Black-Owned Banks and Credit Unions: Where to Stash Your Cash in 2025

Banks and credit unions? Yes, Black people can own those too.

Out of over 3,900 commercial banks in the U.S., only 23 are Black-owned, according to the FDIC’s latest Minority Depository Institutions list.

When it comes to credit unions, the numbers aren’t much better. As of March 2024, there were 4,572 federally insured credit unions in the U.S., but fewer than 300 are Black-owned.

This underrepresentation is rooted in decades of systemic barriers that have made it harder for Black-owned financial institutions to survive and grow. More than half of them have shut down over the years, while others still struggle to scale with limited resources.

But these institutions matter. They’re vital for bridging the racial wealth gap and providing underserved communities with better access to credit, capital, and financial tools.

Why Consider a Black-Owned Bank or Credit Union?

According to an FDIC report, Black households are over five times more likely to be unbanked and more than twice as likely to be underbanked compared to white households. This means they have fewer opportunities to build credit, grow savings, or access fair loans.

Black-owned financial institutions aim to fix that. They often offer:

Lower fees and better loan terms
Tailored financial support
A deep understanding of community needs

However, despite their importance, Black-owned banks and credit unions make up less than 1% of all U.S. financial institutions.

To grow, they need more customers, deposits, community support, and funding. This way, they can offer better services, improve their tech, and reach more communities.

So, apart from getting solid financial services, banking with these institutions is also a powerful way to support their mission and promote economic equity.

Black-Owned Financial Institutions Worth Checking Out in 2025

Looking to move your money somewhere that supports both your goals and your community? These Black-owned banks and credit unions are solid options:

1. Citizens Trust Bank

Founded in 1921, Citizens Trust Bank is a community-focused financial institution that aims to empower underserved communities through accessible banking solutions.

Branches: 8 across Georgia and Alabama

Benefits:

Comprehensive personal and business banking solutions
Financial literacy resources
Flexible home and business loans

2. Industrial Bank

Put your money where your heart is.

Industrial Bank was founded in 1934, making it one of the oldest Black-owned banks. It’s well known for its community outreach and solid range of financial services.

Branches: 9 across Maryland, New Jersey, New York, and Washington, D.C.

Benefits:

Financial education programs
55,000+ surcharge-free ATMs nationwide
Multiple loan options with low rates

3. Hope Credit Union

Since 1994, Hope Credit Union has provided financial services and engaged in advocacy that strengthens the financial health and wealth of individuals in under-resourced Deep South communities.

Branches: 24 across Alabama, Arkansas, Louisiana, Mississippi, and Tennessee

Benefits:

Broad insurance offerings
Low-cost savings and checking accounts
Affordable home, auto, small business, and personal loans

4. OneUnited Bank

OneUnited Bank is the largest Black-owned bank in the U.S. It offers a comprehensive suite of digital banking services aimed at closing the wealth gap and cultivating generational wealth.

Branches: 6 across Boston, Miami, and Los Angeles

Benefits: