Updated: Jun 26
support the Black Lives Matter movement and black communities financially - just by changing where you bank
While all those who are able, particularly white people, should be doing everything they can do support the Black Lives Matter movement and recent protests, simply changing where you bank can make a big difference in diverting capital to black communities. We’ve compiled a list of all the black-majority banks in the U.S. so that you can find a bank near you that will turn your deposits into quality loans for black individuals and families.
While not all the banks on this list do the same amount of quality lending (we’ve highlighted our favorites for those who aren’t looking for a bank in a particular area), they’re all actively working to provide financial options for black people. They’re all Minority Depository Institutions (MDIs) and are listed below with their headquarters location and additional banking designations, as well as whether they offer remote banking options.
- Alamerica Bank (Birmingham, AL)
- Carver Federal Savings Bank (New York, NY – CDFI- remote banking available)
- Carver State Bank (Savannah, GA – CDFI)
- Citizens Savings Bank and Trust Co. (Nashville, TN – CDFI – remote banking available)
- Citizens Trust Bank (Atlanta, GA – CDFI – remote banking available)
- Columbia Savings & Loan Association (Milwaukee, WI – CDFI – specialize in mortgages, also offer CDs and IRAs)
- Commonwealth National Bank (Mobile, AL – CDFI – remote banking available)
- First Independence Bank (Detroit, MI – CDFI – remote banking available)
- GN Bank (Chicago, IL – CDFI – remote banking available)
- Industrial Bank (District of Columbia – CDFI – remote banking available)
- Liberty Bank and Trust Co. (New Orleans, LA – CDFI – remote banking available)
- Mechanics & Farmers Bank (Durham, NC – CDFI – remote banking available)
- OneUnited Bank (Boston, MA – CDFI – remote banking available)
- OPTUS Bank (Columbia, SC -- CDFI -- remote banking available)
- The Harbor Bank of Maryland (Baltimore, MD – CDFI – remote banking available)
- Tri-State Bank of Memphis (Memphis, TN – CDFI – remote banking available)
- United Bank of Philadelphia (Philadelphia, MA – CDFI – remote banking available)
- Unity National Bank of Houston (Houston, TX – remote banking available)
To learn more about why banking with black banks and other Minority Depository Institutions are so essential, read our article on MDIs here.
We will continue to publish articles on black banking institutions and are updating our search engine to make MDIs easier to find and compare. Please subscribe and follow us on Facebook and Twitter to learn more about how conscientious banking practice can help make a difference in black communities and lives.