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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 everyone should be able to make sound financial decisions without hesitation. While our website does not include every company or financial product available in the marketplace however, we’re confident that the guidance we offer and the information we offer and the tools we develop are impartial, independent, straightforward — and completely free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and the places they are featured on our website) however it in no way affects our recommendations or advice that are based on many hours of research. Our partners cannot promise us favorable review of their services or products. . Fewer Black-Owned Banks Survive 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 written about personal finance issues for more than a decade . She has also was a member of NerdWallet’s banking and insurance teams as well as a stint on the copy desk. She is based in Ann Arbor, Michigan. February 6 2018, 2018 Edited by Tony Armstrong Lead Assigning Editor | Banking Tony Armstrong began his NerdWallet career as a journalist and worked his way up to assistant assigning editor and later to director of assigning editors on the team for banking. His work has been highlighted on the Los Angeles Times, Mashable, Money, Nasdaq.com, USA Today and VentureBeat. He has been as a guest on Minnesota Public Radio. Tony earned an associate’s degree in English creative writing and literature in Macalester College. Email:

. The majority of products we feature are made by our partners who compensate us. This impacts the types of products we feature as well as the place and way the product is featured on a page. But, it doesn’t influence our evaluations. Our opinions are our own. Below is a list and . The hashtag #BankBlack sparked a flood of attention to banks owned by blacks when it became a viral trend in the middle of 2016 — but two and a half years later, a lot of these institutions have balance sheets that are moving in the wrong direction. The hashtag was sparked by a calling on individuals to open accounts with black-owned banks. 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 closures. “The operational costs and the regulatory costs make it extremely difficult to operate a highly efficient community banking institution,” says Kim Saunders, president of the National Bankers Association. This issue isn’t exclusive to banks that are owned by blacks — it’s something that all smaller banks are faced with. “Scale matters.” However, on Twitter people are still tweeting their hopes and support to move their funds. The following are the reasons why advocates believe black-owned banks are worthy of saving. >> MORE The banks owned by blacks provide the needed access to African-Americans as a population are not well-served by banks. Nearly half of them are unbanked or underbanked, which means they supplement their bank account by using costly alternatives like payday lenders and check cashers. This is nearly twice the proportion of the population overall, according to a 2018 Federal Deposit Insurance Corp. report. Black-owned banks have an important part to play in improving these numbers. For example 67% of their mortgage loans go to African-Americans in 2013, according to remarks by Martin Gruenberg, former chair of the FDIC. For banks that aren’t black-owned and owned by blacks, less than 1% of mortgages go to African-Americans. And residents of neighborhoods the banks serve tend to be low- to moderate-income. Saunders describes the strategy as “compassionate lending.” “We’re likely to stay with [our customers] during the good and difficult times,” she says. OneUnited, the country’s largest black-owned lender by assets, offers second-chance checking for those who’ve had their accounts denied in the past and secured credit cards for people rebuilding damaged credit, and educational opportunities for homebuyers who are not yet homeowners. “The cities we service are predominantly brown and black,” said Teri Williams the president and chief operating officer, in a recent interview “and on the income side, there are a lot of people struggling. We have people aged 50 and 60 who have not been in a bank. 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 another account. “But they assured me that I was OK. I recently opened a normal account” Jackson said in 2018. “That improved it.” Jacqueline Boles, director of retail banking at Industrial Bank, says expanded access, particularly for small business lending, means more stable communities. “Small companies in our communities are going to employ people that look like them. Now, these individuals are able to earn a decent living,” she says. • Search all over the U.S. Black-owned banks are a political powerhouse for Jackson’s adoptive mom, Amy McCabe Heibel, and her partner switched to OneUnited after seeing increasing media and social media coverage of black-owned banks. “For us as a family of biracial origin, it was important for us to put our money where we believe our values were,” she said in the year 2018. This means “having money in a place which 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 transparent. It’s not full of financial industry doublespeak.” McCabe Heibel isn’t the only one choosing the bank owned by blacks due to ethical reasons. “A vast array of people are choosing the bank” Williams said. “They appreciate the fact that their money is supporting the development of communities.” Many black-owned banks like Industrial and Industrial, are classified as Community Development Financial Institutions. This means that they invest 60 percent of their assets into low- to moderate-income communities, according to Boles. Those who do switch will receive services similar to those offered at other banks. For OneUnited, this includes mobile and online banking, bill pay and remote deposit of checks. Saunders encourages all to think about an institution that is black owned. “Not only do we want to do well when possible however, we’re also seeking to do good, and I think that ought to be a common theme for everyone,” she says. >> Want to do more? Learn more about the places where black-owned banks stand . Black-owned banks were founded during segregation, when the majority of African Americans didn’t have access to capital, according to Saunders. There were 44 banks that had majority African-American ownership in 2007, prior to the recession. However, as the communities that these banks were serving suffered greater-than-average losses in jobs and higher home foreclosure rates, the banks suffered, too. The most recent FDIC figures show 23 black-owned and black-managed institutions in comparison to 24 at the close of 2016, shortly after the #BankBlack hashtag went viral. Of the remaining banks with us, more than half report less assets than they did at year’s end, before went viral. Banks that have more than $100 million of assets were more likely to make gains over smaller ones, however larger banks weren’t immune from financial troubles. New York-based Carver Federal Savings Bank falls just behind OneUnited in terms of assets, but it had more than $135 million less in assets in September 2018 as compared to the month of December. For certain banks, #BankBlack could have actually been a money-losing option, as per Industrial Banks’ Boles. “We make money from comprehensive relationships with customers,” the bank’s CEO says. including loans and credit cards. Checking and savings accounts, particularly those that are not used, are financial liabilities, because they require institutions to fund online banking as well as other services without much of a return — meaning supporters should move their larger finances, too. Other banks — like OneUnited and Industrial have risen following #BankBlack. OneUnited currently has assets of about $649 million, according the most recent FDIC information. Industrial has also witnessed significant growth. On an average week, Boles said, they have around 150 new online account applications in the process. Following #BankBlack, she said, “We had up to 2500 applications that were awaiting approval.” Bank was forced to call in extra support to handle the increased demand, and it still sees spikes in interest now and again. “The community is starting to realize the value of their dollars,” Williams said, “and the necessity to be more deliberate in the way it utilizes the funds.” If you want to check out these alternatives Jeanne Lee contributed to this report. The author’s bio: Alice Holbrook joined NerdWallet in 2013 and is an editor on the home/mortgages team. The work she has written for NerdWallet was featured in USA Today, MarketWatch, Newsweek and The Washington Post. In a similar vein… Find an improved savings account. See NerdWallet’s picks for the best high-yield online savings accounts. Explore Banking further Make smarter money decisions right to your inbox. Sign up and we’ll send you Nerdy articles about the money topics that matter most to you and other strategies to help you get more out of your savings.

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