Black-owned banks and credit unions are FDIC- or NCUA-insured financial institutions that are majority-owned by Black Americans or founded specifically to serve the Black community. They operate identically to any other bank or credit union — offering checking accounts, savings accounts, loans, and credit cards — but reinvest a larger share of deposits into the communities they serve through mortgages, small business loans, and community development. As of 2026, approximately 20–25 FDIC-designated Black-owned banks operate in the US, alongside several dozen Black-operated credit unions.
What Are Minority Depository Institutions (MDIs)?
The FDIC designates banks as Minority Depository Institutions (MDIs) when a minority group owns 51% or more of the voting stock, or when the majority of the board of directors and the community the institution serves are from a minority group. The NCUA uses similar criteria for credit unions.
Black-owned institutions fall within the MDI category alongside Hispanic/Latino-owned, Asian-American-owned, and Native American-owned banks and credit unions.
MDIs are fully regulated federal financial institutions — they follow the same regulations, submit the same reports, and carry the same federal deposit insurance as any other bank or credit union.
Notable Black-Owned Banks in the US
This is an informational list of well-known institutions. Verify current status and services directly with each institution before opening an account.
| Institution | Location | Est. | Notes |
|---|---|---|---|
| OneUnited Bank | Boston, MA (multi-state) | 1968 | Largest Black-owned bank in US; digital-first; nationwide online banking |
| Liberty Bank and Trust | New Orleans, LA | 1972 | Serves Gulf Coast region; strong community lending |
| Carver Federal Savings Bank | Harlem, NY | 1948 | NYC metro area; historic Harlem institution |
| Industrial Bank | Washington, DC | 1934 | Oldest continuously operating Black-owned bank; DC/MD/NJ |
| Broadway Federal Bank | Los Angeles, CA | 1947 | Merging/partnering focus; West Coast presence |
| Citizens Savings Bank & Trust | Nashville, TN | 1904 | One of the oldest Black-owned banks in the US |
| Mechanics & Farmers Bank | Durham, NC | 1908 | North Carolina’s oldest Black-owned bank |
| GreenBank | Houston, TX | 2006 | Texas Gulf Coast community banking |
The FDIC’s current MDI list at fdic.gov is the authoritative source.
Notable Black-Operated Credit Unions
Credit unions serving the Black community often have broader membership eligibility than banks:
| Credit Union | State | Notes |
|---|---|---|
| Hope Credit Union | MS, AL, AR, LA, TN | CDFI credit union serving the Deep South; strong community development focus |
| Self-Help Credit Union | NC, SC, CA, IL, FL | CDFI; 175,000+ members; focuses on underserved communities |
| Greater New Orleans FCU | Louisiana | Serves New Orleans metro |
| Baltimore Washington Financial Advisors FCU | Maryland | Maryland/DC area |
How Supporting Black-Owned Banks Builds Community Wealth
Research from the Federal Reserve and academic institutions shows a measurable gap in how deposits flow through communities:
- Large national banks originate a smaller percentage of mortgage and small business loans to Black borrowers relative to deposits collected from Black communities
- Black-owned MDIs and CDFIs originate a significantly higher share of loans to low-to-moderate income borrowers and minority communities
- Every dollar deposited at a community development financial institution (CDFI) generates an estimated $8–$12 in community lending and services
Worked example: If 10,000 Black households each move $5,000 in savings to a Black-owned bank or CDFI credit union, that creates $50 million in deposits — which, through community banking multiplier effects, can support $400–$600 million in local mortgages, small business loans, and community investment.
Opening an Account at a Black-Owned Institution
The process is identical to opening an account at any bank or credit union:
- Find an institution — Use the FDIC MDI list, the National Bankers Association directory, or the NCUA locator
- Check eligibility — Banks are open to everyone; some credit unions have geographic or employment requirements
- Compare rates and products — Look for savings rates, loan rates, and fee structures
- Open online or in-person — Most institutions accept online applications; some are digital-first (like OneUnited)
- Fund your account — Transfer funds from your existing bank; FDIC/NCUA insurance applies from day one
Many Black-owned institutions offer competitive savings rates, low-fee checking, and community-focused services while providing the same federal deposit insurance as major banks.
How to Find Black-Owned Financial Institutions
Authoritative sources:
- FDIC MDI List: fdic.gov/regulations/applications/minoritydepository.html — the official, up-to-date list of all FDIC-designated minority depository institutions
- National Bankers Association: nationalbankers.org — trade association representing minority-owned banks with member directory
- NCUA Locator: ncua.gov locator — search credit unions by community focus
- Black Wall Street App: Mobile directory of Black-owned businesses including financial institutions
- CDFI Fund: cdfifund.gov — US Treasury directory of certified Community Development Financial Institutions including Black-owned MDIs
Related Guides
- Hispanic and Latino Credit Unions — Credit unions serving Latino communities
- Native American-Owned Banks and Credit Unions — MDIs serving Native communities
- Asian American-Owned Banks and Credit Unions — MDIs serving Asian communities
- What Is a Credit Union? — How credit unions work
- Best Credit Unions in 2026 — Top picks by category
- Credit Unions Hub — All credit union guides
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