Top 5 Black-owned Banks You Should Consider Moving Your Money To

By Jasmine Ferguson

When looking for a bank to entrust with your money, it is important to do your research. There are many factors to take into consideration when choosing a bank, such as interest rates, location and convenience, amount of minority borrowers and monthly fees.

Historically Black-owned banks have been the pillar of the Black community by providing African Americans an opportunity to gain access to financial services and capital for minority-owned businesses. According to BankBlackUSA.org, less than 1 percent of other (non-Black) community bank loans are made to Black borrowers. Black banks help to circulate the Black dollar.

With movements such as #BankBlack, social media has brought awareness to the importance of banking Black and moving your money to Black-owned banks.

Here are five Black banks that you should consider when deciding on your banking institution:

One United – oneunited.com

Established: 1982

Headquarters: Boston

Branches in: Boston, Los Angeles, Miami

CEO: Kevin Cohee

$661M in assets

Liberty Bank – libertybank.net

Established: 1972

Headquarters: New Orleans

Branches in: New Orleans, Detroit, among other places

CEO: Alden J. McDonald Jr.

More than $594M in assets

Citizens Trust Bank – ctbconnect.com

Established: 1921

Headquarters: Atlanta

Branches in: Atlanta, Alabama, Georgia

CEO: Cynthia N. Day

$399M in assets

Industrial Bank – industrial-bank.com

Established: 1934

Headquarters: Washington, D.C.

Branches in: Washington, Maryland

CEO: Doyle Mitchell

$423M in assets

The Harbor Bank – Theharborbank.com

Established: 1982

Headquarters: Maryland

Branches in: Baltimore

CEO: Joseph Haskins Harbor

$266M in assets

This article originally appeared in Rollingout.com.