As of 2021, only 42 banks in the U.S. are Black-owned and operated. Unsurprisingly, institutional racism has been able to keep Black banks small, but that doesn’t mean OUR community should also ignore them.
These 3 Black banks heavily reinvest in our communities.
#1: Carver Federal Savings Bank
Carver is a bank with locations scattered throughout New York City. Opening an account here is still possible anywhere in the U.S. through mobile banking. They reinvest $73 of every $100 back into the Black community.
That’s 92% MORE than the banking industry average!
#2: Citizens Savings Bank and Trust
Not to be confused with the Citizens Bank that discriminates against Black people, Citizens Savings Bank and Trust is the oldest Black bank in the country. It’s headquartered in Tennessee. They invest $72 of every $100 back into underserved Black communities - 88% more than the industry standard.
#3: OneUnited Bank
The largest Black bank, OneUnited, has over 90,000 locations through partnerships with Green Dot. Catering specifically to low to moderate-income families, they reinvest $69 of every $100 back into the Black community - 81% more than the industry average.
Many banks have a history of racist and restrictive behavior towards our community. Investing in Black banking systems that reinvest in OUR communities is one way we can get one step closer to financial liberation.