When looking for a bank to entrust with your money, it is important to do your research. There are many factors to take into consideration when choosing a bank, such as interest rates, location and convenience, amount of minority borrowers and monthly fees.
Historically Black-owned banks have been the pillar of the Black community by providing African Americans an opportunity to gain access to financial services and capital for minority-owned businesses. According to BankBlackUSA.org, less than 1 percent of other (non-Black) community bank loans are made to Black borrowers. Black banks help to circulate the Black dollar.
With movements such as #BankBlack, social media has brought awareness to the importance of banking Black and moving your money to Black-owned banks.
Here are five Black banks that you should consider when deciding on your banking institution:
Citizens Trust Bank – ctbconnect.com
Branches in: Atlanta, Alabama, Georgia
CEO: Cynthia N. Day
$399M in assets
One United – oneunited.com
Branches in: Boston, Los Angeles, Miami
CEO: Kevin Cohee
$661M in assets
Liberty Bank – libertybank.net
Headquarters: New Orleans
Branches in: New Orleans, Detroit, among other places
CEO: Alden J. McDonald Jr.
More than $594M in assets
Industrial Bank – industrial-bank.com
Headquarters: Washington, D.C.
Branches in: Washington, Maryland
CEO: Doyle Mitchell
$423M in assets
The Harbor Bank – Theharborbank.com
Branches in: Baltimore
CEO: Joseph Haskins Harbor
$266M in assets