With the constant reminder that this economy is no better off now than it was several years ago, many people are reluctant to put their money in so-called “safe houses” for fear of it being taken away by government or the greedy banks. But whether a bank is owned and operated by mainstream or by African-Americans, does that lessen the fear? Not necessarily so. As an African-American, choosing to bank with a Black owned financial institution opens up the possibilities of obtaining more financial freedom.

     For years, many have experienced the woes of banking at most U.S. banks. From outrageous fees to non-approval of small business loans, minorities have been forced into this bubble in which opportunities are non-existent. Why is that? Has the “stereotypical” track record of us having bad credit and pitiful money management habits caused this? In the late 1800’s, there were more than 130 U.S. banks owned by African-Americans. By 1917, African-American owned and operated businesses, in general, were calculated to be about 50,000 located in the U.S. There were hundreds of all–Black communities that rose up from the Emancipation. These communities helped create well-oiled machine type neighborhoods where Blacks owned the houses, the storefronts, the schools, the land, etc. But by the 1970’s, those “entrepreneurial” days were over.

     The demise of well-off all-Black communities was probably brought on by several factors (i.e. drugs, crime, welfare, sociological and economic depression, etc). The lack of Black-owned banks was, and still is, definitely a critical factor. As of 2010, the Federal Reserve Board reports that there are approximately 30 U.S. banks owned by African Americans. That is a far cry from the hundred or so owned in the 1800’s. So, how do we make these financial institutions leaders in the banking industry? How do we help push the importance of banking at a Black bank?

     In order to bring Black banks to the forefront, people need to invest into their own. This is where it all starts. Investing in our own is the key to revitalizing our communities on our own terms. If we do not support and patronize our own businesses, our communities will continue to be overridden with other minority groups and mainstream business owners who can quickly obtain a small business loan from the conglomerate U.S banks (i.e. Wells Fargo, JP Morgan Chase, Bank of America, etc). To have a better chance at securing loans, being approved for credit, obtain low percentage rates, etc, we have to start by allowing Black-owned institutions to be our safe-houses.

     One thing people may stress is the lack of awareness. Where are the Black-owned banks located? Because they are small in size, the marketing budget may not be sufficient. There may be only one or two branches available. As they say, most people follow the crowd. If the crowd isn’t there, then of course this will make it difficult for someone to want to invest in the bank. But don’t allow this to deter you.

     If you understand the big picture and aren’t aware of any banks in your area, here’s a list of several located throughout the U.S.

Carver Bancorp, Inc.
Deborah Wright, President & CEO
75 West 125th Street
New York, NY 10027
(212)876-4747 | FAX (212)426-6214

Independence Federal Savings Bank
Donna Shuler, President & CEO
1229 Connecticut Avenue, NW
Washington, D.C. 20036
(202)628-5500 | FAX (202)626-7106

Industrial Bank, N.A.
Doyle Mitchell, President & CEO
4812 Georgia Avenue, NW
Washington, DC 20011
(202)722-2000 | FAX (202)722-2040

Highland Community Bank
George Bar, CEO
1701 W. 87th Street
Chicago, IL 60620
(773)881-6800 | FAX (773)881-7567

Seaway National Bank of Chicago
Walter E Grady, President & CEO
645 East 87th Street
Chicago, IL 60619
(773)487-4800 | FAX (773)487-0452

Citizens Trust Bank of Atlanta
James E Young, President & CEO
75 Piedmont Avenue
Atlanta, GA 30303
(404)653-2800 | FAX (404)584-7766

Family Savings Bank, FSB
Wayne-Kent A Bradshaw, President & CEO
3683 Crenshaw Blvd.
Los Angeles, CA 90016
(213)295-3381 | FAX (213)296-6801
 

Liberty Bank and Trust Company
Alden J McDonald, CEO
P.O. Box 60131
New Orleans, LA 70160
(504)286-8861 | FAX (504)286-8866
 

City National Bank of New Jersey
Louis E Prezeau, CEO
900 Broad Street
Newark, NJ 07102
(973)624-0865 | FAX (973)624-4369

The Harbor Bank of Maryland
Joseph Haskins, CEO
25 West Fayette Street
Baltimore, MD 21201
(410)528-1800 | FAX (410)528-1420

Mechanics and Farmers Bank
Lee Johnson, Jr, Chairman, President & CEO
116 West Parrish Street
Durham, NC 27701
(919)683-1521 | FAX (919)687-7821

Broadway Federal Bank
Paul C Hudson, President & CEO
4835 W. Venice Blvd.
Los Angeles, CA 90019
(213)931-1886 | FAX (213)931-2272

Consolidated Bank and Trust Company
Vernard W Henley, Chairman
320 North First Street
Richmond, VA 23219
(804)771-5200 | FAX (804)771-5269

Illinois Service Federal S&L Association
Thelma J Smith, President & CEO
4619 South King Drive
Chicago, IL 60653
(773)624-2000 | FAX (773)624-5340

United Bank of Philadelphia
Emma Chappell, Chairman, President & CEO
714 Market Street
Philadelphia, PA 19106
(215)829-2265 | FAX (215)829-2269

Founders National Bank of Los Angeles
John Kelly, President & CEO
3910 W. MLK, Jr. Blvd.
Los Angeles, CA 90008
(213)290-4848 | FAX (213)290-3313

First Independence National Bank
Donald Davis, Chairman
44 Michigan Avenue
Detroit, MI 48226
(313)256-8400 | FAX (313)256-8811

Tri State Bank of Memphis
Jesse H Turner, Chairman & President
180 South Main at Beale
Memphis, TN 38103
(901)525-0384 | FAX (901)526-8608

Citizens Federal Savings Bank
Bunny Stokes, CEO
1700 3rd Avenue North
Birmingham, AL 35203
(205)328-2041 | FAX (205)214-3070

Dryades Savings Bank, FSB
Virgil Robinson, President & CEO
231 Carondelet Street Suite 200
New Orleans, LA 70130
(504)581-5891 | FAX (504)598-7233

Boston Bank of Commerce
Kevin Cohee, Chairman & CEO
133 Federal Street
Boston, MA 02110
(617)457-4418 | FAX (617)457-4430

Douglass National Bank
Ronald Wiley, President & CEO
1670 E. 63rd Street
Kansas City, MO 64110
(913)321-7200 | FAX (913)321-7519

Mutual Community Savings Bank Inc., SSB
William G. Smith, President & CEO
315 E. Chapel Hill Street
Durham, NC 27701
(919)688-1308 | FAX (919)682-1380

First Tuskegee Bank
James W Wright, Chairman & CEO
301 North Elm Street
Tuskegee, AL 36083
(334)262-0800 | FAX (334)265-4333

Capitol City Bancshares Inc
George Andrews, President
562 Lee Street S.W.
Atlanta, GA 30310
(404) 752-6067 | FAX (404)752-5862

Consolidated Bank & Trust Company
V. W. Henley, Chairman & CEO
320 North First Street P.O. Box 26823
Richmond, VA 23261-6823
(804)771-5200 | FAX (804)771-5244

Source 1, Source 2