List of all Black-owned banks and credit unions in the US, plus other ways to support Black communities through banking
Mighty Deposits Guide, 2023 Edition
Your savings account can be a powerful tool for racial justice. When you put your money in a bank, the money doesn’t sit there. If you’re interested in making sure your money is helping build wealth in communities that matter to you, there are hundreds of competitive banks and credit unions in which your money can work for racial equity and be safely backed by government deposit insurance.
As Dr. Kate Waldock wrote in the New York Times, “listen to the wisdom of Killer Mike: bank small and, if you can, bank Black.” Representation in banking ownership and leadership is a critical component of justice for Black Americans. Though there are only 19 certified Black-owned or Black-led banks, there are alternative certifications to look for if you need more options, listed below.
Black-owned banks are those where at least half of the voting stock is owned by Black Americans. Black-led banks are those where the majority of the board of directors are Black and the bank primarily serves Black communities. The FDIC certifies banks that are Black-owned or Black-led, using the term African American Minority Depository Institution (MDIs).
2023 list of all Black-owned banks and Black-led banks in the U.S.
Listed alphabetically by headquarter state
Alamerica Bank (HQ: Alabama) | Impact: Fossil fuel-free | Website | See profile
Commonwealth National Bank (HQ: Alabama) | Impact: Certified Community Development Bank | Website | See profile
Citizens Trust Bank (HQ: Georgia) | Impact: Certified Community Development Bank | Website | See profile
Carver State Bank (HQ: Georgia) | Impact: Fossil fuel-free, Certified Community Development Bank | Website | See profile
GN Bank (HQ: Illinois) | Impact: Certified Community Development Bank | Website | See profile
Liberty Bank and Trust Company (HQ: Louisiana) | Impact: Certified Community Development Bank | Website | See profile
OneUnited Bank (HQ: Massachusetts) | Impact: Certified Community Development Bank | Website | See profile
The Harbor Bank of Maryland (HQ: Maryland) | Impact: Certified Community Development Bank | Website | See profile
First Independence Bank (HQ: Michigan) | Impact: Certified Community Development Bank | Website | See profile
Mechanics & Farmers Bank (HQ: North Carolina) | Impact: Fossil fuel-free, Certified Community Development Bank | Website | See profile
Carver Federal Savings Bank (HQ: New York) | Impact: Fossil fuel free, Certified Community Development Bank | Website | See profile | Get started online now
First Security Bank and Trust Company (HQ: Oklahoma) | Website | See profile
United Bank of Philadelphia (HQ: Pennsylvania) | Impact: Certified Community Development Bank | Website | See profile
OPTUS Bank (HQ: South Carolina) | Impact: Fossil fuel-free, Certified Community Development Bank | Website
Citizens Savings Bank and Trust Company (HQ: Tennessee) | Impact: Certified Community Development Bank | Website | See profile
Unity National Bank of Houston (HQ: Texas) | Website | See profile
City First Bank (HQ: Washington DC) | Impact: Certified Community Development Bank, Member Global Alliance for Banking on Values | Website | See profile
Industrial Bank (HQ: Washington DC) | Impact: Certified Community Development Bank | Website | See profile
Columbia Savings and Loan Association (HQ: Wisconsin) | Impact: Certified Community Development Bank | Website | See profile
To compare these banks by features, branch locations, and/or what they invest in, like small business and housing, view this list in the database. Many of these banks offer online account opening and mobile apps so you can bank from anywhere in the country. However, you may prefer to support Black communities in your area or another area where there isn’t a Black-owned or Black-led bank. Below are additional options.
Black credit unions
Credit unions are member-owned not-for-profit financial cooperatives. The NCUA highlights credit unions for which a majority of board members, current members, and potential members identify as Black, Native, Hispanic, and/or Asian American. The NCUA labels these credit unions as Minority Depository Institutions (MDIs). In the Mighty database, you can look for credit unions that receive this designation solely due to serving Black communities or you can look for credit unions serving multiple different communities of color.
Browse a list of the hundreds of Black MDI credit unions in the U.S.
Black-focused + POC-focused banks and credit unions (CDFIs)
One way to fight for economic justice is banking with certified Community Development Financial Institutions (CDFIs). CDFI banks have a mission to invest in underserved communities: they are certified by the US Department of the Treasury for targeting at least 60% of their financing to low- and moderate-income communities and/or communities of color. Many CDFIs are also owned or led by people of color and provide valuable financial services in areas that are often left out of the mainstream banking system. If you find a CDFI you like, you can ask them specifically about their approach to supporting Black communities. Southern Bancorp is a CDFI you can get in touch with now and bank with from anywhere in the US - it’s recognized for being an anti-racist bank and is focused on serving low-income communities and communities of color in Arkansas and Mississippi.
See the full list of CDFI banks
Banks based in Black neighborhoods
Not all community banks and credit unions that focus on serving Black communities have sought a government certification for it. Though banks are not required to publish the locations and recipients of all the loans they make, they are required to report the locations of their deposits in branches. Bank regulation encourages banks to meet the credit needs of the areas in which they do business. This means that the location of branches and deposits can be a good proxy for what kind of communities the bank is focused on serving. If there’s a particular Black neighborhood you’re passionate about supporting, try searching the database of all community-focused banks for one that has a significant share of their money based in the zip code that matters to you.
Other ideas: buy stock in Black-owned banks
Black-owned banks need more than just deposits to thrive. Beyond being a customer for your deposit and loan accounts, another way to support them is by investing in them. You can learn more about Black-owned bank stocks at BankBlackUSA.
Tips for getting started
While simply opening a savings account at one of the options above is a good start, you can best support a bank or credit union by treating them as your main financial provider, meaning you go to them for all your accounts and loans, like credit cards, mortgages, or checking accounts.
If you can’t transfer all your accounts to your new bank today, but make a point to pay attention to what’s stopping you. Set aside time in the future to talk to your newest bank about what you’re looking for and what they offer. Many community-focused banks and credit unions are willing to work with you to make sure they meet your unique needs.
Once you’ve moved your money, spread the word. The banking system has a long way to go to address the harm it’s done to Black communities and other marginalized communities. By being transparent about where you bank and why, you can help the movement grow and usher in an era where banks exist to equitably serve all communities.
“Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it's the only thing that ever has.” Margaret Mead
