10 of the Oldest Black-Owned Banks That Continue to Serve Their Communities

Broadway Federal Bank FSB, Los Angeles

Broadway Federal Savings and Loan Association was founded in 1946 by a group of civic-minded men and women who wanted to serve Black consumers who were ignored by all of the existing financial institutions or forced into high-interest loans. Broadway continues to fulfill the mission of providing conventional loans and training for minorities who want to enter the industry. Assets: $385,055,000.

Carver State Bank, Savannah, Georgia

Carver State Bank was established on Feb. 23, 1927, and was then known as the Georgia Savings and Realty Corp. The original corporation served as a private bank as well as a real estate investment and management company for its founder, Louis B. Toomer, his friends and many of his contemporaries in Savannah. It has assets of $41,573,000.

Citizens Trust Bank, Atlanta

Founded on June 18, 1921, by five men driven to create a legacy of pride and dedication to the economic empowerment of Black people, Citizens Trust maintains its place in the community after all these years, with assets of $392,286,000.

First Independence Bank, Detroit

Founded on May 14, 1970, First Independence’s mission statement says it was “established to serve the financial needs of our community, its businesses, and its citizens; no line of financial services is beyond our charter as long as we are serving the financial needs of businesses and families in our community.” Assets: $215,924,000.

First State Bank, Danville, Virginia

Founded almost 96 years ago, on Sept. 8, 1919, First State has maintained a strong place in its community through various economic hardships. Through myriad charities and involvements, the bank has been a foundation for the small Virginia town. It has assets of $38,882,000.

Illinois Service Federal Savings & Loan, Chicago

This bank was founded on Jan. 1, 1934, by 13 Black men who understood the value of having a bank owned by African-Americans for African-Americans, realizing that with financial resources come quality education for the community and strong business. The doors opened to a one-room office then, with $7,000 worth of deposits. It now has two branches, services about 15,000 customers and has assets of $140,148,000.

Industrial Bank, Washington, D.C.

Jesse H. Mitchell founded Industrial Bank on Aug. 20, 1934, with a vision of it being a community asset that provides personal care to locals seeking loans, home mortgages and financial advice. For 81 years, the bank has maintained its commitment and has $342,524,000 in assets.

Mechanics & Farmers Bank, Durham, North Carolina

At the turn of the 20th century, African-Americans had few opportunities to obtain financing for their business ventures or homes. So nine businessmen came together to establish a strong banking institution on Feb. 25, 1907, to provide opportunities and fill those gaps. So, for 108 years, M&F has been a part of the fabric of its community and has assets of $304,809,000.

North Milwaukee State Bank, Milwaukee

North Milwaukee was founded in 1971 on the promise of financial empowerment and support to the communities it serves through community development and economic growth, personal and business advancement, increasing home ownership and financial education. Its assets are at $91,490,000.

Seaway Bank & Trust Co., Chicago

Seaway opened for business on Jan. 2, 1965, in a rented storefront at 8555 S. Cottage Grove Ave. in Chicago. It now has more than 250 employees and $573,168,000 in assets.

Source: 10 of the Oldest Black-Owned Banks That Continue to Serve Their Communities