[dropcap]I[/dropcap]t has been well documented over the decades that many banks and lending institutions have traditionally practiced institutionalized racism. Most recently, Mississippi-based BancorpSouth was fined $10.6 million for redlining, using race and ethnicity to determine mortgage eligibility. In efforts of leveling the playing fields in the money market, many blacks have looked towards black-owned alternatives to the banking system that is currently in place.
In fact, entertainment celebrities Killer Mike, Usher and Jermaine Dupri have recently spoken about the need for the black community to withhold their financial capital from big banks and other powerful entities until they stand up against racism and violence. Of the most vocal entertainers in this movement, Killer encouraged everyone to bank black during an interview with Hot 107.9.
Within five days of the interview, Atlanta-based Citizens Trust Bank opened at least 8,000 new account accounts. With a new account having a minimum requirement of $100 to open, that comes to at least $800,000 moved into a Black-owned banking establishment. Killer was publicly thanked by Citizens Bank CEO Cynthia N. Day via Twitter for his call to action. “Together, we can change the conversation,” she tweeted from the bank’s account @CTBank.
Continuing the domino effect to bank black, Houston rappers Willie D, Paul Wall and many others lined up to open new accounts at Houston’s Black-owned UNITY Bank. In efforts to help strengthen that black dollar, dollar bill y’all, below is a list of 32 black-owned institutions across the country.
- Carver Federal Savings Bank
Founded: 1948
Location: New York
Assets: Approx. $640 Million
- Carver State Bank
Location: Savannah, Georgia
Founded: January 1, 1927
FDIC Region: Atlanta
Assets: $41 Million
- City National Bank of New Jersey
Founded: 1973
Assets: Approx. $340 Million
- Industrial Bank
Location: Washington, DC
Founded: August 18, 1934
FDIC Region: New York
Assets: $342 Million
- The Harbor Bank Of Maryland
Founded: 1982
Serving: Baltimore, Maryland
Assets: Approx. $235 Million
- One United Bank
Founded: 1968
Locations: Boston, MA; Los Angeles, CA; Miami, FL
Assets: Approx. $614 Million
- United Bank of Philadelphia
Location: Philadelphia, Pennsylvania
Founded: March 23, 1992
FDIC Region: New York
Assets: $67 Million
- First Independence Bank
Location: Detroit, Michigan
Founded: May 14, 1970
FDIC Region: Chicago
Assets: Approx. $216 Million
- First Tuskegee Bank
Location: Tuskegee, Alabama
Founded: October 11, 1991
FDIC Region: Atlanta
Assets: $63 Million
- First State Bank
Location: Danville, Virginia
Founded: September 08, 1919
FDIC Region: Atlanta
Assets: $38 Million
- Seaway Bank & Trust Company
Location: Chicago, Illinois
Founded: January 02, 1965
FDIC Region: Chicago
Assets: Approx. $753 Million
Serving: Chicago, Illinois and surrounding
- Mechanics & Farmers Bank
Location: Durham, North Carolina
Founded: March 01, 1908
FDIC Region: Atlanta
Assets: Approx. $304 809 000
- Alamerica Bank
Founded: 2000
Serving: Birmingham, Alabama
Assets: Approx. $41 Million
- Commonwealth National Bank
Location: Mobile, Alabama
Founded: February 19, 1976
FDIC Region: Atlanta
Assets: $63,244,000
- Citizens Savings Bank & Trust
Founded: 1904
Serving: Nashville, Tennessee
Assets: Approx. $108 Million
- Citizens Trust Bank
Location: Atlanta, Georgia
Assets: Approx. $392 Million
FDIC Region: Atlanta
- Columbia Savings & Loans
Founded: 1924
Location: Milwaukee, Wisconsin
Assets: Approx. $24 Million
- Unity National Bank of Houston
Founded: 1985
Location: Houston, Texas
FDIC Region: Dallas
Assets: Approx. $68 Million
- Tri-State Bank of Memphis
Founded: 1946
Location: Memphis, Tennessee
Assets: Approx. $125 Million
- Liberty Bank & Trust Company
Locations: New Orleans, Louisiana; Baton Rouge, Louisiana; Kansas City, Missouri; Detroit, Michigan; Chicago, Illinois; Jackson, Mississippi
Assets: Approx. $545 Million
- Illinois Service Federal Savings & Loans
Founded: 1934
Location: Chicago, Illinois
Assets: Approx. $140 Million
- Broadway Federal Bank FSB
Location: Los Angeles, California
Founded: February 26, 1947
FDIC Region: San Francisco
Assets: Approx. $385,055,000
- North Milwaukee State Bank
Location: Milwaukee, Wisconsin
Founded: February 12, 1971
FDIC Region: Chicago
Assets: Approx. $91 490 000
- Capital City Bank & Trust Company
Location: Atlanta, Georgia
Founded: October 3, 1994
FDIC Region: Atlanta
Assets: Approx. $294 Million
- Omega Psi Phi Credit Union
Location: Lawrenceville, Georgia
- United Bank of Philidelphia
Location: Philadelphia, Pennsylvania
- Highland Community Bank
Location: Chicago, Illinois
- South Carolina Community Bank
Location: Columbia, South Carolina
- Toledo Urban Credit Union
Location: Toledo, Ohio
- Hill District Credit Union
Location: Pittsburgh, Pennsylvania
- FAMU Federal Credit Union
Location: Tallahassee, Florida
- Credit Union of Atlanta
Location: Atlanta, Georgia