Ohio’s only Black-owned bank — and the first established and approved in the U.S. since 2000 — has tripled its assets since inception.
Columbus Business Journal reports Adelphi Bank was founded in January 2023 and is led by Chairman and CEO Jordan Miller, who had spent over three decades in business and initially retired in 2019 as Central Ohio president for Cincinnati’s Fifth Third Bank. He returned to the industry to get Adelphi up and running with a mission of dismantling financial inequities and helping customers create streams of income without bias. He is joined by Kevin Boyce, co-founder and vice chairman. Upon its launch, Adelphi received local support from large corporations in central Ohio.
“It feels like family,” Miller expressed, according to the outlet. “Banks can be intimidating places.”
Columbus-based Adelphi Bank currently offers certificates of deposit, checking and savings accounts, and loans for personal use. It plans to provide home mortgages in 2025. For businesses, it also offers savings and checking accounts, with the addition of cash management services and commercial loans. The bank has even partnered with Huntington National Bank, Fifth Third, and KeyBank for loans outside of its lending threshold, notes Columbus Business Journal. Additionally, it provides various workshops to assist its customers on decisions surrounding savings and establishing healthy credit.
Adelphi Bank has experienced the fourth-highest growth rate in commercial and industrial loans across Central Ohio and is among the most steadfast Small Business Association (SBA) lenders, another article shared by Columbus Business Journal reads.
“Our No. 1 way to impact a community is to help these small businesses,” Miller explained, per the outlet.
Adelphi Bank’s success also includes tripling its assets since 2023, reaching $68.2 million in December 2024. While this is a great benchmark, its founders hope to increase assets an additional $50 million to $60 million by the end of 2025.
“We need that to get to profitability,” Miller said. “Every month, we get closer and closer to break-even.”