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Black-Owned Banks in America To Put Your Money In (Part I)

There has been a movement going around and many people are now choosing to support black-owned businesses. I am sure you have already bought from black-owned clothing stores and other businesses. But what about banks?

Karen Cruz
Karen Cruz

We always hear people talking about investing and letting their money circulate. You might have already invested your money in institutions like Wells Fargo, Bank of America, or Chase, but have you ever thought about putting your money in a bank owned by people of color? There has been a movement going around and many people are now choosing to support black-owned businesses. I am sure you have already bought from black-owned clothing stores and other businesses. But what about banks? Do you know where to find one? Here is a list of black-owned banks in America where you can put your coins in.

Tri-State Bank

Tri-State Bank is located in the Memphis region of Tennessee and was established in 1946. This bank only has three branches with less than 50 employees. You can open an account online with them or do it via mail. This bank has close to $100 million in assets. It may be a small bank but rest assured that your money will be in good hands.

Unity National

If you are looking for a black-owned bank in Texas, head over to Unity National in the Houston area. Unity National was established in 1985 with two branches located in the region. They have around 30 employees. Unity National has a number of banking options for their clients. Aside from their regular checking and saving accounts, they also offer a Golden unity checking account for people over the age of 55. They have over $102 million in assets and they offer their clients the option to sign up for a credit card. However, they do not have the option to sign up for an account with them online, but you can do it via mail.

M&F Bank

Based out of Durham, North Carolina, M&F Bank has seven branches throughout the state. It was established in 1908 and now has 60 employees. They have $265 million in assets and have more options when it comes to the type of accounts you can open. They offer business cards and different types of checking accounts like gratis, interest, and prestige. They also offer different savings accounts.

The Harbor Bank of Maryland

The Harbor Bank of Maryland is based out of Baltimore. It has seven branches within the state with 60 employees. This bank does not have billions of dollars like other banks, but their $253 million in assets is still impressive. You have to go to their branches in order for you to open an account but if you are a resident of Washington, D.C., Virginia, or Maryland, you can open an account with them online. They offer various types of accounts ranging from typical checking and savings accounts to checking, commercial checking, and business statement savings.

Commonwealth National Bank

This bank is one of the smaller banks on this list but it is still worth opening an account with them. Commonwealth National Bank is based out of Mobile, Alabama, and was established in 1976. Currently, they have three branches with under 19 employees and they have around $53 million in assets from their clients. They offer different personal and business checking and savings accounts including direct and nonprofit options. They have a company website but you have to go to one of their branches to open an account.

First Independence Bank

People in the Detroit area can support this black-owned bank that was established in 1970. First Independence Bank has three branches in the area with almost 100 employees. They have over $228 million in assets and offer typical checking and savings accounts. But aside from the normal accounts that you would find at most banks, they also offer eCampus checking accounts that can be very beneficial for people who are currently pursuing their education. They offer credit cards, personal loans, and business loans to their customers too. You can open a regular account with them online but business accounts should be opened at one of their branches.

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