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HBCU Money’s 2023 African American Owned Bank Directory

Posted on May 25, 2024 by | 3 comments

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

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HBCU Money’s 2022 African American Owned Bank Directory

Posted on April 9, 2023 by | Leave a comment

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 16 African American Owned Banks saw increases in assets from 2021.
  • African American Owned Banks (AAOBs) are in 15 states and territories. Key states absent are Maryland, Missouri, New York, Ohio, and Virginia.
  • Liberty Bank and Trust Company is headquartered in Louisiana, but also operates in 7 other states including Mississippi; Kansas and Missouri; Michigan; Alabama; Illinois; and Texas. OneUnited is headquartered in Massachusetts, but also operates in California and Florida.
  • There has not been an African American Owned Bank (AAOB) started in 23 years.
  • Alabama and Georgia each have two AAOBs.
  • African American Owned Banks have approximately $5.5 billion of America’s $22.9 trillion bank assets or 0.02 percent.
  • African American Owned Banks control 1.7 percent of FDIC designated Minority-Owned Bank Assets.
  • 2022 Median AAOBs Assets: $150,072,000 ($194,181,000)
  • 2022 Average AAOBs Assets: $325,391,000 ($297,692,000)
  • TOTAL AFRICAN AMERICAN OWNED BANK ASSETS 2022: $5,531,655,000 ($4,763,079)

ALABAMA

ALAMERICA BANK

Location: Birmingham, Alabama

Founded: January 28, 2000

FDIC Region: Atlanta

Assets: $15,784,000

Asset Change (2021): DOWN 1.6%

COMMONWEALTH NATIONAL BANK

Location: Mobile, Alabama

Founded: February 19, 1976

FDIC Region: Atlanta

Assets: $61,329,000

Asset Change (2021): UP 7.8%

DISTRICT OF COLUMBIA

INDUSTRIAL BANK

Location: Washington, DC

Founded: August 18, 1934

FDIC Region: New York

Assets: $722,995,000

Asset Change (2021): UP 15.6%

GEORGIA

CARVER STATE BANK

Location: Savannah, Georgia

Founded: January 1, 1927

FDIC Region: Atlanta

Assets: $84,015,000

Asset Change (2021): UP 35.1%

CITIZENS TRUST BANK

Location: Atlanta, Georgia

Founded: June 18, 1921

FDIC Region: Atlanta

Assets: $806,801,000

Asset Change (2021): UP 20.6%

ILLINOIS

GN BANK

Location: Chicago, Illinois

Founded: January 01, 1934

FDIC Region: Chicago

Assets: $71,844,000

Asset Change (2021): DOWN 15.1%

LOUISIANA

LIBERTY BANK & TRUST COMPANY

Location: New Orleans, Louisiana

Founded: November 16, 1972

FDIC Region: Dallas

Assets: $1,086,331,000

Asset Change (2021): UP 11.8%

MASSACHUSETTS

ONEUNITED BANK

Location: Boston, Massachusetts

Founded: August 02, 1982

FDIC Region: New York

Assets: $743,590,000

Asset Change (2021): UP 15.6%

MICHIGAN

FIRST INDEPENDENCE BANK

Location: Detroit, Michigan

Founded: May 14, 1970

FDIC Region: Chicago

Assets: $468,425,000

Asset Change (2021): UP 13.6%

MISSISSIPPI

GRAND BANK FOR SAVINGS, FSB

Location: Hattiesburg, Mississippi

Founded: January 1, 1968

FDIC Region: Dallas

Assets: $116,006,000

Asset Change (2021): N/A

NORTH CAROLINA

MECHANICS & FARMERS BANK

Location: Durham, North Carolina

Founded: March 01, 1908

FDIC Region: Atlanta

Assets: $429,685,000

Asset Change (2021): UP 17.7%

OKLAHOMA

FIRST SECURITY BANK & TRUST

Location: Oklahoma City, Oklahoma

Founded: April 06, 1951

FDIC Region: Dallas

Assets: $79,084,000

Asset Change (2021): UP 29.1%

PENNSYLVANIA

UNITED BANK OF PHILADELPHIA

Location: Philadelphia, Pennsylvania

Founded: March 23, 1992

FDIC Region: New York

Assets: $59,416,000

Asset Change (2021): DOWN 7.7%

SOUTH CAROLINA

OPTUS BANK

Location: Columbia, South Carolina

Founded: March 26, 1999

FDIC Region: Atlanta

Assets: $405,324,000

Asset Change (2021): UP 28.5%

TENNESSEE

CITIZENS SAVINGS B&T COMPANY

Location: Nashville, Tennessee

Founded: January 4, 1904

FDIC Region: Dallas

Assets: $150,072,000

Asset Change (2021): UP 11.5%

TEXAS

UNITY NB OF HOUSTON

Location: Houston, Texas

Founded: August 01, 1985

FDIC Region: Dallas

Assets: $206,417,000

Asset Change (2021): DOWN 18.7%

WISCONSIN

COLUMBIA SAVINGS & LOAN ASSOCIATION 

Location: Milwaukee, Wisconsin

Founded: January 1, 1924

FDIC Region: Chicago

Assets: $24,537,000

Asset Change (2021): DOWN 8.9%

SOURCE: FDIC

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HBCU Money’s 2021 African American Owned Bank Directory

Posted on September 3, 2022 by | 8 comments

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 14 states and territories. Key states absent are Maryland, Mississippi, New York, Ohio, and Virginia.
  • 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.
  • 2021 Median AAOBs Assets: $192,932,000 ($106,140,000)
  • 2021 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

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

Posted on April 20, 2020 by | Leave a comment

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.”

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