The black community is making significant growth in many sectors of the world. Whether it may be politics or entertainment, the community has some of the most popular names that are reshaping the community. Finance is also one of such major industries that have some of the most popular black-owned giants. Some of the banks which are owned by black individuals have the biggest amount of assets recorded. If you also wish to know which bank has the biggest amount of assets, you are right where you should be. This article brings you all the details about the top 10 black-owned banks in America along with other details like the services provided as well as the number of branches they have.
Leading Black-Owned Banks in America
1. City First Bank, National Association
City First Bank, National Association is the top black-owned bank in America with total assets worth $1.2 billion. The bank was established in 1998. The headquarters of the bank are located in Washington, DC. Brian E. Argrett is the current CEO of City Bank. It has over 55,000+ MoneyPass ATMs and Citibank ATMs nationwide. The bank has branches in Los Angeles, California as well as Washington DC. City First Bank offers loans, mortgages, lines of credit, and other banking services, as well as financial services to underserved communities (CFDI).
2. Liberty Bank and Trust Co.
Liberty Bank is another one of the top banks owned and led by the black community. The total assets of Liberty Bank are worth $1.07 billion. It was established in 1972 and its headquarters are located in New Orleans. Alden McDonald is the CEO of Liberty Bank. He is considered responsible for the remarkable growth of Liberty Bank into one of the largest black-owned banks in America. The bank offers services like commercial as well as consumer banking, cast management, and home mortgages. It also provides business loans and other services like insurance and investment. The bank has many branches in Connecticut as well as Massachusetts.
3. Citizens Trust Bank
Citizens Trust Bank is another one of the black-owned and woman-led banks which has total assets worth $745 million. The headquarters of it is located in Atlanta and it was established in 1921. Cynthia N. Day is the CEO of Citizens Trust Bank. The bank offers services like savings accounts, corporate loans, commercial loans, and loans for international purposes. It also offers international banking facilities along with checking accounts. Citizens Trust Bank also issues debit as well as credit cards. It has branches in Birmingham as well as Eutaw.
4. Carver Federal Savings Bank
Carver Federal Savings Bank also falls under the umbrella of the top banks owned by black individuals. It has total assets worth $724 million and was established in 1948. Craig C. MacKay is the CEO of Carver Federal Savings Bank. The headquarters of the bank are located in New York City. It offers services like consumer banking, commercial banking, online banking, telephone banking and so much more. Additionally, the bank also offers facilities like Multimillion Dollar Deposit Insurance and FDIC-Insured. Carver Federal Savings Bank also issues debit as well as credit cards. The bank has 7 branches across the United States of America.
5. Industrial Bank
Industrial Bank is also led and owned by individuals belonging to the black community. It has total assets worth $713 million and was established in 1934. Doyle Mitchell, Jr. is the CEO of Industrial Bank. The headquarters of Industrial Bank is located in Washington DC. The bank offers a number of services that include checking accounts, savings accounts, credit cards, and mortgages. It also provides other banking services like mobile banking, bill payments, notaries, 24-hour ATMs, and so much more. The Industrial Bank has 9 branches in DC, Georgia, Forestville, and more.
6. OneUnited Bank
OneUnited Bank also earned a place in our list of top 10 black-owned banks with total assets worth $609 million. It was established in 1934 and the headquarters of OneUnited Bank are located in Boston. Kevin Cohee is the CEO of OneUnited Bank. It offers various unique services that include checking accounts, savings accounts, TheOne Digital Banking Solution, and WiseOne Insights. It also offers business banking memberships for solo entrepreneurs as well as large organizations. Online banking services are also made available. The bank has 5 branches serving areas like Boston, Los Angeles, Florida, and Miami.
7. First Independence Bank
First Independence Bank is another one of the most popular black-owned bands with total assets worth $546 million. It was established in 1970 and the headquarters of First Independence Bank are located in Detroit. Kenneth Kelly is the CEO of First Independence Bank. It also offers many important and useful services to its customers including commercial services, consumer services, online banking, overdraft protection, eStatements, and much more. First Independence Bank has 3 locations.
8. Mechanics & Farmers Bank
Mechanics & Farmers Bank is a historic community bank with total assets worth $422 million. It was established in 1908 and its headquarters are located in Durham, North Carolina. James H. Sills, III is the current president as well as the CEO of Mechanics & Farmers Bank. The bank offers a wide range of important services like mortgages, deposit accounts, business loans, consumer loans, SBA financing, mobile banking, Cash management, and more. Mechanics & Farmers Bank has 8 locations currently.
9. Optus Bank
Optus Bank is also one of the widely popular black-owned banks. The bank has total assets worth $419 million. It was established in 1999 and its headquarters are located in Columbia, South Carolina. Dominik Mjartan is currently the CEO of Optus Bank. Optus Bank also offers multiple services to consumers including lines of credit, auto loans, mortgages, small business loans, and HELOCs. It also offers other banking facilities like online banking, e-bill payments, CDs, IRAs, wealth management, and more. Optus Bank currently has 2 branches.
10. The Harbor Bank of Maryland
The Harbor Bank of Maryland with total assets worth $353 million is yet another bank that concludes our list of the top 10 black-owned banks in America. It was established in 1982 and its headquarters are located in Baltimore. John Lewis is the current CEO of The Harbor Bank of Maryland. The bank offers a whole range of services to its customers like time deposits, checking, savings, credit and debit cards, term loans, and much more. The Harbor Bank of Maryland currently has 7 branches.
