Down To 19 Black Owned Banks In The United States

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Due to a lack of support and/or understanding the significance of having African American owned banks in the community, two more closed their doors recently. The dwindling number has those in the know concerned to say the least.

Most recently, Highland Community Bank folded their doors. On January 23, 2015, the FDIC swooped in to shut the previously black owned bank down for good. Located in the city of Chicago, the bank was founded in 1970. Many members of the community were sad to see it closed.

FIND YOURS: We just put together a list of Black Banks in EVERY STATE, Click Here

african american owned banksIn a statement on their website, they broke the news to the community: 

On Friday, January 23, 2015, Highland Community Bank, Chicago, IL was closed by the Illinois Department of Financial & Professional Regulation – Division of Banking. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

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Unfortuantely, Highland Community Bank wasn’t the only African American owned bank to close their doors. Just last year, Covenant Bank out of Chicago also met the same fate. Founded in 1976, the bank once stood as a symbol for black pride and progress, but a lack of support left it crippled and no longer able to function.

On February 15th, 2014, Covenant Bank closed their doors for good at the hands of the FDIC.

These two black owned banks closing their doors dwindles the number to 19 left remaining in the country. This is down from a high of 25 in 2006 according to OCC.gov and 21 in 2013 according to our last report on African American owned banks.

Read here: Did You Know There Were 21 African American Owned Banks In The Country?

The two bank closings were compiled using the FDIC database of Failed Bank List, if you are interested in learning more.

19 Black Owned Banks Remaining.

There are only 19 banks owned by African Americans left in the United States. And unless we get smart and start supporting these institutions with our financial needs, this number is going to dwindle down even smaller than this.

Here are those remaining Black Owned Banks

ALAMERICA BANK

Location: Birmingham, Alabama

Founded: January 28, 2000

FDIC Region: Atlanta

Assets: $35 404 000

BROADWAY FEDERAL BANK FSB

Location: Los Angeles, California

Founded: February 26, 1947

FDIC Region: San Francisco

Assets: $385 055 000

CAPITAL CITY BANK & TRUST COMPANY

Location: Atlanta, Georgia

Founded: October 3, 1994

FDIC Region: Atlanta

Assets: $294 572 000

CARVER STATE BANK

Location: Savannah, Georgia

Founded: January 1, 1927

FDIC Region: Atlanta

Assets: $41 573 000

CITIZENS TRUST BANK

Location: Atlanta, Georgia

Founded: June 18, 1921

FDIC Region: Atlanta

Assets: $392 286 000

READ: Is Citizens Trust Bank Black Owned?

CITY NB OF NEW JERSEY

Location: Newark, New Jersey

Founded: June 11, 1973

FDIC Region: New York

Assets: $340 301 000

COMMONWEALTH NATIONAL BANK

Location: Mobile, Alabama

Founded: February 19, 1976

FDIC Region: Atlanta

Assets: $63 244 000

COVENANT BANK

Location: Chicago, Illinois

Founded: June 20, 1977

FDIC Region: Chicago

Assets: $59 842 000

FIRST INDEPENDENCE BANK

Location: Detroit, Michigan

Founded: May 14, 1970

FDIC Region: Chicago

Assets: $215 924 000

FIRST STATE BANK

Location: Danville, Virginia

Founded: September 08, 1919

FDIC Region: Atlanta

Assets: $38 882 000

FIRST TUSKEGEE BANK

Location:Tuskegee, Alabama

Founded: October 11, 1991

FDIC Region: Atlanta

Assets: $63 127 000

HIGHLAND COMMUNITY BANK

Location: Chicago, Illinois

Founded: November 09, 1970

FDIC Region: Chicago

Assets: $84 948 000

ILLINOIS SERVICE FEDERAL SAVINGS & LOAN

Location: Chicago, Illinois

Founded: January 01, 1934

FDIC Region: Chicago

Assets: $140 148 000

INDUSTRIAL BANK

Location: Washington, DC

Founded: August 18, 1934

FDIC Region: New York

Assets: $342 524 000

LIBERTY BANK & TRUST COMPANY

Location: New Orleans, Louisiana

Founded: November 16, 1972

FDIC Region: Dallas

Assets: $545 019 000

MECHANICS & FARMERS BANK

Location: Durham, North Carolina

Founded: March 01, 1908

FDIC Region: Atlanta

Assets: $304 809 000

NORTH MILWAUKEE STATE BANK

Location: Milwaukee, Wisconsin

Founded: February 12, 1971

FDIC Region: Chicago

Assets: $91 490 000

ONEUNITED BANK

Location: Boston, Massachusetts

Founded: August 02, 1982

FDIC Region: New York

Assets: $590 624 000

SEAWAY BANK & TRUST COMPANY

Location: Chicago, Illinois

Founded: January 02, 1965

FDIC Region: Chicago

Assets: $573 168 000

UNITED BANK OF PHILADELPHIA

Location: Philadelphia, Pennsylvania

Founded: March 23, 1992

FDIC Region: New York

Assets: $67 930 000

UNITY NB OF HOUSTON

Location: Houston, Texas

Founded: August 01, 1985

FDIC Region: Dallas

Assets: $68 125 000

Source: FDIC

 

Source: FDIC

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