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HBCU Money’s 2020 African American Owned Bank Directory

Posted on May 26, 2020 by | 8 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.

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%

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Morehouse Alumnus Kevin Perry Investment Brings African American Owned Banking Back To Oklahoma

Posted on April 14, 2020 by | 2 comments

As one of the places with a storied African American economic history, Oklahoma holds a certain lore among African American economic historians. The home of Greendwood, Oklahoma, better known to many as Black Wall Street, its symbolic significance can never be overstated. It is also home to Langston University, a quiet but premier HBCU whose goat research is legendary in HBCU research circles and has considerable commercial value. However, Oklahoma has been without an African American owned bank for quite sometime but no more. Enter Kevin Perry, president and CEO of Perry Publishing & Broadcasting, a second-generation family owned company based in Oklahoma City, Oklahoma, and director at First Security Bank & Trust has helped usher in a new era of African American owned banking in Oklahoma.

According to S&P Global, “Kevin Perry, owner of 71,240 shares of FSB Bancshares Inc. stock, is proposing to acquire an additional 23,800 shares, according to a change in control notice filed in late March (2018). Perry already owns a 22.44% stake in the Oklahoma City-based company. The sale would increase his ownership in FSB to 29.948% — and in turn give him and other African American shareholders an aggregate 51% stake.”

The addition of First Security Bank & Trust to the African American Owned Banks banking landscape has stopped the proverbial bleeding the group has been experiencing over the past decade. Since 2010, African American Owned Banks have seen almost 50 percent of the institutions disappear. It is also worth noting that there have been no new AAOBs started in almost two decades and although First Security Bank & Trust is not new per se (founded in 1951), its acquisition by African American investors does make it new to our banking infrastructure and expands the financial geography of African American owned financial institutions. It is a vital addition and hopefully will build momentum for a new expansion that will help strengthen AAOBs in HBCU states and territories for the future.

 

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