2.7% of the banks in the US are certified minority-owned. Meanwhile, 39% of the population in the US is of Minority status.
Let's break this down.
156 banks in the US are certified by the FDIC as Minority Depository Institutions.
This minority certification is designated if 51 percent or more of the voting stock of the bank is owned by US citizens of minority status, or if the majority of the board of the bank and the community served by the bank is predominantly minority.
Out of 5,855 banks in the US (as of end of year 2016):
● 78 are Certified Asian or Pacific Islander Owned.
● 23 are Certified Black or African American Owned.
● 41 are Certified Hispanic American Owned.
● 18 are Certified Native American or Alaskan Native American Owned.
While banks that are not certified as minority-owned can still be leaders in building minority communities through their lending performance, data suggests that business priorities reflect the diversity and experience of its leadership and owners. Minority-owned banks are critical players for driving investments into minority neighborhoods, and toward minority small business interests that may otherwise be overlooked.