BANK ANUBIA
Opened almost 50 years ago, the nation’s largest black-owned bank’s slogan is “part protest, part progress.” OneUnited is a government-designated CDFI serving low- to moderate -income communities. The bank holds workshops and events to increase financial literacy in the communities it serves and offers affordable financial services to meet its customers’ needs, including a secured credit card for rebuilding credit and a second-chance checking account.
Liberty Bank, a CDFI with branches in seven states, has increased its assets from $183 million a decade ago to more than $550 million today. Its Liberty Foundation pursues philanthropic initiatives, such as expanding access to secondary and higher education and increasing the availability of affordable housing. The bank’s chairman since its founding in 1972, Dr. Norman C. Francis, has also served as president of Xavier University since 1968.
This strong and growing 96-year-old bank increased its assets, loans and mortgage originations in 2016. Its deposit accounts increased at six times the normal rate last year, thanks to an increased awareness of Citizens Trust generated by social media. The bank offers an affordable housing program for buyers who need down-payment assistance; it also offers financial counseling.
This spring Citizens Trust is offering a program for middle- and high-school students called How to Do Your Banking, which uses learn-by-doing exercises to provide lessons on the importance of saving even small amounts, using a budget to achieve financial goals, how to bank online, how to keep checking accounts in balance and how to manage basic investing.
Industrial Bank, a CDFI founded in 1934, received about $2.7 million in deposits through more than 1,500 new accounts last July as part of D.C.’s #DivestToInvest movement, whose goal is to support African-American-owned banks and businesses. In 2015 the bank earned a Bank Enterprise Award worth $253,000 for increasing the number of loans it made in low- and moderate-income communities. More than 60% of its assets have been invested in these communities for more than 10 years.
Opened in 1982, Harbor Bank primarily serves the Baltimore area with a variety of checking accounts, savings accounts and loans. It is the country’s first community bank to have an investment subsidiary, Harbor Financial Services. Last November the bank announced plans to open a co-working incubator at its downtown headquarters to support local black-owned startups as well as community development and advocacy groups. It also received $70 million in federal funding to revitalize low-income communities.
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Image Sources: foodiesfeed, WOCinTechChat, GraphBerry
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