Black Banks Around The Country Continuing The Legacy and Power of The Black Dollar
Written by Bill Donahue on May 20, 2024
The history of power and importance regarding the Black dollar goes further and wider than many of us can fathom. Our ancestors who preceded us, along with those who are presently working to maintain that legacy, understand what is at stake. Black ownership is a concept that has continued to be critical for the Black community, but now more than ever, being in possession of and supporting Black-owned banks and other financial institutions is necessary for our survival.
When Reverend William Washington Browne founded the first Black-owned bank the True Reformers Bank in 1888, it was with the understanding that to ensure opportunities were available, our direct investment was non-negotiable. More than 100 years later, the fight toward ending injustice continues. This comes during a time when Black banks are becoming what the National Black Bank Foundation has dubbed an ‘endangered species’ and the end of opportunities for communities of color if we do not effectively increase support of Black banks. Between the years 1888 and 1934, there were 134 operational Black-owned banks — in 2024 there are less than 50. If strategic interference does not happen now, the reality is that they could be extinct, causing the racial wealth gap to widen and making equitable financial access impossible.
But there’s still time, here are five Black-owned banks and credit unions from around the country to entrust your Black dollars.
Citizens Trust Bank
This Georgia-based bank has six branches in Atlanta, East Point, South Fulton and other areas. Its services include checking and savings accounts, credit services, and other services available online.
The Harbor Bank of Maryland
With eight branches in Baltimore, Randallstown, and Silver Spring the fully operational Maryland bank offers services from money market accounts to home equity lines of credit.
Carver Federal Savings Bank
Their seven New York branches are located in Brooklyn, Jamaica, and New York. They offer ATMs and Allpoint network services in addition to traditional landlord/tenant security accounts and loans.
Mechanics & Farmers Bank
The sole Black-owned bank has eight branch locations in major cities of North Carolina like Charlotte, Durham, Greensboro, Raleigh and Winston-Salem with tens of thousands of ATMs nationwide in additional institutions including Bank of America, JPMorgan Chase and Wells Fargo.
St. Louis Community Credit Union
This financial institution has a total of 15 branches across Missouri offering various accounts, loans, financial planning, and online capabilities. The branches are located in Benton Park, Ferguson, Florissant, Jennings, Richmond Heights, St. John, St. Louis, Sullivan and University City.
