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Fewer black-owned banks are able to Fill Vital Financial Needs Advertiser disclosure: You’re our top priority. Each day. We believe that everyone should be able to make sound financial decisions with confidence. While our website doesn’t feature every company or financial product that is available on the market, we’re proud that the advice we provide as well as the advice we provide as well as the tools we design are impartial, independent simple, and cost-free. So how do we earn money? Our partners pay us. This may influence which products we review and write about (and the places they are featured on our site) However, it does not affect our suggestions or recommendations, which are grounded in many hours of study. Our partners do not be paid to ensure positive ratings of their goods or services. . Fewer black-owned banks are able to meet the needs of a growing population. by Alice Holbrook Assigning Editor | Homebuying, savings and banking products Alice Holbrook edits homebuying content at NerdWallet. She has covered personal finance topics for almost a decade . She has also worked for NerdWallet’s banking as well as insurance teams, as well as doing a stint on the copy desk. She is based in Ann Arbor, Michigan. Feb 6 edited by Tony Armstrong Lead Assigning Editor | Banking Tony Armstrong began his NerdWallet career as a journalist and moved up to the position of assistant assigning editor, and eventually to the an editor in charge of the team for banking. The work he has done was highlighted in The Los Angeles Times, Mashable, Money, Nasdaq.com, USA Today and VentureBeat. He has appeared in Minnesota Public Radio. Tony received an associate’s degree in English literature and creative writing in Macalester College. Email:

. A majority or all of the products featured here are from our partners, who pay us. This impacts the types of products we write about as well as the place and way the product is featured on the page. However, it does not affect our assessments. Our views are entirely ours. Here is a list of and . The hashtag #BankBlack sparked a flood of interest in banks owned by blacks when it went viral in mid-2016 However, two and a half years later, the majority of these institutions’ balance sheets are heading towards the opposite direction. The hashtag was sparked by a calling on individuals to open accounts with banks owned by blacks. And the rapper’s bank of preference -the Georgia-based Citizens Trust Bank — is one of the banks that has expanded since #BankBlack was launched. However, for many black-owned banks, the situation isn’t as positive as they lose assets, and even closings. “The operating costs [and] the regulatory costs make it difficult to run a successful community bank” says Kim Saunders President of the National Bankers Association. This isn’t just a problem for banks owned by blacks, she says — it’s something all smaller banks have to face. “Scale matters.” But on Twitter people are still tweeting their support for and plans to transfer their money. This is why black-owned banks are worthy of saving. >> MORE These banks are a great source of access to African-Americans as a group are underserved by financial institutions. About half of them are not banked or underbanked, which means they can supplement their bank accounts by using costly alternatives like payday cashers and check cashers. This is more than double the amount of the population as a whole, according to a 2018 Federal Deposit Insurance Corp. report. Banks owned by blacks have a significant contribution to the statistics. For example, 67 percent from their mortgage loans are made to African-Americans in 2013, according to remarks made by Martin Gruenberg, former chair of the FDIC. In banks that aren’t owned by blacks and owned by blacks, less than 1percent of mortgages are granted to African-Americans. In addition, the residents of the communities the banks serve have low or moderate incomes. Saunders describes the strategy as “compassionate lending.” “We’re going to be there with our customers] during the good and bad times,” she says. OneUnited is the nation’s biggest black-owned lender by assets, provides second-chance checks for those who’ve been denied an account in the past as well as secured credit cards to those recovering damaged credit, as well as training for those who are first-time home buyers. “The cities we serve are predominantly brown and black,” said Teri Williams the president and chief operating officer, in a recent interview “and when it comes to incomes, a lot are people struggling. We have people who are in their 50s and 60s who have never set foot in an institution. They didn’t feel welcome. They didn’t feel that banking was appropriate for the people they were.” After being the victim of check-cashing fraud, Travion Jackson couldn’t open an account with his family’s bank. He finally tried OneUnited hoping to open an account with a second chance. “But they said they were fine with me. I opened a new regular account,” Jackson said in the year of 2018. “That has made it more efficient.” Jacqueline Boles, director of retail banking at Industrial Bank, says expanded access, particularly to small business lending, means more stable communities. “Small enterprises in our communities are likely to hire people who look like them. These people now are able to earn an income that is decent,” she says. You can find them across the U.S. Black-owned banks have become a major political powerhouse for Jackson’s adoptive mom, Amy McCabe Heibel, and her partner shifted to OneUnited after seeing increasing news and social media coverage of black-owned banks. “For us as a biracial family it was essential to place our money where our priorities are,” she said in 2018. This includes “having money in a place that invests in black communities,” but those aren’t the only perks, McCabe Heibel said. “The images are of people who look like people we know,” she added, and “communication is clear. It’s not awash in financial industry doublespeak.” McCabe Heibel isn’t the only one choosing an institution owned by blacks for ethical reasons. “A very diverse group of people are coming to our bank,” Williams said. “They like the fact that their money supports community development.” Many banks owned by blacks, including Industrial, are designated Community Development Financial Institutions. This means that they invest 60% of their assets back to low- or moderate-income neighborhoods, according to Boles. If they decide to switch, they can expect services similar to those they get with other institutions. For OneUnited, this includes mobile and online banking as well as bill pay and remote deposit for checks. Saunders encourages all to think about the possibility of a black-owned bank. “Not only are we seeking to succeed when it’s possible We’re also trying to be good and I think that ought to resonate with everyone,” she says. >> Want to do more? Find out more about where Black-owned banks are today. Banks owned by Blacks were established during segregation, when the majority of African Americans didn’t have access to capital, according to Saunders. The number of banks with the majority owned by African-Americans in 2007, before the recession. However, as the communities that these banks were serving suffered greater-than-average losses in jobs and home foreclosure rates and banks also suffered too. The most recent FDIC data show that there are 23 black-owned or black-managed institutions in comparison to 24 at the end of 2016, right following the virality of #BankBlack. Of the banks that remain with us, more than half report less assets as they did at the end of 2015, before became a phenomenon. Banks with greater than $100 million in assets were more likely report gains over smaller ones, however bigger banks were not immune to financial difficulties. New York’s Carver Federal Savings Bank falls just behind OneUnited in terms of assets, but it had more than $135 million less assets in September as compared to December 2015. For certain banks, #BankBlack could have been a losing proposition, according to Industrial Banks’ Boles. “We earn money through our extensive relationships with customers,” she says, referring to loans as well as credit card. Savings and checking accounts, especially unused ones are financial liabilities because they require banks to pay for online banking and other services without any return. That’s why supporters should move their financial assets, as well. Other banks — including OneUnited and Industrial have risen in the wake of #BankBlack. OneUnited currently has assets of about $649 million, according the most recent FDIC figures. Industrial, too, has witnessed rapid growth. On a typical week Boles said, they have about 150 new online application for accounts waiting to be processed. Following #BankBlack, she said, “We had up to 2,000 [applications] on the waiting list.” Bank needed to pull in extra help to handle the influx, and it still sees the interest rate increase frequently. “The community is starting to realize the value of its dollars” Williams said, “and the need to be more purposeful in the way it utilizes the money.” If you’d like to join #BankBlack, take a look at the following alternatives Jeanne Lee contributed to this report. About the author: Alice Holbrook joined NerdWallet in 2013 and is an editor for the team that deals with home and mortgages. She has had her work highlighted on USA Today, MarketWatch, Newsweek and The Washington Post. Similar to… Find an improved savings account. See NerdWallet’s recommendations for the top high-yield online savings accounts. Explore Banking further Get more smart money moves right to your inbox Sign up and we’ll send you Nerdy articles about the money topics that matter most to you as well as other methods to help you get more value from your money.

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