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HBCU Money’s 2014 African American Owned Bank Directory

Posted on March 3, 2014 by | 4 comments

For the most current African American Owned Bank Directory visit the 2022 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.

blackbank

There are 25 African American owned banks with assets totaling approximately $5.1 billion in assets or approximately 0.46 percent of African America’s $1.1 trillion in buying power.

OTHER KEY FINDINGS:

  • AAOBs are in 17 states. Key states absent are Florida, Mississippi, New York, and Ohio.
  • Alabama, Georgia, and Illinois lead the way with 3 AAOBs each.
  • Median AAOBs Aseets: $117 869 000
  • Average AAOBs Assets: $206 932 000
  • AAOBs control 0.03 percent of All American Bank Owned Assets
  • AAOBs control 2.8 percent of FDIC designated Minority-Owned Bank Assets
  • In 2013, there were 21 AAOBs, this year sees 25 or an increase of almost 25 percent.
  • Only 6 of 2013’s 21 AAOBs saw increases in assets.
  • For comparison, Asian American Owned Banks have approximately $43 billion in assets spread over 78 institutions. They control 6 percent of Asian America’s buying power.

ALAMERICA BANK

Location: Birmingham, Alabama

Founded: January 28, 2000

FDIC Region: Atlanta

Assets: $36 715 000

Asset Change (2013): Up 3.7%

BROADWAY FEDERAL BANK FSB

Location: Los Angeles, California

Founded: February 26, 1947

FDIC Region: San Francisco

Assets: $345 574 000

Asset Change (2013): Down 10.3%

CAPITAL CITY BANK & TRUST COMPANY

Location: Atlanta, Georgia

Founded: October 3, 1994

FDIC Region: Atlanta

Assets: $291 266 000

Asset Change (2013): Down 1.1%

CARVER STATE BANK

Location: Savannah, Georgia

Founded: January 1, 1927

FDIC Region: Atlanta

Assets: $40 790 000

Asset Change (2013): Down 1.9%

CITIZENS SAVINGS B&T COMPANY

Location: Nashville, Tennessee

Founded: January 4, 1904

FDIC Region: Dallas

Assets: $97 201 000

Asset Change (2013): N/A

CITIZENS TRUST BANK

Location: Atlanta, Georgia

Founded: June 18, 1921

FDIC Region: Atlanta

Assets: $391 647 000

Asset Change (2013): Down 0.2%

CITY NB OF NEW JERSEY

Location: Newark, New Jersey

Founded: June 11, 1973

FDIC Region: New York

Assets: $313 355 000

Asset Change (2013): Down 7.9%

COLUMBIA SAVINGS & LOAN ASSOCIATION (No Website)

Location: Milwaukee, Wisconsin

Founded: January 1, 1924

FDIC Region: Chicago

Assets: $24 136 000

Asset Change (2013): N/A

COMMONWEALTH NATIONAL BANK

Location: Mobile, Alabama

Founded: February 19, 1976

FDIC Region: Atlanta

Assets: $59 455 000

Asset Change (2013): Down 6.0%

FIRST INDEPENDENCE BANK

Location: Detroit, Michigan

Founded: May 14, 1970

FDIC Region: Chicago

Assets: $231 547 000

Asset Change (2013): Up 7.2%

FIRST STATE BANK

Location: Danville, Virginia

Founded: September 08, 1919

FDIC Region: Atlanta

Assets: $38 784 000

Asset Change (2013): Down 0.3%

FIRST TUSKEGEE BANK

Location: Tuskegee, Alabama

Founded: October 11, 1991

FDIC Region: Atlanta

Assets: $63 127 000

Asset Change (2013): Down 6.2%

HARBOR BANK OF MARYLAND

Location: Baltimore, Maryland

Founded: September 13, 1982

FDIC Region: New York

Assets: $242 628 000

Asset Change (2013): N/A

HIGHLAND COMMUNITY BANK

Location: Chicago, Illinois

Founded: November 09, 1970

FDIC Region: Chicago

Assets: $73 375 000

Asset Change (2013): Down 13.6%

ILLINOIS SERVICE FEDERAL SAVINGS & LOAN

Location: Chicago, Illinois

Founded: January 01, 1934

FDIC Region: Chicago

Assets: $117 869 000

Asset Change (2013): Down 15.9%

INDUSTRIAL BANK

Location: Washington, DC

Founded: August 18, 1934

FDIC Region: New York

Assets: $342 524 00

Asset Change (2013): Up 3.3%

LIBERTY BANK & TRUST COMPANY

Location: New Orleans, Louisiana

Founded: November 16, 1972

FDIC Region: Dallas

Assets: $562 046 000

Asset Change (2013): Up 3.1%

MECHANICS & FARMERS BANK

Location: Durham, North Carolina

Founded: March 01, 1908

FDIC Region: Atlanta

Assets: $291 792 000

Asset Change (2013): Down 4.3%

NORTH MILWAUKEE STATE BANK

Location: Milwaukee, Wisconsin

Founded: February 12, 1971

FDIC Region: Chicago

Assets: $86 806 000

Asset Change (2013): Down 5.1%

ONEUNITED BANK

Location: Boston, Massachusetts

Founded: August 02, 1982

FDIC Region: New York

Assets: $612 624 000

Asset Change (2013): Up 3.7%

SEAWAY BANK & TRUST COMPANY

Location: Chicago, Illinois

Founded: January 02, 1965

FDIC Region: Chicago

Assets: $550 720 000

Asset Change (2013): Down 3.9%

SOUTH CAROLINA COMMUNITY BANK

Location: Columbia, South Carolina

Founded: March 26, 1999

FDIC Region: Atlanta

Assets: $69 613 000

Asset Change (2013): N/A

TRI-STATE BANK OF MEMPHIS

Location: Memphis, Tennessee

Founded: December 16, 1946

FDIC Region: Dallas

Assets: $150 270 000

Asset Change (2013): N/A

UNITED BANK OF PHILADELPHIA

Location: Philadelphia, Pennsylvania

Founded: March 23, 1992

FDIC Region: New York

Assets: $62 453 000

Asset Change (2013): Down 8.1%

UNITY NB OF HOUSTON

Location: Houston, Texas

Founded: August 01, 1985

FDIC Region: Dallas

Assets: $69 813 000

Asset Change (2013): Up 2.5%

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HBCU Money™ Histronomics: The 1st African American Started & Owned Bank – Capital Savings Bank

Posted on July 30, 2013 by | Leave a comment

Washington1890

After the demise of Freedman’s Savings and Trust Company, it would take 14 years for African Americans to rally behind another bank. The first bank organized and operated by African Americans was Capital Savings Bank in Washington, D.C. Just four years after it opened, its deposits had grown to over $300,000.

Capital Savings Bank provided the capital essential to the growth of black businesses, capital that white-owned banks were unwilling to lend. The community proudly deposited its money in Capital Savings Bank. The public’s confidence in Capital was rock solid in the early days, enabling the bank to exert a strong, positive economic impact on the community it served. During the Panic of 1893, the bank rode out the tide and was able to honor every obligation on demand. Capital Savings Bank helped many African-American businesses and property owners until it closed in 1902.

Early on, African Americans realized the necessity of accumulating wealth and the subsequent benefits of collective financial security. The Free African Society, the Free Labor Bank, and the Freedman’s Savings and Trust Company laid the groundwork for black capitalism in America. Capital Savings Bank gave African Americans a venue in which to learn about and participate in the business of banking. It was set up to reach all classes of the community so that everyone could learn the valuable economic lessons of being industrious, seeking employment, saving their money, and getting homes.

African-American churches and fraternal organizations built further on that foundation by serving as pooling places for the capital needed to open a bank that was sensitive to the needs of the African-American community. Between 1888 and 1934, 134 black banks were established, while from 1867 through 1917, the number of black businesses increased from 4,000 to 50,000.

Source: Fedpartnership.gov

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