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HBCU Money’s 2018 African American Owned Bank Directory


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

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:

  • Key losses were the sale of First State Bank in Danville, Virginia.
  • AAOBs are in 16 states and territories. Key states absent are Florida, Mississippi, New York, Ohio, and Virginia.
  • Alabama, Georgia, and Tennessee, each have two AAOBs.
  • 2017 Median AAOBs Aseets: $133 096 000 ($109 858 000)*
  • 2017 Average AAOBs Assets: $222 831 000 ($218 346 000)*
  • Of the surviving African American bank assets saw a 2.1 percent increase or net gain of approximately $85.2 million in assets in 2017.
  • AAOBs control 0.03 percent of America’s $15.4 trillion Bank Owned Assets.
  • AAOBs control 1.9 percent of FDIC designated Minority-Owned Bank Assets, which is down from 2 percent in 2017.
  • There has not been an AAOB started in 17 years.
  • 11 of 2016’s 19 AAOBs saw increases in assets.
  • For comparison, Asian American Owned Banks have approximately $112.4 billion in assets spread over 76 institutions. An almost 300 percent increase over the past two years.

There are 19 African American owned banks (AAOBs) with assets totaling approximately $4.2 billion in assets or approximately 0.38 percent of African America’s $1.1 trillion in buying power. An unchanged percentage from 2017.

ALABAMA

ALAMERICA BANK

Location: Birmingham, Alabama

Founded: January 28, 2000

FDIC Region: Atlanta

Assets: $35 328 000

Asset Change (2017): Down 2.6%

COMMONWEALTH NATIONAL BANK

Location: Mobile, Alabama

Founded: February 19, 1976

FDIC Region: Atlanta

Assets: $49 485 000

Asset Change (2017): Down 11.4%

CALIFORNIA

BROADWAY FEDERAL BANK FSB

Location: Los Angeles, California

Founded: February 26, 1947

FDIC Region: San Francisco

Assets: $411 638 000

Asset Change (2017): Down 0.4%

DISTRICT OF COLUMBIA

INDUSTRIAL BANK

Location: Washington, DC

Founded: August 18, 1934

FDIC Region: New York

Assets: $423 202 000

Asset Change (2017): Up 8.9%

GEORGIA

CARVER STATE BANK

Location: Savannah, Georgia

Founded: January 1, 1927

FDIC Region: Atlanta

Assets: $42 077 000

Asset Change (2017): Up 5.9%

CITIZENS TRUST BANK

Location: Atlanta, Georgia

Founded: June 18, 1921

FDIC Region: Atlanta

Assets: $428 579 000

Asset Change (2017): Up 5.6%

ILLINOIS

ILLINOIS SERVICE FEDERAL SAVINGS & LOAN

Location: Chicago, Illinois

Founded: January 01, 1934

FDIC Region: Chicago

Assets: $133 096 000

Asset Change (2017): Up 26.3%

LOUISIANA

LIBERTY BANK & TRUST COMPANY

Location: New Orleans, Louisiana

Founded: November 16, 1972

FDIC Region: Dallas

Assets: $605 490 000

Asset Change (2017): Down 1.0%

MARYLAND

HARBOR BANK OF MARYLAND

Location: Baltimore, Maryland

Founded: September 13, 1982

FDIC Region: New York

Assets: $266 208 000

Asset Change (2017): Up 7.2%

MASSACHUSETTS

ONEUNITED BANK

Location: Boston, Massachusetts

Founded: August 02, 1982

FDIC Region: New York

Assets: $658 014 000

Asset Change (2017): Up 1.8%

MICHIGAN

FIRST INDEPENDENCE BANK

Location: Detroit, Michigan

Founded: May 14, 1970

FDIC Region: Chicago

Assets: $286 561 000

Asset Change (2017): Up 21.4%

NEW JERSEY

CITY NB OF NEW JERSEY

Location: Newark, New Jersey

Founded: June 11, 1973

FDIC Region: New York

Assets: $213 858 000

Asset Change (2017): Down 4.1%

NORTH CAROLINA

MECHANICS & FARMERS BANK

Location: Durham, North Carolina

Founded: March 01, 1908

FDIC Region: Atlanta

Assets: $254 776 000

Asset Change (2017): Down 17.6%

PENNSYLVANIA

UNITED BANK OF PHILADELPHIA

Location: Philadelphia, Pennsylvania

Founded: March 23, 1992

FDIC Region: New York

Assets: $59 009 000

Asset Change (2017): Up 5.4%

SOUTH CAROLINA

SOUTH CAROLINA COMMUNITY BANK

Location: Columbia, South Carolina

Founded: March 26, 1999

FDIC Region: Atlanta

Assets: $52 586 000

Asset Change (2017): Up 2.5%

TENNESSEE

CITIZENS SAVINGS B&T COMPANY

Location: Nashville, Tennessee

Founded: January 4, 1904

FDIC Region: Dallas

Assets: $107 165 000

Asset Change (2017): Down 2.5%

TRI-STATE BANK OF MEMPHIS

Location: Memphis, Tennessee

Founded: December 16, 1946

FDIC Region: Dallas

Assets: $86 651 000

Asset Change (2017): Down 15.4%

TEXAS

UNITY NB OF HOUSTON

Location: Houston, Texas

Founded: August 01, 1985

FDIC Region: Dallas

Assets: $96 010 000

Asset Change (2017): Up 14.0%

WISCONSIN

COLUMBIA SAVINGS & LOAN ASSOCIATION 

Location: Milwaukee, Wisconsin

Founded: January 1, 1924

FDIC Region: Chicago

Assets: $23 973 000

Asset Change (2017): Down 1.8%

 

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Texas Southern Alumnus Sharone Mayberry & Mayberry Homes Renovating Unity National Bank


“We must keep on trying to solve problems, one by one, stage by stage, if not on the basis of confidence and cooperation, at least on that of mutual toleration and self-interest.” – Lester B. Pearson

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All too often we hear about the need for African American consumers to support African American businesses to strengthen our economic ecosystem, but all too often there is forgotten component of this economic ecosystem and that is the business to business relationships. It is another part of the value chain that is vital to circulating the African American dollar. After all, businesses too are consumers. Have you ever walked into an African American owned restaurant and wondered where they get their food from? Did they buy it from an African American owned wholesaler the likes of Sam’s Club or Costco? Did the wholesaler buy it from an African American farmer? Did the farmer buy seeds and feed from an African American owned agriculture supply company? By the time a product actually gets to the consumer it has gone through an extensive value chain of business to business purchases. The B2B market is estimated to be four times the size of the B2C market just in e-commerce and probably even larger in the traditional market. That is why seeing something like what is happening between Mayberry Homes and Unity National Bank is socially and economically very important.

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Mayberry Homes, a company owned by Texas Southern alumnus Sharone Mayberry, has been an active buyer of land and builder of homes in Houston’s Third Ward community. Bringing many of the community’s dilapidated homes in the area back to life as demand for property in Houston’s inner loop near downtown has skyrocketed in recent year.  Unity National Bank, founded in 1985 is the only African American owned bank in the state of Texas, is also headquartered in Houston’s Third Ward. If you ride around Third Ward, there are Mayberry Homes signs popping up everywhere so to see their in front of Unity National Bank was quite a statement. The bank’s building has not had a renovation in its thirty years of existence and with the recent surge in demand for accounts, an aesthetic that says to customers we are current and with the times is vital to the customer psychology and rapport. That the renovation is being done by an African American owned company also says to the trust that has long been believed to be absent among the community in trusting each other in business. This is an opportunity to show on an institutional level that we do indeed trust, need, and want each other. That is something that then flows down to the individual consumer level.

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This is something that should be being taught in HBCU b-schools. That to improve the communities we come from as we launch businesses in those communities that it is important to do business as a business with HBCU/African American owned companies. Although, with less than 1 in 4 HBCU b-school deans and chairpersons having an HBCU degree, it is likely a lesson likely not being taught. Our business schools are teaching business from a general and not from a community or African American perspective. HBCUs have often served as conduits of institution to institution commerce within our community, but rarely is that taught in the classroom as something that should be done. That is something that should and must change if we are too leverage this new found renaissance happening as we see our banking institutions start to actually have the capital they need to eventually make the small business loans back into the community.

Seeing the change that Mayberry/Unity are bringing should be a gentle reminder as we go forth that the best way to lift the great weight of economic empowerment and development is to do it together.