Tag Archives: black owned

HBCU Money’s 2022 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:

  • African American Owned Banks (AAOBs) are in 15 states and territories. Key states absent are Maryland, Mississippi, New York, Ohio, and Virginia. Liberty Bank & Trust is headquartered in Louisiana, but has a presence in both California and Tennessee. OneUnited is headquartered in Massachusetts, but also has a presence in Florida.
  • There has not been an African American Owned Bank (AAOB) started in 22 years.
  • Alabama and Georgia each have two AAOBs.
  • 14 of the 16 African American Owned Banks saw increases in assets from the previous directory.
  • African American Owned Banks have approximately $4.8 billion of America’s $22.8 trillion bank assets or 0.02 percent.
  • African American Owned Banks control 1.5 percent of FDIC designated Minority-Owned Bank Assets, which is down from 1.7 percent in 2020. A fourth straight year of declines.
  • 2022 Median AAOBs Assets: $192,932,000 ($106,140,000)
  • 2022 Average AAOBs Assets: $302,218,000 ($225,519,000)
  • For comparison, Asian American Owned Banks have approximately $66.7 billion in assets spread over 61 institutions. Asian American Owned Banks saw a decrease of $62.6 billion increase (48.4 percent) since 2020.
  • TOTAL AFRICAN AMERICAN OWNED BANK ASSETS: $4,835,494,000

ALABAMA

ALAMERICA BANK

Location: Birmingham, Alabama

Founded: January 28, 2000

FDIC Region: Atlanta

Assets: $15,330,000

Asset Change (2020): DOWN 21.7%

COMMONWEALTH NATIONAL BANK

Location: Mobile, Alabama

Founded: February 19, 1976

FDIC Region: Atlanta

Assets: $57,066,000

Asset Change (2020): UP 14.6%

DISTRICT OF COLUMBIA

INDUSTRIAL BANK

Location: Washington, DC

Founded: August 18, 1934

FDIC Region: New York

Assets: $621,400,000

Asset Change (2020): UP 17.1%

GEORGIA

CARVER STATE BANK

Location: Savannah, Georgia

Founded: January 1, 1927

FDIC Region: Atlanta

Assets: $63,974,000

Asset Change (2020): UP 51.1%

CITIZENS TRUST BANK

Location: Atlanta, Georgia

Founded: June 18, 1921

FDIC Region: Atlanta

Assets: $680,998,000

Asset Change (2020): UP 62.9%

ILLINOIS

GN BANK

Location: Chicago, Illinois

Founded: January 01, 1934

FDIC Region: Chicago

Assets: $79,793,000

Asset Change (2020): DOWN 42.0%

LOUISIANA

LIBERTY BANK & TRUST COMPANY

Location: New Orleans, Louisiana

Founded: November 16, 1972

FDIC Region: Dallas

Assets: $1,014,251,000

Asset Change (2020): UP 61.5%

MASSACHUSETTS

ONEUNITED BANK

Location: Boston, Massachusetts

Founded: August 02, 1982

FDIC Region: New York

Assets: $657,516,000

Asset Change (2020): UP 0.5%

MICHIGAN

FIRST INDEPENDENCE BANK

Location: Detroit, Michigan

Founded: May 14, 1970

FDIC Region: Chicago

Assets: $396,316,000

Asset Change (2020): UP 33.9%

NORTH CAROLINA

MECHANICS & FARMERS BANK

Location: Durham, North Carolina

Founded: March 01, 1908

FDIC Region: Atlanta

Assets: $370,124,000

Asset Change (2020): UP 39.5%

OKLAHOMA

FIRST SECURITY BANK & TRUST

Location: Oklahoma City, Oklahoma

Founded: April 06, 1951

FDIC Region: Dallas

Assets: $59,791

Asset Change (2020): UP 8.4%

PENNSYLVANIA

UNITED BANK OF PHILADELPHIA

Location: Philadelphia, Pennsylvania

Founded: March 23, 1992

FDIC Region: New York

Assets: $67,850,000

Asset Change (2020): UP 37.2%

SOUTH CAROLINA

OPTUS BANK

Location: Columbia, South Carolina

Founded: March 26, 1999

FDIC Region: Atlanta

Assets: $338,615,000

Asset Change (2020): UP 333.4%

TENNESSEE

CITIZENS SAVINGS B&T COMPANY

Location: Nashville, Tennessee

Founded: January 4, 1904

FDIC Region: Dallas

Assets: $134,402,000

Asset Change (2020): UP 38.1%

TEXAS

UNITY NB OF HOUSTON

Location: Houston, Texas

Founded: August 01, 1985

FDIC Region: Dallas

Assets: $251,462,000

Asset Change (2020): UP 136.9%

WISCONSIN

COLUMBIA SAVINGS & LOAN ASSOCIATION 

Location: Milwaukee, Wisconsin

Founded: January 1, 1924

FDIC Region: Chicago

Assets: $26,607,000

Asset Change (2020): UP 12.8%

SOURCE: FDIC

Editorial Rerun – In Memoriam: The 100th Anniversary Of The Black Wall Street Massacre

First published on June 1, 2012 for the 91st anniversary of the Black Wall Street Massacre and a foreword from an article done by the Atlanta Black Star.

“The dollar circulated 36 to 100 times in this tight-knit community, according to sfbayview.com. A single dollar might have stayed in Tulsa for almost a year before leaving the Black community. Comparatively in modern times, a dollar can circulate in Asian communities for a month, Jewish communities for 20 days and white communities for 17, but it leaves the modern-day Black community in six hours, according to reports from the NAACP.”

By William A. Foster, IV

Remember that life is neither pain nor pleasure; it is serious business, to be entered upon with courage and in a spirit of self-sacrifice. – Alexis de Tocqueville

This is the first year I’ve had a chance to remember Black Wall Street on the very day that in a 12 hour battle a model community of American aspiration would be destroyed. It has always been at the heart of my economic and institutional development beliefs. I once railed on twitter that I wish Spike Lee would make the movie of Black Wall Street. Although, I dare say he’d run into even more problems than he did with Malcolm X. The threat of social and economic power coming to African America is much more frightful than one man.  I’ve even griped that my issues with Dr. Cornel West and his ilk  who want to speak “truth to power” is they ignore the model of the greatest moment in African America’s social and economic history as well as the very basis of how capitalism works. Our own fault for listening to a theology professor instead of our own economist. I always say there is “No Country for African American Economist” in the African American community. We’d rather speak to power than build our own. The story of Black Wall Street in Tulsa, OK is one of those moments where if we’d learn from history it would be worth repeating it. Instead, we’ll ignore our history to our own peril.

Many of us have a hard time imagining a place where African Americans owned and controlled as Mike House documents in his research “twenty-one restaurants, thirty grocery stores and two movie theaters, plus a hospital, a bank, a post office, libraries, schools, law offices, a half dozen private airplanes and even a bus system”. Just this economic power alone in one centralized place makes one realize how far we have fallen. Many of us simply see nominal gains in income and assume we have progressed. Not realizing that capitalism’s power and reward ultimately rest in the institutions you own and control.

I have tired of the marches. I have tired of the “leaders”. I have tired of the speeches. I have even tired of my own writings. I am tired of telling us we are poorer today than we were in 1921. I have tired of our dependency on liberal ideology that says wait for a government to do the right thing by us. The government does the right thing by those who have the economic means to grease it. We simply need to build communities that we control and own. We need to build institutions that we control and own in those communities. We need to build social, economic, and political partnerships with Africa just like every other group in this country has with its ancestral homeland which creates a global power. We then need to use that social and economic capital to influence the political system to protect our social and economic interest. This is what made Black Wall Street so powerful and why it ultimately had to be destroyed. They were on the verge of leveraging their influence into the political system which would have allowed them to control Oklahoma. Can you imagine that?

We have HBCU communities that already are built to become Black Wall Street reinvented. Over 100 of them. Less talking. More building.

For the entirety of the events of June 1, 1921 just click the date.

Industrial Bank Acquires City NB of New Jersey Strengthening One Black Bank And Closing Another

Industrial Bank, based in Washington D.C., becomes the undisputed third largest African American owned bank by assets after securing City NB of New Jersey, based in Newark, New Jersey, at the end of 2019 after City NB of New Jersey went under receivership by the FDIC as a failed bank. Previously, Industrial was competing with Broadway Bank in California and Citizens Trust Bank in Georgia for third position. However, with the acquisition of City’s $120 million in assets that spot is now comfortably secured. This makes what was going to be an otherwise paltry year for Industrial being able to increase their assets into a blowout one. Prior to the acquisition, Industrial was on pace to increase its assets by just over 1 percent in fiscal 2019, but this gives them a gain of 26.1 percent instead.

It also pushes the geographic reach of the D.C. based bank into multi-state territory. A claim that only three other African American banks, OneUnited, Liberty Bank & Trust, and Unity National Bank of Houston have. The first two being the largest two African American owned banks, respectively. New Jersey is home to almost 1.4 million African Americans, the 14th largest African American population in the United States so if Industrial can get right what City was getting wrong, there is immense opportunity there.

The FDIC Press Release: “City National Bank of New Jersey (“City National”) in Newark was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Industrial Bank in Washington, D.C. to assume all of the deposits of City National.

The three branches of City National will reopen as branches of Industrial Bank during normal business hours. Depositors of City National will automatically become depositors of Industrial Bank.  Because deposits will continue to be insured by the FDIC up to applicable limits, customers do not need to change their banking relationship in order to retain their deposit insurance coverage.

Customers of City National should continue to use their existing branch until they receive notice from Industrial Bank that it has completed systems changes to allow other Industrial Bank branches to process their accounts as well.

This evening and over the weekend, depositors of City National can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 30, 2019, City National had approximately $120.6 million in total assets and $111.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Industrial Bank agreed to purchase essentially all of its assets.”

Washington Was The Horse And DuBois Was The Cart – We Put The Cart Before The Horse

The first point of wisdom is to discern that which is false; the second to know that which is true. – Lactantius

booker_t_vs_w.e.b

Recent events at Barney’s (and many others like it) and the outrage that followed by African Americans reminded me of a truth. We are not a self-dependent community. Asian and European America have created such ecosystems that when they choose to do business or engage outside of their ecosystem it is a choice, not a necessity. Yet, we continue to be baffled by the actions of other groups toward us. Maybe we do not comprehend that just like African American-owned businesses there are Asian and European-American owned businesses built to cater to their own community. Despite being baffled, we continue to allow ourselves to be reliant on their social, economic, and political institutions. Does it spur us to become more self-dependent? No, it spurs us to force others to allow us to be more dependent. The logic is baffling at best, but on a whole it is just sad.

Often I ponder what African America would look like if over the past sixty years we had focused on the building of our social, economic, and political institutions instead of forcing our way into others. What if we had continued the institutional building of our forebears in the early twentieth century  that eventually would be led by those classically trained at our institutions. The ideological differences between Booker T. Washington and W.E.B. DuBois were as different as night and day goes without saying. Booker T. Washington’s approach was that we do not agitate but focus on building our own institutions independent of other groups. To ensure that we were self-reliant prior to engaging. If one takes a more geostrategic view, Washington’s approach has been what China as a country has done the past forty plus years. Coming from the bottom of development to now the world’s number two economy. Prior to allowing any foreign companies into their country, they worked on building their own. This allowed them to export and generate revenues to continue to build up their own industries that could compete on a global scale. It also allowed them the ability to dictate terms when foreigners entered their country because they would not need or be dependent upon them. African America chose to follow the W.E.B. DuBois approach that promoted our talented tenth agitate and force our way into other communities’ institutions. This logic has led us to mis-celebrating often the achievement of the first African American to enter any institution that are not our own and thinking of it as progress.

Was DuBois wrong all together? Absolutely not. He was right. We needed classically trained citizens. The problem and we see it manifest today, is that other groups are only going to allow a certain number (quota) of other groups to breach their institutions. A number that allows them to feign inclusion all the while maintaining social, economic, and political control. But what of the rest? For every ten we train and produce there will be only one let in, but what of the other nine? This is the conundrum that we are faced with today. If we are looking for explanations of why the unemployment rate continues to be in double digits for African Americans – look no further than our overly trained population and under built institutional development.

“What Negroes are now being taught does not bring their minds into harmony with life as they must face it”, said Carter G. Woodson in The Mis-education of the Negro. He goes on to give an example of just where we are failing between vocational knowledge and classical education – and it applies to us as much today as it did when he wrote the book. “The Negro girl who goes to college hardly wants to return to her mother if she is a washerwoman, but this girl should come back with sufficient knowledge of physics and chemistry and business administration to use her mother’s work as a nucleus for a modern steam laundry.” Truer words have never been more spoken and as I said still as relevant today. Our students do not know how to own their fields. Many HBCUs spend more time promoting the access of their students into companies, graduate schools, and other organizations not controlled by us as validation of their fine work. Are they training their finance students to go off and improve the state of African American owned banks? No, a problem that continues to rear its ugly head in the amount of redlining and predatory lending that happens in our community. At this point our horse is so underweight it does not even have the strength to pull our cart.

It is time we reset our priorities. Focus on building institutions that are in our interest. We are not a self-dependent people and the things we do have are too few to support a nation of forty million. This was largely the point Washington was trying to stress. I do not believe he was against what DuBois wanted. He just had insight to know we needed to build institutions first so that those classically trained had some place to go upon completion. Instead, many of us continue to operate under the illusion of simply getting a degree or going to an HWCU will somehow grant me entrance and inclusion. Even a recent back and forth I had with Vivek Wadhwa on Twitter highlighted the problem of wanting to force entrance instead of building your own. He complained about the lack of “minorities” and women in Silicon Valley. My issue with this is the majority of African Americans are in the southeastern United States. Why would we not build our own Silicon Valley there? Again, we will get one in and call that progress, while the other nine are left in the cold. The energy to get that one in could be spent building an institution where all ten get in – one that we control and own not just there for “diversity”.

If we would have a honest moment with ourselves, we would note that we have become more educated and more dependent upon other groups. Asians and other immigrants who come to this country come to own businesses and assets and make it a point to do so whether they have education or not. Jewish Americans use to make it a point to start businesses to ensure their community had a place to work because they were discriminated against. Most likely taking their cue from African Americans coming out of slavery who built communities, hospitals, colleges, and other institutions to ensure there was a place for them. All of the things we have abandoned over the past sixty years to our own detriment. We keep crying foul, but it has been partly our own strategic behavior acting against our own interest the past sixty years and begging to have entrance into others institutions that have caused much self-inflicted harm. In the end, Washington and DuBois were both right, but just how their philosophies should have been applied was never considered to maximize benefit. We would do well to still consider the proper order and implementation of it even today.

The HBCU Money™ Weekly Market Watch

Our Money Matters /\ July 5, 2013

NAME TICKER PRICE (GAIN/LOSS %)

African American Publicly Traded Companies

Citizens Bancshares Georgia (CZBS) $6.58 (0.00% UNCH)

Radio One (ROIA) $2.21 (1.75% UP)

African Stock Exchanges

Bourse Regionale des Valeurs Mobilieres (BRVM)  210.66 (1.61% UP)

Botswana Stock Exchange (BSE)  8 701.94 (0.13% UP)

Ghana Stock Exchange (GSE)  1 884.93 (57.11% UP)*

Nairobi Stock Exchange (NSE)  117.34 (N/A)

Johannesburg Stock Exchange (JSE) 39 169.83 (2.15% DN)

International Stock Exchanges

New York Stock Exchange (NYSE) 9 180.66 (0.50% UP)

London Stock Exchange (LSE)  3 377.60 (0.65% DN)

Tokyo Stock Exchange (TOPIX)  1 199.58 (1.53% UP)

Commodities

Gold 1 214.40 (3.00% DN)

Oil 103.04 (1.78% UP)

*Ghana Stock Exchange shows current year to date movement. All others daily.

All quotes reported as of 5:00 PM Eastern Time Zone