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.
KEY FINDINGS:
14 of the 18 African American Owned Banks saw increases in assets from 2023.
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 most recent African American Owned Bank started in 2023. Prior to that no African American owned bank had been started in 23 years.
Alabama and Georgia each have two AAOBs.
African American Owned Banks have approximately $6.4 billion of America’s $23.6 trillion bank assets (see below) or 0.027 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 comprise 12 percent of Minority-Owned Banks (151), but only control 1.75 percent of FDIC designated Minority-Owned Bank Assets.
2024 Median AAOBs Assets: $191,590,000 ($168,701,000)
2024 Average AAOBs Assets: $355,448,000 ($326,097,000)
TOTAL AFRICAN AMERICAN OWNED BANK ASSETS 2024: $6,398,070,000 ($5,867,738,000)
Unity National Bank, headquartered in Houston, Texas, with $209 million in assets, is the eighth largest African American owned bank by assets. It is located just a stone’s throw away from Texas Southern University. Recently the bank named Pedro Bryant, a Morris Brown College alum, its new CEO and President. Unity National Bank has an immense opportunity to move up the rankings for African American banks with the right strategy. According to an Apartment List report in February 2024, San Antonio, Houston, Dallas, and Austin rank as the third, fourth, sixth, and seventh best cities in the US for African American professionals. Lendio also reports that Texas is home to over 400,000 African American owned businesses and almost 13,000 are employer firms. These ingredients mean that with Unity National Bank being the only African American owned bank in the state the runway for growth is theirs to capture. This also means a strengthening of ties between HBCUs and the African America private sector are that much stronger. The lack of cohesion between the two institutions (100 HBCUs and 16 African American owned banks) has largely been one of the key ingredients holding back the African American economy as intellectual and economic capital rarely circulates between HBCUs and the African American owned employer firms.
Whatever glory belongs to the race for a development unprecedented in history for the given length of time, a full share belongs to the womanhood of the race. – Mary McLeod Bethune
African American Owned Banks (AAOBs) continue to decline, down to 16 since from 21 since we last highlighted African American Owned Banks’ Most Powerful Women in 2013. The decline of almost 25 percent of African American Owned Banks over the past decade has meant less and less opportunity across the board and for African American women that appears to be the case as well. As our institutions decrease, so then do our ability to create opportunities for our communities. African American women in AAOBs have seen an increase only in the board of directors with all other positions seeing a decline.
Even with that reality, the numbers in comparison to their counterparts is still much greater. The largest 50 banks which are all non-AAOBs have only 1 woman (2 percent) at the helm according to American Banker. African American women comprise almost 20 percent of African American Owned Banks CEO positions.
2024 Statistics (2013 Statistics)
3 CEOs/President (4 CEOs/Presidents)
1 CFO (2 CFOs)
10 Vice-Presidents (13 Vice-Presidents)
8 Board of Directors (7 Board of Directors)
We have done our best to find out just who are some of the amazing African American women serving as executives and directors at African American Owned Banks around the country. However, some banks do not have their management or board of directors listed so we are sure we missed a few talented women, but for now here is who we found and some of their stories.
Mrs. Cooper is co-founder of the voter education non-profit Stand Up Mobile: A Blueprint for US. She retired after 15 years as President of The Christian Benevolent Funeral Home, Inc. a family- owned business for 96 years.
In February 2012, she became the Chief Executive Officer, the first permanently named female CEO in the Company’s history. Under her leadership as Chief Executive Officer, the bank has reached many milestones including achieving its highest level of performance during its 100 year existence. Further, most recently, the Bank was ranked, by S&P Global, #28 out of the Top 200 Performing Banks in the Country in its asset band.
Iris D. Goodly, Senior Vice President/ Director of Client Services and Operations
Jaimmé Collins, General Counsel, EVP and SVP of Strategy
In addition to being General Counsel, Ms. Collins manages Liberty’s strategic initiatives, joint ventures, regulatory matters, and leads Liberty Community Development Corporation (Liberty’s real estate development affiliate) and Liberty Foundation, Inc. (Liberty’s nonprofit affiliate).
Teri Williams, President and Chief Operating Officer
Responsible for implementation of the Bank’s strategic initiatives, as well as the day-to-day operations of the bank. These operational areas include all retail branches, marketing, compliance, lending, information technology, customer support, legal, and human resources. Under her leadership, OneUnited Bank has consolidated the local names and product offerings of four (4) banks to create a powerful national brand supported by innovative products and services. She brings 30 years of financial services expertise from premier institutions such as Bank of America and American Express, where she was one of the youngest Vice Presidents.
She has been in the banking industry for 30 years. She has held senior level positions in the areas of sales, operations and consumer lending. Her responsibilities include management of five retail branches as well as the online branch, the banks facilities, item processing operations and the call center. She also serves as the Security Officer for the Bank. She has successfully managed two system conversions and one item processing conversion during her tenure. Ms. Brewer has worked for Wells Fargo, Orange County Credit Union, Business Bank of California, and First City Federal Credit Union.
Marionette Y. Wilson, Secretary of the Board of Directors
Ms. Wilson joined the Board of Directors of United Bank of Philadelphia in 1992 as a founding director. She is now retired but was formerly the Co-Founder/Partner, John Frazier, Inc., Philadelphia, PA from 1981-2002.
*Evelyn F. Smalls, President and Chief Executive Officer (pictured bottom left)
Mrs. Smalls is President and Chief Executive Officer of United Bank of Philadelphia, a minority-owned and controlled, full service commercial bank. With over 30 years experience in banking and community development, Mrs. Smalls is responsible for the leadership and management of the Bank including setting the direction of the organization, communicating its vision and adapting the culture and operations to achieve success.
Prior to her appointment as President and Chief Executive Officer, Mrs. Smalls served as Senior Vice President for Regulatory Compliance and Community Reinvestment. Her leadership helped establish the Bank’s community reinvestment model that has achieved consecutive “Outstanding” ratings from the Federal Reserve and FDIC since the Bank’s inception.
Mrs. Smalls received her Bachelor’s degree in Business from North Carolina Central University.
Brenda M. Hudson-Nelson, Executive Vice President & CFO
Mrs. Hudson-Nelson has served as United Bank of Philadelphia’s Executive Vice President and Chief Financial Officer for twenty-five years. Mrs. Hudson-Nelson has thirty-four years experience within the financial services industry. Mrs. Hudson-Nelson’s responsibilities include directing financial planning, implementing, and overseeing the Bank’s systems of internal controls, managing the Bank’s investment portfolio, and monitoring and managing the Bank’s sensitivity to interest rate risk. Ms. Hudson-Nelson ensures that the Bank’s Annual Report, SEC Reports and other Regulatory Reports are filed accurately and timely.
She served as Treasurer on the Boards of Director for the South Street Dance Company, CHOICE, Big Brothers/Big Sisters of America, Big Brothers/Big Sisters of Mercer County, and for Prevention Point Philadelphia.
Dimitria Davenport, Vice President, Community Banking & Compliance
With over 20 years in the financial services industry, she has held key roles within Training, Consumer Banking, Retail Administration and Human Resources. Dimitria has spent the last eighteen years of her career working diligently to carry out United Bank’s mission of financially empowering people and businesses in the greater Philadelphia region.
Dimitria serves on several Boards: The Executive Committee of The African American Chamber of Commerce, The City Schools and The New Hope Community Development Corporation.
*Dr. LaDonna Boyd, Board of Directors (pictured top left)
As the fifth-generation president/CEO of the R.H. Boyd Family of Companies in Nashville, Tennessee, she’s a powerhouse of innovation and creativity, transforming the business landscape while championing social causes close to her heart.
She earned her bachelor’s in economics and with a minor in French from Spelman College, followed by an MBA with a finance concentration from Tennessee State University. She completed her with a Doctorate in Education with a focus on organizational leadership from Pepperdine University. She further honed her skills by earning two certificates in from Harvard University’s Extension School in Digital Marketing Strategy and Artificial Intelligence in Business: Creating Value With Machine Learning.
*Joan Fleming, SVP of Residential Lending and Community Development (pictured top right)
She is an industry leader- finding ways to produce results through her expertise, commitment and relationships. Joan has a passion for delivering value and benefit to her clients with an enthusiastic and friendly attitude. It is her commitment to serve the underserved by being an advocate for affordable housing and financial literacy. Her “thinking outside the box” mentality allows her to develop programs to ensure everyone can build wealth through homeownership.
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
For the most current African American Owned Bank Directory visit the 2022 link by clicking here.
(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.
HBCU Money 