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credit union

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Black Owned Credit Unions You Should Know

Black banks get all the love but what about Black-owned credit unions? They are also important and in some ways, a better option than a bank.

When you open an account at a bank, you’re a customer. When you deposit money in a credit union account, you’re both a customer and an owner. The credit union uses the money that you and other members deposit to make loans to other credit union members, much like a bank.

Since a credit union’s main goal is to serve their members, they take the money that would have been profit and instead use it to help credit union members. Credit unions often do this by offering better rates on savings products and lower interest rates on loan products.

Black Owned Credit Unions

FAMU Federal Credit Union (Tallahassee, FL)

black owned credit union

Credit Union of Atlanta (Atlanta, GA)

Omega Psi Phi Fraternity Federal Credit Union  (Toccoa, GA) 

black owned credit unions

South Side Community Federal Credit Union  (Chicago, IL) 

Southern Teachers & Parents Federal Credit Union (Baton Rouge/Thibodaux, LA) 

Hope Credit Union ( Jackson, MS)

black owned credit unions

St. Louis Community Credit Union  (St. Louis, MO)

Greater Kinston Credit Union  (Kinston, NC)

Concord Federal Credit Union (Brooklyn, NY)

Visions Federal Credit Union (Endicott, NY)

Urban Upbound Federal Credit Union  (Long Island City, NY)

Urban Upbound Federal Credit Union  (Queens, NY)

Faith Community United CU  (Cleveland, OH)

Toledo Urban Federal Credit Union  (Toledo, OH)

Hill District Federal CU  (Pittsburgh, PA)

Brookland Federal Credit Union  (West Columbia, SC)

Community Owned Federal Credit Union  (Charleston, SC)

Faith Cooperative Federal Credit Union  (Dallas, TX) 

Mt Olive Baptist Church FCU  (Arlington, TX)

Oak Cliff Christian Federal Credit Union  (Dallas, TX)

Hill District Federal CU  (Pittsburgh, PA) 

Howard University Employees Federal Credit Union  (Washington, DC)

Phi Beta Sigma Federal Credit Union (Washington, DC)

Virginia State University FCU  (Petersburg, VA)

black owned credit unions

 

– Tony O. Lawson

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Black Banks That Are Still Operating In 2020

The number of Black banks operating in the U.S. fell 54 percent between 2001 and 2016. Many have either been acquired or have simply gone out of business.

We’ve compiled the most recent and up to date list of the banks that are still Black owned and managed and are still operating in 2020.

Black Banks

Alamerica Bank (Birmingham, AL)

Broadway Federal Bank  (Los Angeles, CA)

Carver Federal Savings Bank (New York, NY)

Carver State Bank (Savannah, GA)

Citizens Trust Bank (Atlanta, GA)

black banks
Citizens Trust Bank

Citizen Trust Bank (Birmingham, AL)

Citizens Bank (Nashville, TN)

Columbia Savings and Loan (Milwaukee, WI)

City National Bank (Newark, NJ)

Commonwealth National Bank (Mobile, AL)

First Independence Bank (Detroit, MI)

The Harbor Bank (Baltimore, MD)

GN Bank (Chicago, IL)

Industrial Bank (Washington D.C.)

black banks
Industrial Bank

Liberty Bank (New Orleans, LA)

Liberty Bank (Baton Rouge, LA)

Liberty Bank (Kansas City, MO)

Liberty Bank (Chicago, IL)

Liberty Bank (Jackson, MS)

Mechanics & Farmers Bank (Durham, NC)

OneUnited Bank (Miami, FL)

OneUnited Bank (Boston, MA)

United Bank of Philadelphia (Philadelphia, PA)

Unity National Bank (Houston, TX)

 

 

Tony O. Lawson

If you would like to add your bank to this list, SUBMIT HERE.


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This Black Owned Credit Union is opening soon

The dream of a Black owned credit union in north Minneapolis is close to becoming a reality. The Association of Black Economic Power is behind the movement that has city leaders pledging money to help.

Black Owned Credit Union

The community development financial cooperative is called Village Financial Cooperative – to build trust within the community. Village is already helping those who have pledged to be part of the cooperative.

The small space on Colfax Avenue in north Minneapolis is poised to bring about big change to a community looking for economic empowerment.

“This work actually came out of a community voice in a meeting we had on the north side right off Broadway a week after Philando Castile was killed,” Me’Lea Connelly said.

The anger and frustration of a community was put into action. Connelly, director of the Association of Black Economic Power, says it was the community that decided a black-led financial institution was the best way to address racial disparities.

“We’ve been unapologetic about making sure that the folks that have been carrying the burden of racially-charged oppression in the financial sector are in the position of making decisions and leading in this institution,” Connelly said.

black owned credit union “This isn’t a parachute model of someone coming in from the outside of the community and dictating what solutions need to be made.”

Among the supporters of the new venture is Minneapolis Mayor Jacob Frey. In his first budget address in August, Frey earmarked $500,000 of the city budget for the Village Financial Cooperative, though those designated funds must be confirmed by the Minneapolis City Council at its December meeting in order to become a reality.

North side residents are doing their part as well. At the end of 2017, 1,100 people pledged their support.

So far, Village has $3.4 million in pledge deposits.

“Owning a home, purchasing a car, going to school, taking out personal loans to achieve whatever goal it might be — we want to partner with folks, especially those on the north side and black community, to make sure they have someone on their side,” Connelly said.

black owned credit union

Village is waiting for the credit union’s charter and insurance to be approved, but it’s already helping the community.

“We’ve developed an alternative to payday lending called the new day loan,” Connelly said.

Village is also doing affordable check cashing until it officially opens in 2019.

Connelly says the foundation of services is all about relationships and being with the members on their financial journey.

 

Source: Minnesota CBS