True Blue Moon
Superstar
You sure about that breh? They might hit you with a small fee or something each month if you're under $500, but I opened an account at the Crenshaw branch and had way less than $500 initially.
There are 21 black owned banks in America
- Thread starter ridedolo
- Start date
KingTut
Green diamonds like a dill pickle
Trying to move my shyt to a BOB but can't find one near Sam Antonio. Might have to wait till I move tbh. I like having my institution within driving distance. Have had some bad experiences banking out of state.
That's what I gather from the website.
I'll probably stop by this Saturday to verify
True Blue Moon
Superstar
I believe they have different plans in-person than what you see on that site also. I started my account with something ridiculously low, can't remember how much though. Process was much smoother in person also. Really friendly people. I'd definitely show up in person for the experience alone.
BlackSexyllence
Yeah No
Can we get a list of black owned banks for the UK?
I think a lot of Nigerian banks are black owned. They had a greater restriction on foreign banks getting licenses but it may have changed. There is one bank called Ecobank that has a bunch of shareholders across the continent including the South African government.@TTT know of any
Heres a site with a map where you can click on the circle and it takes you to the site. Thought it could be helpful
U.S. Map of Black-Owned Banks
U.S. Map of Black-Owned Banks
just open a savings account somewhere if you can breh. this sister gives her review of a bank (i actually opened up an account here too after finding out about carver)
check it out. she says you can open up an account out of state too. she said the branch manager said more new accounts = more branches.
Here is the latest data on minority-owned banks from the FDIC. According to this, there are 24 Black-owned banks in the US.
https://www.fdic.gov/regulations/resources/minority/2016q1.xls
@ridedolo Can you update the OP and the title of the thread so we aren't looking at old info?
https://www.fdic.gov/regulations/resources/minority/2016q1.xls
@ridedolo Can you update the OP and the title of the thread so we aren't looking at old info?
Rakim Allah
Superstar
5 dollar fee
Chicago's Oldest Black Bank In Jeopardy
June 29, 2015 5:46 PM • Log In • REGISTER
Chicago’s Oldest Black Bank in Jeopardy
Two black-owned financial institutions left standing, oldest is in need of rescuing
by Carolyn M. Brown Posted: June 8, 2015
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(Image: File)
Seaway Bank and Trust Co., on the South side of Chicago, may become the last black-owned financial company left standing in the Windy City. Currently, Seaway Bank ranks third on the BE100s Financial Services Banks list with $551.6 million in assets in 2014.
According to Crain’s Chicago Business, Illinois Service Federal Savings & Loan, a thrift founded by 13 African-American men in 1934 as a depositor-owned lender, is seeking a $7 million lifeline. Crain’s reports that a federal consent order issued April 16 puts the pressure on the $110 million-asset lender to shore up its capital or face “corrective action” from the U.S. Office of the Comptroller of the Currency. Without an infusion, Illinois Service risks closure and transfer of its deposits and loans to another bank.
Illinois Service’s financial troubles follows the failure five months ago of Highland Community Bank, a black-owned lender on the South Side. Highland once held the number 13 spot for banks on the BE100s list with $67.2 million in assets. What’s more, regulators closed Covenant Bank, an African American-owned bank on Chicago’s West Side, in 2013. Black banks in Chicago have been a huge source of capital access to black owned businesses in the city.
[Related: Support Your Local Black Bank]
CEO Norman Williams, told Crain’s, Illinois Service is taking steps to raise the money, including transforming from a depositor-owned thrift to a shareholder-owned bank. That “demutualization” is a necessary first step before new investors can provide an infusion. Assessing Illinois Service’s chances of survival, Williams added in an interview that he’s “as confident as anyone can be, having had the (economic) shock of the last four years.” But said, “I would be naive not to recognize that 1,000 other bankers in my shoes (whose banks ultimately failed) in the last decade have felt the same way.”
In the three years ended last year, Illinois Service suffered nearly $9 million in net losses. The losses wiped out about two-thirds of its capital. Williams attributed the bank’s woes to persistently high unemployment on the South Side and property values that haven’t recovered much from the depths to which they sunk in the recession.
Williams went on to say that he already is talking to potential investors but wouldn’t identify them. As part of its rescue effort, Illinois Service has hired investment banking firm Stifel Nicolaus and law firm Vedder Price, both in Chicago.
Seaway, even with a potentially more profitable business model as a commercial bank, tried for a time to attract new investors and struggled to do so. Like Illinois Service, Seaway reportedly is operating under a consent order, but its leaders have stated it doesn’t have to raise capital to survive.
Call To Invest In Black-Owned Banks Gains Traction In Chicago
damn see what happens when we unite. they received 1.6 million in new $$
I opened up a savings account with One United about two three years ago. They don't have a branch in NY, but they are the largest black owned bank. So I said fukk it and put a stack in. A drop in the bucket compared to what I have with chase. Just as I was typing this I received a message from one united about their new partnership with BLM to empower AAs to #bankblack.
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