#BankBlackChallenge: Black-Owned Banks To Support - Page 10
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Singer and activist Solange Knowles made her recent decision to bank Black known to the public. Some Black-owned banks, like the Atlanta-based Citizens Trust Bank, for example, have seen a surge in new depositors in the aftermath of the shooting deaths of Alton Sterling and Philando Castile by police in Baton Rouge, Louisiana and Falcon Heights, Minnesota. It’s not a new call to action, but both the singer’s decision along with rapper Killer Mike’s BET and MTV News town hall plea for one million African Americans to deposit at least $100 in Black-owned banks in order to harness our economic power, combat institutional inequality and systemic racism, are gaining attention.
According to the Federal Reserve, there are 23 Black-owned banks, savings and loan associations and credit unions throughout the U.S. If you are looking to open an account, here is a partial list of those Black-owned banking institutions. For more information and a full list of currently operating minority-owned banks, visit the Federal Reserve.
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Unity National Bank
John Scroggins is president and CEO of the Houston-based Unity National Bank, which was chartered in 1985. Second to California, Texas has the highest number of MDIs, or minority depository institutions, in the country.
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First Independence Bank
First Independence Bank, now chaired by CEO Barry Clay, opened in May of 1970. It is currently Michigan’s only Black-owned bank and has three branch locations.
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City National Bank
With branches in Newark, Brooklyn and Harlem, City National Bank began serving the local African-American community in 1973 after businessman Charles L. Whigham spearheaded the raising of nearly $1.2 million in capital. Preston D. Pinkett, III is the bank’s current chairman and CEO.
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Carver Federal Savings Bank
Designated a Community Development Financial Institutions (CDFI) by the U.S. Treasury, Carver Federal Savings Bank has been invested in underserved NYC-area neighborhoods since 1948. Michael T. Pugh is Carver Federal Savings Bank’s current president and CEO.
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Liberty Bank
Initially chartered in New Orleans in 1972, Liberty Bank now has branches in seven states: Louisiana, Mississippi, Kansas, Missouri, Michigan, Illinois and Alabama. Alden J. McDonald Jr. has been the bank’s president and CEO since its inception.
There is no minimum deposit amount to open an account.
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Seaway Bank and Trust Company
Established in 1965, this Chicago-based full service commercial bank had over $5 million in assets at the close of its first year. The first Black-owned bank to offer online banking, Seaway is under the leadership of Darrell B. Jackson, who became president and CEO in 2014.
There’s a minimum deposit of $25 to open a checking account and $100 to open a savings account.
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Mechanics and Farmers (M&F) Bank
Organized in 1907, M&F Bank serves communities in Durham, Charlotte, Raleigh, Winston-Salem and Greensboro, North Carolina. James H. Sills, III is the bank’s president and CEO.
A minimum deposit of $100 is required to open a standard checking or savings account.
