Black-owned banks are crucial in addressing the racial wealth gap by providing a secure and encouraging environment for individuals to store, utilize, and enhance their financial resources.
A bank is considered black-owned when owned and controlled by African American or African descent individuals.
A group of African American business leaders came together in 1865 to form the first black-owned bank in the United States: the Freedman’s Savings and Trust Company (Freedman’s Bank).
Have a look at the Most Influential Black-Owned Financial Institution in next few slides.
OneUnited Bank, founded in 1968, is a distinguished black-owned financial institution based in the United States. It has emerged as the largest black-owned bank, proudly serving the African American community and beyond.
Liberty Bank and Trust, established in 1972, is a distinguished black-owned financial institution based in the United States. It has a rich history rooted in the Civil Rights Movement, emerging as a beacon of economic empowerment for black communities.
Carver Federal Savings Bank, headquartered in New York City, is the largest African-American-operated bank in the United States.
Doyle Mitchell, Jr., the current President, and CEO of Industrial Bank, carries on the legacy of his grandfather, who founded the bank in 1934.