Juneteenth 2024: Celebrating 9 Black-Owned Banks with Rich Historical Legacies

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.

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