As of 2016, the average wealth of white families in the United States was $171,000. Compare that to the average wealth of black families, which was $17,600 (McKinsey). This drastic disparity is cause for concern. One issue that contributes to the disparity is the lack of financial education in black communities.
One way some members of the black community have tried to rectify this is through the establishment of black-owned banks. However, the number of these institutions has been steadily declining for decades.
As of July 2020, there less than 20 black-owned banks and credit unions in the United States.
For clarification, a bank is classed as black-owned when it has greater than 51% black ownership.
There is a dire case for the establishment of black banks across the country. There’s also a massive need to support the black-owned banks that are already in existence. And that brings us to the reason for creating the Success Spotlight Series, featuring black-owned financial institutions.
Last week, we shone a spotlight on Alamerica bank located in Birmingham, Alabama. Today we shine the spotlight on Citizens Trust Bank. Citizens Trust Bank is a black-owned bank with 15 locations across the united states.
Their mission and vision
Citizens Trust Bank is invested in the communities they serve. They are focused on strengthening the communities where they are located, and they offer personalized attention and care, along with community-wide sponsorship and funding.
“For almost 100-years, Citizens Trust Bank has built its reputation on being there for our customers and communities, especially in the midst of unparalleled and critical times.
Our guiding principles, our six strategic pillars – Customer Engagement, Customer Experience, Innovative Solutions, Inspired People, Community Impact, and Financial Success – remain at the core of our continued progress and success. Execution of these priorities is critical to our promise to deliver our customers financial solutions that will enhance their ability to live their financial lives, now and in the future.”
Services offered by Citizens Trust
• Checking account
• Savings account
• Credit card
• Home loan
• Car loan
• Home equity line of credit
• Personal loan
Stone Mountain, Georgia
How you can support them
You can visit a location in person if you live in one of the areas of their 15 banks, or visit them online (Citizens Trust Bank). Alternatively, you can help spread the word about this bank.
When we support these institutions with our financial trust or through word of mouth, we help boost them in the financial sectors.
Black-owned banks make up such a tiny slice of the pie of institutions in the United States. Yet there is a massive need for them and the services they provide for black communities. Do your due diligence, as always, but support these institutions however you can.
Together we can grow our communities.