two bellwether HBCU endowments, Spelman College and Hampton University, saw negative declines in their endowment’s market value. Outside of Howard University storming ahead at 11.7 percent, no other HBCU endowment saw double digit gains with North Carolina A&T State University missing the mark by 10 basis points. This is a far cry from 2014’s list when 9 out of 10 reported double digit gains. If there is any solace in the numbers and there is not much, it is that the top ten endowments of our HWCU counterparts had no endowments return double digit gains and also saw 2 out of their 10 with declines in market value.

Although there are some notable absences** from our top ten list, it certainly would not change the reality that still only three HBCUs have endowments above the $200 million mark and none have reached the $1 billion plateau, although Howard University, despite its noted financial issues seems to be headed there unabated and without much competition from Spelman College or Hampton University, the only real challengers. John Wilson, president at Morehouse College, in an interview with Harvard Magazine in 2013 noted, “is the need to build endowments; less than $200 million makes you, by definition, unhealthy.” This still remains the case and as a baseline means that 97 percent of all HBCUs are financially unhealthy. Even more concerning is that there seems to be no real plan in place to address this. A canary in the coal mine though is that donations of $1 million or more to HBCUs jumped from one in 2013 to nine in 2014, but donations of the eight and nine figure variety, also known as transformative donations, are still absent at HBCUs.

As always if you do not see your HBCU in the top 10 – DONATE!**

Endowment in millions $000 (Change in Market Value*)

1. Howard University – $659 639 (11.7%)

2. Spelman College – $362 986 (-1.1%)

3. Hampton University – $263 237 (-8.7%)

4. Meharry Medical College – $139 054 (1.5%)

5. Tennessee State University – $51 416 (1.8%)

6. Texas Southern University – $48 684 (4.5%)

7. Virginia State University – $47 432 (4.9%)

8. North Carolina A&T State University – $48 100 (9.9%)

9. Winston-Salem State University – $37 219 (8.5%)

10. University of the Virgin Islands – $34 274 (-9.0%)

Take a look at how an endowment works. Not only scholarships to reduce the student debt burden but research, recruiting talented faculty & students, faculty salaries, and a host of other things can be paid for through a strong endowment. It ultimately is the lifeblood of a college or university to ensure its success generation after generation.

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*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY2013 to FY2014 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses.

** Notable exclusions to the list that HBCU Money believes would otherwise make the top ten are Morehouse College, Tuskegee University, Dillard University, and Florida A&M University. Morehouse College, Tuskegee University, and Dillard University have never reported their endowment to NACUBO in the time HBCU Money has been recording its annual top ten endowments. Florida A&M University who was number five last year did not appear in this year’s list from NACUBO.

Additional Notes:
NACUBO Average Endowment – $648 074 (1.7%)
NACUBO Median Endowment – $115 828 (-0.9%)
Top 10 HWCU Endowments combined – $185.4 billion
Source: National Association of College & University Business Officers

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HBCU Money™ Business Book Feature – Panic on Wall Street: A History of America’s Financial Disasters

Posted on December 20, 2015 by | Leave a comment

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From the Publisher

Here is a book dealing with a subject endemic to many Eastern and Western countries — financial panic. Covering 12 of the most harrowing moments in American financial history from 1792 to 1962, it demonstrates that Wall Street and the public are at once the heroes, villains, and victims of past panics.

From the Inside Flap

… The episodes depicted were dramatic, had an impact on Americans of the time, and have generally been neglected by other financial historians. Some of the most notable are the Western Blizzard of 1857, the Great Crash of 1929, and the Kennedy Slide of 1962. Not all were catalysts for depressions, but they illustrate the complexity of such events and that the causes are varied: political, military, economic, and even psychological. This book is fascinating reading for anyone who fears that we could suffer through another financial panic.

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HBCU Money™ Business Book Feature – The Power of Habit: Why We Do What We Do in Life and Business

Posted on December 13, 2015 by | Leave a comment

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In The Power of Habit, Pulitzer Prize–winning business reporter Charles Duhigg takes us to the thrilling edge of scientific discoveries that explain why habits exist and how they can be changed. Distilling vast amounts of information into engrossing narratives that take us from the boardrooms of Procter & Gamble to sidelines of the NFL to the front lines of the civil rights movement, Duhigg presents a whole new understanding of human nature and its potential. At its core, The Power of Habit contains an exhilarating argument: The key to exercising regularly, losing weight, being more productive, and achieving success is understanding how habits work. As Duhigg shows, by harnessing this new science, we can transform our businesses, our communities, and our lives.

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