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What are Black-owned banks?
Black-owned banks and credit unions are minority depository institutions (MDIs): banks and credit unions that are majority Black-owned, have a majority-Black board of directors, or primarily serve Black communities. Federal regulators including the FDIC, the OCC, and the NCUA track and support these institutions because of the role they play in their communities.
These institutions matter because Black households have historically faced higher loan denial rates and thinner access to mainstream banking. MDIs direct a larger share of their lending into the neighborhoods they serve, helping close the racial wealth gap one account and one loan at a time. Fewer than two dozen Black-owned banks remain in the United States, down from more than 50 in the early 2000s, which makes supporting the ones that remain especially important.
Frequently asked questions
Are my deposits safe at a Black-owned bank?
Yes. Deposits at FDIC-insured Black-owned banks are protected up to $250,000 per depositor, per institution, exactly like deposits at any major bank. Deposits at federally insured credit unions carry the same $250,000 protection through the NCUA.
Do I have to be Black to open an account?
No. Black-owned banks and credit unions are open to everyone. Their mission centers on serving Black communities, but anyone can open an account, apply for a loan, or use their services.
How was this directory compiled?
This directory was compiled from the public minority depository institution lists published by the FDIC and the OCC, cross-checked against the National Bankers Association membership. Institution status can change, so confirm current details with the institution before visiting.
What is the difference between a bank and a credit union?
Banks are for-profit institutions owned by shareholders. Credit unions are nonprofit cooperatives owned by their members, and you typically need to meet membership criteria (such as living in an area or belonging to an organization) to join. Both offer checking, savings, and loans.
Why did Broadway Federal Bank disappear from most lists?
Broadway Federal Bank of Los Angeles merged with City First Bank of Washington, D.C. in 2021. The combined institution operates as City First Bank and remains Black-led.
Guides
How to Open an Account at a Black-Owned Bank Online
Which banks allow fully online signup, what documents you need, and how to switch without disrupting your bills.
Black-Owned Banks That Offer Business Checking
Business checking options at OneUnited, Citizens Trust, City First and more, plus how your deposits fund community lending.