The spotlight on black financial institutions features banks that are 51% or more black-owned.
Black-owned banks are a boost for black community’s buying power and morale. With less than 20 of the 10,000+ banks in the United States being black, it’s important to increase awareness and support for black-owned institutions.
It’s also important to support black-owned banks to help them increase their account holdership but also to create hope. Hope that more black banks will come on the scene and provide such a valuable
Today, I’m featuring Alamerica Bank. Founded on January 28, 2000, the bank has been serving customers in-person and online for over a decade.
Their founding story
The bank was organized by a group of leaders in Birmingham, Alabama. The leaders were well-known in the area and saw the need for black-owned institutions that could serve the black community.
The services they offer
• No monthly fees
• Transfer funds between accounts
• Get balances on checking and savings accounts
• Review transaction history
• Copies of checks sorted in sequential order
• Free three-ring binder
• Three-hole punched for easy storage
MasterMoney debit cards
• Withdraw cash
• Make transfers between accounts
• Request account balances
What makes them unique and what’s the mission?
Alamerica’s beginnings and ambition are inspiring. This group of leaders didn’t just see a need, but they took action.
It’s easy to notice gaps in the market, but it’s not easy to fill them. By forming the bank, the leaders provided a solid model for what can be achieved when people come together with a shared purpose and the desire to serve and build community.
From their website: “The bank achieved operational profitability in its sixth month of operation and continues to be one of Birmingham’s strongest capitalized institutions as of June 30, 2014…
Alamerica Bank is a financial institution where customers are known by name, and where bankers take great pride in growing their customers businesses.” –Alamerica Bank.
They emphasize that it’s a privilege to serve the community, and their goal is to help support progressive individuals and families.
Where are they located?
The Alamerica Bank Building
2170 Highland Avenue, Suite 150
Birmingham, Alabama 35205
How you can support them?
With so few black-owned banks in the United States, it’s vital to support them. They need confirmation and affirmation that their presence is necessary. By supporting black-owned banks, we help build stronger communities. If you’re in the Birmingham, Alabama are, you can visit the bank or visit them online: Alamerica Bank.