Top 10 Black Banks

    As president of First Independence Bank in Detroit—one of the institutions highlighted here—Dimitrius Hutcherson knows the “unique role” Black-owned banks play in supporting the Black community and ensuring equitable access to capital for underserved communities.

     “Black-owned banks came out of necessity during periods of segregation when they were often the only option for accessing capital,” he explains, noting how, even today, many Black-owned banks still operate in neighborhoods that other banks don’t serve and provide access to safe and affordable bank accounts, mortgages and business loans.

    Access to capital is critical especially for growing businesses, Hutcherson notes. “Studies have shown that Black entrepreneurs face more challenges than their white counterparts to qualify for business loans and secure capital, even if they have a stronger credit profile,” he says. “Thus the success of the Black business community is intertwined to the viability and continued existence of Black banks.” 

    City First Bank, National Association (Established 1998)

    Washington, D.C.

    Total assets: $1.2 billion

    Liberty Bank and Trust Co. (1972)

    New Orleans

    Total assets: $1.07 billion

    Citizens Trust Bank (1921)


    Total assets: $745 million

    Carver Federal Savings Bank (1948)

    New York City

    Total assets: $724 million

    Industrial Bank (1934)

    Washington, D.C.

    $713 million

    OneUnited Bank (1982)


    Total assets: $609 million

    First Independence Bank (1970)


    Total assets: $546 million

    Mechanics & Farmers Bank (1908)

    Durham, North Carolina

    Total assets: $422 million

    Optus Bank (1999)

    Columbia, South Carolina

    Total assets: $419 million

    The Harbor Bank of Maryland (1982)


    Total assets: $353 million


    Derek T. Batts is Managing Partner and Chief Investment Officer at Union Heritage, one of the nation’s leading minority-owned, diversified investment management companies. He is also a part owner of WayMaker Media.

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