a small Black-owned bank working in central Birmingham, AL
Alabama, along with its neighbors Louisiana and Mississippi, is considered to be part of the “Deep South,” a term first used to refer to the states which were most dependent on plantations and slavery. Because of this dependence and the culture which resulted in the region, these states have had the hardest time shedding reconstruction-era legislation. In fact, it was only at the end of 2020 that voters approved an amendment to have racist language, for example, prohibiting mixed-race marriage, banned from the Alabama constitution. Black residents in these states have suffered from this legacy--socially, institutionally, and financially--making it more important than ever to support Black communities through your deposits.
Even through these hardships, Black Americans have continued to make homes and raise families in the Deep South, and many of the cities in the region are majority Black. Birmingham, only formed after the Civil War, is one of these cities, and it serves as an economic and cultural hub for the state. Birmingham is also a banking center for the area, and although there are many banks headquartered there, there are only a few which are either Black-owned or have a majority Black membership.
Alamerica Bank, however, is one of these few, and has been serving the greater Birmingham metro area since 2000. Founded by local community members, they opened the bank to offer personalized banking services, specializing in small business lending. This is still evident in their lending portfolio, as a significant chunk of their assets are still devoted to small business lending. Their one branch and headquarters is located in the Five Points South neighborhood, but they offer personal checking accounts for anyone who wants to Bank Black in Birmingham. They offer limited online banking options, and you have to visit them in person to open an account.
Regardless, Alamerica Bank is a fantastic Better Banking Option for those in the city looking for their deposits to make a positive impact in Black communities. In addition to their small business lending, Alamerica also makes a significant amount of housing loans, which make up 30% of their lending. These kind of quality loans make a huge difference, especially to families and communities which have been discriminated against by other lenders.
A lot of the time, a small local bank is going to have the best track record of supporting their communities directly, because the employees and shareholders are members of this community themselves. Alamerica Bank is no exception to this, and we’d encourage anyone looking for a Better Banking Option in Birmingham to check out their website or stop by their branch to open an account.