A State-by-State Guide to 34 Black-owned Banks and Credit Unions

Black-owned banks have a rich history of serving Black Americans and continue to support communities today.

Emerging in response to discriminatory practices in the banking industry, such as denial of access, Black-owned banks were established to assist disenfranchised Black Americans. Capital Savings Bank, the first Black bank, opened in Washington, DC, in 1888. Shortly after, the Savings Bank of the Grand Fountain United Order of True Reformers in Richmond, Virginia, became the first chartered Black-owned bank in the United States in 1889. This was the beginning of a trend, with more Black-owned banks following suit.

Today, there are numerous Black-owned financial institutions across the United States, including credit unions. These institutions are recognized as “minority depository institutions” (MDI) by the Federal Deposit Insurance Corporation (FDIC).

Black-owned banks in Black communities provide access to FDIC-insured checking and savings accounts, financial literacy programs, affordable loans, and more.