A Black-owned bank is a financial institution where at least 51% of the voting stock is owned by Black Americans or the board of directors is predominantly Black, often classified by the FDIC as Minority Depository Institutions (MDIs). These banks, such as OneUnited Bank, Citizens Trust Bank, and Liberty Bank, aim to provide economic opportunity, reduce the racial wealth gap, and offer banking services to underserved, primarily Black communities.
The first Black-owned banks were founded to provide economic opportunities and financial services to Black communities that were excluded from mainstream banking. A bank is considered Black-owned if 51% or more of its voting stock is owned by Black Americans who are U.S. citizens or permanent residents.
Black-owned banking institutions we've reviewed
Below: a list of Black-owned banks and credit unions in the U.S., in alphabetical order.
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However, the digital divide and limited broadband access still prevent some households from using them. Black-owned banks help close the racial wealth gap by providing Black households with access to financial resources. They also protect borrowers from discriminatory lending practices rooted in systemic racism.
In fact, 98% of all deposit accounts at minority banks are under $250,000 and thus fully FDIC insured.
Today, Carver is one of the largest African American-operated banks in the United States (NASDAQ:CARV). Headquartered in Harlem, Carver has seven full-service branches and 24/7 ATM Centers located in low- to moderate-income neighborhoods.
Last Updated Sep 9, 2025, 1:01am EDT
Andrew Beal is the founder and owner of Beal Financial Corporation, which owns Beal Bank and has assets of more than $22 billion. The Texas banker is known for gobbling up distressed assets, including mortgages, bonds backed by commercial planes and IOUs to power plants.
Black-owned banks in Black communities can offer access to FDIC-insured checking and savings accounts, financial literacy programs, reasonable loans, and more.
Yes, there are Black-owned Chick-fil-A locations, with several prominent examples of Black owners breaking barriers, such as Sereena Quick (first Black woman to own in PA, NJ, DE), Amber Thomas (first in San Diego County), Vikki Hardy Brown (first in Michigan), and others like Kareem Edwards in Chicago and new operators in Atlanta and Memphis. These operators often highlight their commitment to mentorship, community service, and creating opportunities, following Chick-fil-A's model of local ownership.
A black credit card is a type of extremely exclusive credit card that offers cardholders special luxury perks and benefits, along with access to exclusive events and other opportunities.
A Black-owned business is defined as a company in which at least 51% of ownership and control belong to Black individuals. It serves as a pillar for economic empowerment, representation, and wealth creation within Black communities.
Yes, there are Black-owned Chick-fil-A locations, with several prominent examples of Black owners breaking barriers, such as Sereena Quick (first Black woman to own in PA, NJ, DE), Amber Thomas (first in San Diego County), Vikki Hardy Brown (first in Michigan), and others like Kareem Edwards in Chicago and new operators in Atlanta and Memphis. These operators often highlight their commitment to mentorship, community service, and creating opportunities, following Chick-fil-A's model of local ownership.
Question of the Day [Black History Month]: There are 13 Black billionaires in the U.S. How many can you name?
Walmart is doing something remarkable by featuring Black-owned brands in its store aisles and creating rich, personalized experiences that bring Black- Owned brands closer to their communities across major events and epic festivals.
The "$10,000 bank rule" refers to federal laws requiring financial institutions and businesses to report large cash transactions (deposits, withdrawals, payments) of over $10,000 in currency to the government to combat money laundering and financial crimes. Banks file Currency Transaction Reports (CTRs) for cash activity over $10,000, while businesses file Form 8300 for similar payments, both sending info to FinCEN and the IRS to track illicit funds.
It's generally not fully safe to keep $500,000 in one bank account because the standard FDIC insurance limit is $250,000 per depositor, per bank, per ownership category, meaning $250,000 is at risk if the bank fails. To fully protect the entire $500,000, you need to structure it across different ownership categories (like single, joint, trust accounts) or use multiple banks to spread the funds, leveraging separate $250,000 coverage for each.