Black-owned banks matter. Today we’re going to explore why they matter. We’ll also be featuring OneUnited Bank. This article is an installment of our Success Spotlight Series, where we highlight black-owned financial institutions along with practical ideas for supporting these institutions and building black money management and wealth. Please note: a black-owned bank is a financial institution with greater than 51% black ownership.
This is why black-owned banks matter
- They uplift communities. When a black-owned bank opens its doors in any community, it’s a sign of growth and empowerment. With less than 20 of the 10,000+ banks across the United States being black-owned, each of these black-owned financial institutions serves as a beacon of positivity. Banks are respected and valued pillars in a community. They’re a place people rely on and trust. Black people have a tense relationship with banking in the United States due to systemic racism and exclusion from fair access to mortgages, loans, and other financial opportunities. Black-owned banks can break this barrier of distrust and encourage people to use the banks to help uplift their lives.
- They‘re a hub of financial literacy, tools, and resources. During this series, we’ve featured black-owned banks along with links to their multitude of financial education resources. Improving financial literacy is one of the keys to black empowerment. Knowledge can help shift and shape the healthy communities we need.
- They give access to financial options. Exclusion from accessing financial incentives and opportunities has plagued black communities for far too long. Take redlining, for example, the concept of ‘redlining’, a term coined in the 1960s by a sociologist. It refers to the pervasive discriminatory practice of banks not providing services to residents of black neighborhoods. Black-owned banks give a chance for fair consideration for accessing resources and incentives, without the racial bias that has been prevalent in the banking world.
Vision and Mission of OneUnited bank
“OneUnited Bank, the nation’s largest black-owned bank and FDIC insured, understands we have to focus on money to improve the lives of our community! Black buying power in America today is over $1.2 trillion dollars. When focused on improving our neighborhoods and supporting Black-owned businesses that are more likely to hire Black people, those dollars become a powerful force. We want you to stand up and represent. We want you to be part of the movement – to BankBlack® and #BuyBlack – to demonstrate our economic power. Yes…Black Lives Matter. Black Money Matters.”
OneUnited started almost 50 years ago. They stand by their mission of creating “an institution to garner our spending power and channel it back into the communities we serve.”
Secured credit cards
“BankBlack Checking” accounts
“BankBlack Savings” accounts
For specific location information and contact details, click HERE.
Improving black financial literacy is a priority. This is just one of the many benefits of black-owned banks to the community. In addition to their online financial education center, OneUnited also has specific blogs on financial literacy, secured credit, and a general banking blog. They provide a wealth of financial information for individuals and businesses. Financial education information is timely and necessary and fosters more positive financial habits.
OneUnited calls banking black a movement and invites you to join the movement HERE. “We want you to feel the purpose of banking with OneUnited Bank. By joining the #BankBlack and #BuyBlack Movement, you are showing the world the power of our $1.2 trillion in annual spending.” –Join the Movement
Black-owned financial institutions can be one of the priority catalysts for change. To break down the barriers that have intentionally kept black people impoverished, we need to support black-owned banks and find ways for more of them to be established. These are a few of the essential steps we can take to start dismantling systemic racism and building strong, healthy black communities nationwide.