Services: Checking accounts, savings accounts, certificates of deposit, money market accounts, credit cards, home loans, personal loans, auto loans, home equity lines of credit, online banking, mobile banking Services: Checking accounts, savings accounts, money market accounts, certificates of deposit, commercial real estate loans, lines of credit, auto loans, construction loans, lot loans, online banking The FDIC defines an MDI as "a federal insured depository institution for which (1) 51% or more of the voting stock is owned by minority individuals or (2) a majority of the board of directors is minority and the community that the institution serves is predominantly minority." There are dozens of Black-owned financial institutions in the United States, including credit unions.Ĭompare Today's Banking Offers Where to Find Black-owned Banks and Credit Unions in Every State Alabama Today, these banks are considered "minority depository institutions" (MDI) by the Federal Deposit Insurance Corporation. In 1888, Capital Savings Bank in Washington, DC, became the first Black bank to open, and the Savings Bank of the Grand Fountain United Order of True Reformers in Richmond, Virginia, became the first chartered Black-owned bank in the United States, later opening in 1889. Though it had once boasted 37 branches and $57 million in deposits, thousands of Black customers lost their savings.Īgainst a backdrop of racist practices in the banking industry, including denial of access, Black-owned banks arose to help disenfranchised Black Americans. And even though then-President Abraham Lincoln established the Freedman's Savings and Trust Company ("Freedman's Bank") in 1865 to help serve freed slaves, Freedman's Bank failed in 1874 due to corruption and risky investments. The end of the Civil War eventually brought millions of Black Americans freedom from slavery. But as slavery continued, the bank did not serve all Americans. While it initially opened in Philadelphia, it had branches across the country.
The first national bank in the US was created in 1791. Black-owned Banks and Credit Unions by Stateīlack-owned banks have a long history of serving Black Americans, and they continue to serve communities today.
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