Rod Chavez from the National Black Bank Foundation emphasizes the critical role of Black-owned banks in supporting low to moderate income census tracts.
FDIC Designation Criteria for Black-Owned Institutions
To qualify as Black-owned by the FDIC, a bank must have at least 51% voting stock owned by Black individuals or have a majority Black board of directors.
Addressing Credit Discrimination
Professor William Darity discusses how Black-owned banks can provide credit on fair terms amid credit market discrimination.
Considerations Before Choosing a Black-Owned Bank
It’s essential to conduct thorough research before switching to or joining a Black-owned bank to make an informed decision aligned with your financial needs.
Prominent Black-Owned Banks in the U.S.
Explore some of the oldest and most impactful Black-owned banks across the nation that focus on community development and economic empowerment:
- Citizens Savings B&T Company
- Mechanics & Farmers Bank
- Citizens Trust Bank
- Carver State Bank
- Industrial Bank
- First Security Bank & Trust Co
- First Independence Bank
- Liberty Bank & Trust Co
- Commonwealth National Bank
Conclusion
Celebrate Juneteenth 2024 by considering the meaningful impact of Black-owned banks and their contributions to economic equity and community development.