It was on March 3, 1865, the U.S. Congress, together with President Abraham Lincoln, established one of the first black-owned banks, the Freedman’s Bank, in the country after the end of the American Civil War. The bank aims to aid the black community, black-owned private organizations, churches, and charities, about financial literacy, and enable them to establish their financial strength.

Today, 21 black-owned banks continue to support many African-Americans as a wealth-building tool. They have total assets of more than $4.7 billion. They provide loans particularly to small businesses, churches, and other community organizations in the black communities.

If you are looking to bank black, we have listed some of the top black-owned banks in the United States.

The Harbor Bank of Maryland

Established in 1982, the bank started with a $2.1 million in assets. It is also the first bank in the country that offers Investment Subsidiary called Harbor Financial Services. As of today, this black-owned bank now has more than $280 million in assets and has deposits amounting to $219 million. The Harbor Bank of Maryland primarily serves the Baltimore area and currently has seven branches. The bank offers savings and checking accounts as well as time deposits, debit and credit cards, real estate loans, personal, business, automobile, and other installment and term loans.


Industrial Bank

Based in Washington D.C., the Industrial Bank is a historic black-owned bank in the United States that was established in 1913 but was reorganized by Jesse Mitchell in 1934. In 1947, it became the first largest black-owned bank in the country, with a total of $6 million in assets from its 14,000 depositors. Today, the bank has total assets of $423 million and operates eight branches across Washington, D.C. One of the primary goals of the Industrial Bank is to provide loans for low- and moderate-income African-American communities to improve their financial status.


Citizens Trust Bank

This black-owned bank is an Atlanta, Georgia-based bank with branches in Birmingham and Eutaw. Citizens Trust was established in 1921 to serve the black community in Atlanta. Moreover, in 1947, Citizens Trust Bank became a member of the Federal Reserve Bank. The bank currently holds an asset amounting to $411 million and has operating ten branches. The bank focuses on providing different types of loans, such as business and real estate loans. They even offer an affordable housing program for the black community, especially to those who need down payment assistance.


OneUnited Bank

This black-owned bank is headquartered in Boston, Massachusetts. They are a registered member of the FDIC or Federal Deposit Insurance Corporation. Since 2018, the bank maintained a total asset of $670 million, with only six branches operating. Their main objective is to provide services to low- to moderate-income African-American communities and even offer workshops to improve financial literacy.


Carver Federal Savings Bank

This bank is considered as the second-largest black-owned bank in the U.S. with assets totaling $664 million. Carver Federal Savings Bank was founded in 1948 and was named after the famous scientist, George Washington Carver. It provides financial aid, especially to the underserved black communities.