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If you're ever thought about banking Black, you're in the right place! Black banks are crucial for the financial well being of Black communities around the U.S. In this 2 part series, we cover all the Black owned and Black managed banks in America.
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Just like many other black-owned or all-black institutions
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most of the black-owned banks in America were founded to meet the needs of a community
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facing either lack of adequate financial services or straight-up racism and discrimination
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Out of 145 minority-owned financial institutions in America, just 20 are black-owned banks
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However, there are more black-managed credit unions that serve the black community
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In this two-part video, we look at all the black-owned and black-managed banks in America
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hi my name is jared and welcome to black excellent.com's money talks where we share
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interesting stories and tips about personal finance investing travel locations and more
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don't forget to subscribe and hit that bell so you can get notified when we release new videos
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The importance of black-owned banks cannot be overstated to the financial well-being of black communities
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as most of them serve underserved communities where they not only provide banking services
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but also financial literacy education. Not surprisingly, most of the banks are located in the South, and that's where we'll start today
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At number one, we have First Choice Credit Union located in Georgia. The first bank on our list was founded in 1946 as the Hospital Authority Credit Union
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It was created to provide financial services to employees of Grady Hospital
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It was in 1991 that it became First Choice Credit Union. It currently has two branches, both of them located in Atlanta
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This bank offers both personal and business checking and savings accounts. It currently has about $38 million in assets and provides various loans, including mortgages
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Coming in at number two, we have All-America Bank in Alabama. Al-America Bank was founded in 2000 by community leaders in Birmingham, Alabama
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It currently has just one location at the Al-America Bank building in Birmingham
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They offer business services and personal accounts and master money debit cards
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At number three, we have Brooklyn Federal Credit Union in South Carolina
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Brooklyn Federal Credit Union is a non-profit financial cooperative that provides banking services to members of Brooklyn Baptist Church
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and their immediate family members in West Columbia, South Carolina. This is a much smaller bank with only $4.73 million in assets
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but they still provide basic checking and savings accounts, as well as financial literacy services
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Coming in at number four, we have the Brooklyn Cooperative Federal Credit Union in New York
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This bank was founded in 2001 and is also known as the Brooklyn Co-op
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Located in Brooklyn, this bank has few requirements to become a client
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including just a proof of address and a $25 membership fee. It has three branches in Brooklyn and provides financial education on top of basic banking services
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It estimated that Brooklyn Co has million in assets At number five we have the Carver Federal Savings Bank Located in New York Carver Federal Savings Bank is one of the largest banks on the list with million in asset
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It was founded in 1948 to serve black communities which had limited access to financial services
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It offers personal and business banking loans with several locations in Brooklyn and Manhattan
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At number 6 we have Carver State Bank in Georgia. This bank was originally named Georgia Savings and Realty Corp. when established in 1927
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Although it started out as a very small bank and real estate management company
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it grew to become a full service commercial bank in the 1960s
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It was then that the name was changed to Carver State Bank. There are two locations in Savannah, Georgia, offering personal accounts, business accounts, loans, and other financial services
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The bank has almost $80 million in assets. At number seven, we have Citizen Bank in Tennessee
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Citizen Bank, originally named One Cent Savings Bank, not a good name probably for a bank, was the first minority-owned bank in Tennessee
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It was founded in 1904, making it the oldest continuous operating Black-owned bank in the U.S
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There are currently two branches in Nashville and one branch in Memphis
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With almost $140 million in assets, Citizens Bank offers both personal and business banking services
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At number 8, we have Citizens Trust Bank in Alabama and Georgia
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Citizens Trust Bank was established in 1921 in Atlanta, and it currently has branches in both Georgia and Alabama
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As one of the biggest black-owned banks, it provides sponsorship support for community organizations on top of providing typical banking services
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This bank has about $813 million in assets. At number nine, we have Citi First Bank in California and D.C
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Considered a Black-operated bank, City First Bank was founded as a subsidiary of Broadway Financial Corp
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It is one of only two banks on this list with over $1 billion in assets, with branches located in Los Angeles and Washington, D.C
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They offer personal and business banking as well as small business financing
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At number 10, we have Commonwealth National Bank in Alabama. This nationally charted commercial institution was founded in 1976 in Alabama
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Personal and business banking services are offered here as well as loans
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Commonwealth National Bank has assets under management of $61.5 million. At number 11, we have Columbia Savings and Loan in Wisconsin
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Columbia Savings and Loan has been serving the Black community in Milwaukee, Wisconsin since 1924
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With $26 million in assets, this bank focuses on providing targeted financial services like mortgages
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individual retirement accounts and church loans among other financial services Typical banking services like checking and savings accounts are not provided here At number 12 we have the Credit Union of Atlanta Georgia
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This bank was established in 1928 in Atlanta and currently has two locations there
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It provides personal and business banking services as well as personal loans
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Any profits the bank makes is used to secure better rates for the credit union's members
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It currently has about $85 million in assets. At number 13, we have Faith Cooperative Federal Credit Union in Texas
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Faith Cooperative Federal Credit Union was born out of two different organizations
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It was first founded in 1959 at St. John Federal Credit Union
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but later became Faith Cooperative Federal Credit Union after it was merged with Friendship West Baptist Church's Microloan Bank
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This is a tiny credit union with only $1.83 million in assets and an administrative office located in Dallas
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At number 14, we have Faith Community United Credit Union in Ohio
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Faith Community United Credit Union was first chartered in 1952 as Second Mount Sinai Baptist Church Credit Union
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It became a community development credit union in 1991. Membership at this credit union is available to those living, working, worshipping, or attending school in Cuyahoga County
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This bank has one branch located in Cleveland and assets under management of $19.45 million
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At number 15, we have FAMU Federal Credit Union located in Florida
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This credit union was founded in 1935 when six people deposited just $50 to acquire a federal credit union charter
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Its original name was Florida A&M College Employee Federal Credit Union, but the name was changed to the Florida A&M University Federal Credit Union by 1953
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It's located in FAMU Campus in Tallahassee. It offers checking and savings accounts, loans, Rattler debit and Visa credit cards, and other banking services
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The credit union has almost $30 million in assets. At number 16, we have First Legacy Community Credit Union in Florida, North Carolina, South Carolina, and Virginia
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Founded by a group of educators as the School Workers Federal Credit Union in 1941
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it has several branches in Florida, North Carolina, South Carolina, and Virginia
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They provide personal and business accounts, loans, and additional banking services. The credit union has about $29 million in assets
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At number 17, we have First Security Bank and Trust Company in Oklahoma
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Located in Oklahoma City, First Security Bank and Trust Company is Oklahoma's only black-owned
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bank. They specialize in small business banking, real estate investments, but also provide personal
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checking and savings accounts. This bank was one of Oklahoma's top 10 participating banks in the
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SBA's Paycheck Protection Program, and 96% of those loans went to minority-owned businesses
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in 2020 and 2021 This bank has million in assets At number 18 we have Greater Kingston Credit Union in North Carolina Founded in 1952 Greater Kingston Credit Union provides memberships to
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those living, working, or worshipping in Lenore, Green, Jones, Craven, and Pitt counties in North
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Carolina. There is only one branch located in Kingston, North Carolina, and the credit union
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offers personal accounts, non-profit accounts, mortgage and personal lending, among other banking services. It currently has $14 million in assets. At number 19, we have Hope Credit Union
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in Alabama, Arkansas, Louisiana, Mississippi, and Tennessee. Hope Credit Union was founded in 1995
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by members of Anderson United Methodist Church to help low-income residents in Jackson, Mississippi
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with asset development. Since then, the credit union has expanded to Alabama, Arkansas
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Louisiana, and Tennessee. They provide both personal and business accounts, as well as personal loans and credit cards. The credit union currently has about $526 million
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in assets, with several branches located in those five states. At number 20, we have Liberty Bank
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in Alabama, Kentucky, Louisiana, Mississippi, and Tennessee. Liberty Bank is the other bank on this
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list with over $1 billion in assets, making it one of the biggest black-owned banks in the nation
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It was originally chartered in New Orleans in 1972. It acquired United Bank and Trust Co. in 2009
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which helped grow its reach. This bank currently has branches in nine states, with four of those
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states being Alabama, Kentucky, Louisiana, Mississippi, and Tennessee. Of course, being that
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big, they offer all the typical banking services. At number 21, we have Mechanics and Farmers Bank
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in North Carolina. Mechanics and Farmers Bank was established in 1907 by nine businessmen
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It became the first lending institution in North Carolina to receive Federal Housing
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Administration certification by 1935. It currently has several locations in North Carolina and offers both personal and business accounts as well as wealth management services
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This bank has $434 million in assets. Coming in at 22, we have Mount Olive Baptist Church
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Federal Credit Union in Texas. This credit union is a non-profit financial institution
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that offers services to Mount Olive Baptist Church members as their immediate families
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Its only location is Arlington, Texas, and it offers savings accounts, loans, and other services
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The credit union has about $10 million in assets. We will leave off part one of our list there and be back next time with part two of all the Black Loan Banks in America
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If you found this information useful, informative, enjoyable, anything positive, like it and subscribe to our channel
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That's it for today's episode. We'll be back with more money talk
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Jesus, that was a lot
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