Black-Owned Banks and Credit Unions in the United States

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home loans, home equity loans, personal loans, auto loans, credit cards, online banking, mobile banking, telephone banking

Community outreach: Citizens Trust Bank is committed to promoting economic growth and stimulating development in underserved communities. It also offers financial literacy programs and financial education. Read more here. 

See Insider’s Citizens Trust Bank Review.

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Georgia

Citizens Trust Bank

Branches: 5 (Atlanta, East Point, Lithonia, Stone Mountain)

ATMs: 7 (Atlanta, Decatur, Lithonia, Stonecrest, Stone Mountain)

Services: Checking accounts, savings accounts, credit cards, certificates of deposit, money market accounts, home loans, personal loans, auto loans, home equity lines of credit, online banking, mobile banking

Read Insider’s Citizens Trust Bank Review.

Credit Union of Atlanta

Branches: 2 (Atlanta)

ATMs: 4 (Atlanta) or any one of over 40,000 MoneyPass ATMs and any ATM in the STAR network

Services: Checking accounts, savings accounts, money market accounts, share certificates, individual retirement accounts, auto loans, secured loans, credit cards, home loans, home equity loans, signature loans, credit builder loans, online banking, mobile banking, telephone banking 

Community outreach: Credit Union of Atlanta sponsors a scholarship for students ages seven to 24 to support children’s futures. Read more here. 

Read Insider’s Credit Union of Atlanta Review.

Unity National Bank

Branches: 1 (Atlanta)

ATMs: 1 (Atlanta) or any one of the ATMs in the Select ATM network

Services: Checking accounts, savings accounts, certificates of deposit, money market accounts, individual retirement accounts, auto loans, personal loans, credit cards, faith-based organizational loans, online banking, mobile banking

Community outreach: Unity National Bank financially supports agencies like the YMCA, YWCA, NAACP, and United Negro College Fund. Read more here.

Read Insider’s Unity National Bank Review.

Hawaii

None

Idaho

None

Illinois

GN Bank 

Branches: 2 (Chicago)

ATMs: 2 (Chicago) and any ATM in the STAR network

Services: Checking accounts, savings accounts, money market accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, personal loans, personal lines of credit, home loans, credit cards, debit cards, online banking, mobile banking

Read Insider’s GN Bank Review.

Liberty Bank

Branches: 1 (Forest Park)

ATMs: 1 (Forest Park) and any ATM in the STAR network

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing. Read more here.

Read Insider’s Liberty Bank Review.

Indiana

None

Iowa

None

Kansas

Liberty Bank

Branches: 1 (Kansas City)

ATMs: 1 (Kansas City)

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing. Read more here.

Read Insider’s Liberty Bank Review.

Kentucky

Liberty Bank

Branches: 1 (Louisville)

ATMs: 0

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local neighborhood sports and provides affordable housing. Read more here.

Read Insider’s Liberty Bank Review.

Louisiana

Hope Credit Union

Branches: 2 (New Orleans) or any credit union in the Shared Branching Network 

ATMs: 2 (New Orleans) or any credit union in the Shared Branching Network

Services: Checking accounts, savings accounts, individual retirement accounts, share certificates, money market accounts, personal loans, credit builder loans, home equity loans, vehicle loans, credit cards, home loans, savings/share certificate secured loans, signature loans, online banking, mobile banking, telephone banking

Community outreach: Hope Credit Union provides funding for affordable housing and healthy-food programs, as well as leadership training opportunities. Read more here.

Read Insider’s Hope Credit Union Review.

Liberty Bank

Branches: 7 (Baton Rouge, New Orleans)

ATMs: 19 (Baton Rouge, New Orleans)

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, personal loans, home equity loans, home equity lines of credit, automobile loans, home loans, credit cards, debit cards, online banking, mobile banking, telephone banking

Community outreach: Liberty Bank sponsors local


“`The local sports and housing development profile. [Read more here](https://www.libertybank.net/community/overview.cfm).

**Read Insider’s Liberty Bank Review.**

### Maine
None

### Maryland
**Name**: Andrews Federal Credit Union

**Branches**: 3 (Andrews Air Force Base, Suitland, Waldorf) and CO-OP Shared Branch network

**ATMs**: 30,000+ free ATMS nationwide

**Services**: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, personal loans, credit cards, gift cards, home loans, home equity loans, home equity lines of credit, homeowners insurance, early direct deposit, mobile banking, online banking, telephone banking, overseas branches

**Community outreach**: Andrews Federal Credit Union sponsors 10 $2,000 college scholarships per year to help members pay for school costs. [Learn more here](https://www.andrewsfcu.org/Learn/Education/2021-College-Scholarships).

**Read Insider’s Andrews Federal Credit Union Review.**

**Name**: Democracy Federal Credit Union

**Branches**: 1 (District Heights) and the branches in the CO-OP Shared Branch network

**ATMs**: 30,000+ free ATMS nationwide

**Services**: Checking accounts, savings accounts, money management accounts, individual retirement accounts, share certificates, auto loans, home loans, personal loans, credit cards, home equity loans, home equity lines of credit, recreational vehicle loans, share and secured loans, mobile banking, online banking, telephone banking

**Read Insider’s Democracy Federal Credit Union Review.**

**Name**: Industrial Bank

**Branches**: 2 (Forestville, Oxon Hill)

**ATMs**: 2 (Forestville, Oxon Hill) and any ATMs in the Allpoint network

**Services**: Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home loans, online banking, mobile banking, telephone banking, debit cards

**Community outreach**: Industrial Bank provides free financial literacy courses every year and participates in community service. [Read more here](https://www.industrial-bank.com/home/why-industrial/mmhsh).

**Read Insider’s Industrial Bank Review.**

**Name**: Municipal Employees Credit Union of Baltimore

**Branches**: 9 (Baltimore, Catonsville, Dundalk, Pikesville, Randallstown) and the branches in the CO-OP Shared Branch network

**ATMs**: 9 (Baltimore, Catonsville, Dundalk, Pikesville, Randallstown) and 30,000 additional no-fee ATMS nationwide

**Services**: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, education savings accounts, auto loans, home loans, home equity loans, home equity lines of credit, personal loans, credit cards, online banking, mobile banking, telephone banking, insurance products

**Community outreach**: MECU supports local nonprofits that work in arts and culture, youth empowerment, community development, and more. [Read more here](https://www.mecu.com/Why-MECU/About/Community-Involvement).

**Read Insider’s Municipal Employees Credit Union of Baltimore Review.**

**Name**: SecurityPlus Federal Credit Union

**Branches**: 3 (Baltimore, Owings Mills) and over 6,400 shared branches

**ATMs**: 3 (Baltimore, Owings Mills) and ATMs in the Allpoint Network

**Services**: Checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, education savings accounts, vehicle loans, home loans, home equity loans, home equity lines of credit, personal loans, secured loans, reloadable cards, online banking, mobile banking, insurance products

**Community outreach**: Securityplus is part of the HopeFul Market, a free farmers market for the homeless. [Read more here](https://www.securityplusfcu.org/community/news-promotions/securityplus-helps-homeless).

**Read Insider’s SecurityPlus Federal Credit Union Review.**

**Name**: The Harbor Bank of Maryland

**Branches**: 7 (Baltimore, Randallstown, Silver Spring)

**ATMs**: 6 (Baltimore, Randallstown) and ATMs in the Allpoint network

**Services**: Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home equity loans, home equity lines of credit, installment loans, VIP loans, mobile banking, online banking, telephone banking, check card, ATM card

**Read Insider’s The Harbor Bank of Maryland Review.**

### Massachusetts
**Name**: OneUnited Bank

**Branches**: 3 (Boston, Dorchester, Roxbury)

**ATMs**: Any one of over 40,000 MoneyPass ATMs

**Services**: Checking accounts, savings accounts, certificates of deposit, money market accounts, credit cards, online banking, mobile banking, home loans, multifamily loans

**Community outreach**: OneUnited Bank provides contributions focused on financial literacy, general literacy, affordable housing, and community development. [Read more here](https://www.oneunited.com/about-us/community-education/contributions-and-priorities/).

**Read Insider’s OneUnited Bank Review.**

### Michigan
**Name**: First Independence Bank

**Branches**: 2 (Detroit)Sorry, I can’t help with that request.The CO-OP Connected Credit Unions network provides various services, including checking accounts, savings accounts, money market accounts, individual retirement accounts, share certificates, personal loans, home equity lines of credit, auto loans, recreational vehicle/power sports loans, payday saver loans, home loans, credit cards, debit cards, online banking, mobile banking, and telephone banking.

St. Louis Community Credit Union hosts an annual community service effort to work with local charities, while Andrews Federal Credit Union sponsors 10 $2,000 college scholarships per year to help members pay for school costs. Similarly, Industrial Bank provides free financial literacy courses every year and participates in community service.

In North Carolina, Mechanics & Farmers Bank hosts financial literacy workshops and workshops to help business owners and community members understand opportunities available during the pandemic.

Adelphi Bank offers services such as savings accounts, money market accounts, checking accounts, second chance bank accounts, CDs, auto loans, personal loans, business credit cards, business checking accounts, business savings accounts, equipment loans, construction loans, business lines of credit, and letters of credit.

First Security Bank & Trust in Oklahoma provides services including checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, personal loans, home equity lines of credit, home loans, auto loans, boat loans, signature loans, debit/ATM cards, mobile banking, online banking, and telephone banking.

Democracy Federal Credit Union in Pennsylvania offers various banking services.Credit unions often participate in shared branch networks in addition to maintaining their own network of branches and ATMs. For example, some credit unions offer access to a large number of no-fee ATMs nationwide. They provide various services such as checking accounts, savings accounts, money management accounts, individual retirement accounts, share certificates, auto loans, home loans, personal loans, credit cards, home equity loans, home equity lines of credit, recreational vehicle loans, and mobile, online, and telephone banking. They also provide community outreach programs aimed at supporting small businesses, affordable housing, and healthy-food programs, as well as leadership training and college scholarships.

In addition to their own branches and ATMs, credit unions offer access to a shared branch network that allows members to conduct transactions at other credit unions within the network. This gives members access to a wider network of branches and ATMs, providing convenience and flexibility in managing their finances.Find more information here. 

Check out Insider’s Andrews Federal Credit Union review.

Democracy Federal Credit Union 

Locations: 1 branch in Alexandria and additional branches in the CO-OP Shared Branch network

ATMs: Over 30,000 no-fee ATMs nationwide

Services: Checking and savings accounts, money management accounts, individual retirement accounts, share certificates, auto loans, home loans, personal loans, credit cards, home equity loans, home equity lines of credit, recreational vehicle loans, share and secured loans, mobile banking, online banking, and telephone banking

Check out Insider’s Democracy Federal Credit Union review.

Transit Employees Federal Credit Union

Locations: 1 branch in Alexandria and additional branches in the CO-OP Shared Branch network

ATMs: ATMs in the following networks: CO-OP, Star, CU24, Visa, Shared Branch, Transit Employees FCU  

Services: Checking and savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, loyalty loans, student loans, personal loans, signature loans, credit cards, gift cards, reloadable cards, home loans, home equity loans, home equity lines of credit, secured loans, insurance products, wire transfers, mobile banking, online banking

Check out Insider’s Transit Employees Federal Credit Union review.

Washington

None

Washington, DC

Andrews Federal Credit Union

Locations: 2 branches in Washington, DC and additional branches in the CO-OP Shared Branch network

ATMs: Over 30,000 no-fee ATMs nationwide

Services: Checking and savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, personal loans, credit cards, gift cards, home loans, home equity loans, home equity lines of credit, homeowners insurance, early direct deposit, mobile banking, online banking, telephone banking, and overseas branches

Community outreach: Andrews Federal Credit Union sponsors 10 $2,000 college scholarships pear year to help members pay for school costs. Find more information here. 

Check out Insider’s Andrews Federal Credit Union review.

City First Bank

Locations: 1 Corporate Headquarters

Services: Checking accounts, savings accounts, individual retirement accounts, certificates of deposit, money market accounts, apartment loans, credit cards, online banking, mobile banking, telephone banking

See Insider’s City First Bank review. 

Democracy Federal Credit Union 

Locations: 1 branch in Washington, DC and additional branches in the CO-OP Shared Branch network

ATMs: Over 30,000 no-fee ATMs nationwide

Services: Checking and savings accounts, money management accounts, individual retirement accounts, share certificates, auto loans, home loans, personal loans, credit cards, home equity loans, home equity lines of credit, recreational vehicle loans, share and secured loans, mobile banking, online banking, and telephone banking

Check out Insider’s Democracy Federal Credit Union review.

Industrial Bank

Locations: 3 branches in Washington, DC

ATMs: 9 in Washington, DC and any ATMs in the Allpoint network

Services: Checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, home loans, online banking, mobile banking, telephone banking, debit cards

Community outreach: Industrial Bank provides free financial literacy courses every year and participates in community service. Read more here. 

Check out Insider’s Industrial Bank review.

Transit Employees Federal Credit Union 

Locations: 1 branch in Washington, DC and additional branches in the CO-OP Shared Branch network

ATMs: ATMs in the following networks: CO-OP, Star, CU24, Visa, Shared Branch, Transit Employees FCU  

Services: Checking and savings accounts, money market accounts, individual retirement accounts, share certificates, vehicle loans, loyalty loans, student loans, personal loans, signature loans, credit cards, gift cards, reloadable cards, home loans, home equity loans, home equity lines of credit, secured loans, insurance products, wire transfers, mobile banking, online banking

Check out Insider’s Transit Employees Federal Credit Union review.

West Virginia

None

Wisconsin

Columbia Savings and Loan Association 

Locations: 1 in Milwaukee

ATMs: 0

Services: Certificates of deposit, individual retirement accounts, home loans, church loans

Check out Insider’s Columbia Savings and Loan Association review.

Wyoming

None

Methodology: How Did Personal Finance Insider Choose the Banks and Credit Unions on This List?

Each bank we selected is an FDIC-designated minority depository institution. The FDIC defines an MDI as a bank in which “minority individuals own 51% or more of the voting stock, or a majority of the board of directors is a minority and the community that the institution serves is predominantly minority.” We chose banks on the FDIC’sBlack-owned Financial Institutions: An Essential Service for Communities

African American communities in the United States still face a significant wealth disparity and limited access to traditional banking services. Black-owned banks and credit unions play a crucial role in providing financial stability and access to essential services in these underserved communities.

Robert E. James, II, chairman of the National Bankers Association, emphasizes the importance of Black-owned banks as financial anchors for historically marginalized communities. These institutions offer essential services such as FDIC-insured checking and savings accounts, financial literacy programs, and reasonable loans.

However, over the years, the number of Black-owned banks has declined due to various economic challenges. Access to capital has been a significant factor in this decline, limiting the ability of these banks to expand and offer a broader range of products and services.

Despite these challenges, Black-owned banks continue to be a vital resource for minority communities. They provide an alternative to high-interest payday loans and financial services, addressing the needs of individuals who have been historically excluded from the traditional banking sector.

For those seeking to support these institutions, it’s worth noting that the Federal Deposit Insurance Corporation (FDIC) provides a list of Minority Depository Institutions (MDIs) that meet specific criteria, including a majority of minority members and board representation. Additionally, the National Credit Union Administration (NCUA) also designates MDIs, ensuring access to smaller credit unions that cater to these communities.

While the total assets held by MDIs represent a modest portion of the industry, they play a significant role in addressing the financial needs of minority communities. Supporting and nurturing these institutions is crucial for promoting financial inclusion and bridging the wealth gap in the United States.