15 Black-Owned Banks That You Can Show Support For

Officially launching in January 2000, Alamerica Bank has become one of the leading banking organizations in Birmingham, Alabama, under the leadership of investor Donald Watkins and Alamerica president Lawrence Tate. The bank reached record profits in just six months, and prides itself on being a bank ‘committed to continued growth, sound banking principles, and unparalleled personalized banking services.’ Alamerica remains a leading bank in Birmingham nearly two decades later.

Founded by Jesse H. Mitchell in 1934, Industrial Bank has since grown into a company boasting over 150 employees and $432 million in assets. With ten banking centers spread across the D.C., New Jersey, New York, and Maryland areas, the company offers all the standard banking services, including checking, savings, investments, and more. To date, Industrial Bank remains one of the largest owned and operated commercial banks in the U.S., with a mission to ‘promote the financial and economic empowerment of the African-American Community.’

Originally founded in February 1927, Carver State Bank was led under the company’s president Louis B. Toomer until his passing in May 1961. From there, the bank was run under president Lawrence D. Perry until his retirement in 1971. Since then, Carver has been led by current president Robert E. James and has been a staple location for banking in the Savannah, Georgia area for over 35 years, priding itself on customer awareness and a strong community.

Like some of the other banks on this list, GN Bank was originally founded in 1934, and operated under the name ISF Bank until the year 2018. Over the years, the bank has since grown with over $133 million in assets, serving over 14,000 customers. The main mission of GN Bank is to ‘provide banking products suiting the customers’ needs,’ as well as excellent customer service. GN Bank is located in Chicago, Illinois.

Since 1970, First Independence Bank has been serving the banking needs of those in the Detroit Metropolitan area for fifty years. Not only is First Independence the only African-American owned bank headquartered in Michigan, but it’s also one of the only two banks headquartered in the city of Detroit. First Independence provides a wide variety of banking services, and its vision is to be a ‘well-managed financial institution respected by customers, regulators, and financial peers.'

Opening its doors in 1976, Commonwealth Bank remains the only African-American owned bank headquartered in Mobile, Alabama. Additionally, they are only one of the 15 remaining Black-owned banks in the country. The company prides itself on the ‘consumer’ experience and remains a good financial resource for those located in Mobile.

Founded in 1946 by Dr. J.E. Walker and his son A. Maceo Walker, the objective of Tri-State Bank was to develop a resource that would help change community conditions and increase financial literacy. TSB also helped to provide multiple loans to African-Americans, while also being a huge part of the Civil Rights Movement. Many decades later, TSB remains a go-to source for banking, making it a point to adapt as time changes.

The only African-American owned bank in the city of Philadelphia; Emma C. Chappell founded United Bank after raising $6 million to start the venture. In the nearly 30 years since, United Bank has gone on to become a full-service community bank that also provides multiple services to small businesses (becoming an official Small Business Administration lender in 2013). Their primary mission is to deliver excellent customer service while also making United Bank a ‘hometown bank of choice.’

With $254 million in assets as of December 2016, The Harbor Bank of Maryland continues to be the largest African-American-owned bank in Maryland since opening its doors in Sep 1982. Harbor bank offers checking, savings, automobile loans, and more (including help with commercial real estate as well). The bank currently has six different branch locations and online services.