The day before he was assassinated, Dr. Martin Luther King, Jr. gave his I’ve Seen the Mountaintop speech in Memphis, Tennessee. He stated in part,
“…We’ve got to strengthen black institutions. I call upon you to take your money out of the banks downtown and deposit your money in Tri-State Bank. We want a “bank-in” movement in Memphis. Go by the savings and loan association. …. You have six or seven black insurance companies here in the city of Memphis. Take out your insurance there. We want to have an “insurance-in.” Now these are some practical things that we can do. We begin the process of building a greater economic base, and at the same time, we are putting pressure where it really hurts. And I ask you to follow through here.”
The call for greater leverage of economic power in the black community was again taken up this past summer by Killer Mike, an Atlanta-based rapper and activist. His call to action, opening up a savings account at a black banking institution, was heeded by a number of people all over the country. Citizens Trust Bank of Atlanta had over 8,000 new applications in 5 days. Teri Williams, president of OneUnited Bank in Boston stated the institution went from opening 10 – 20 accounts a day to 1,000 per day. She says in a recent interview with Fader magazine:
“The importance of support of these institutions cannot be understated. Black banks are more likely to be in black communities for black people and to lend to black people. Those are facts. They’re more likely to employ black people and fund black businesses.”[i]
So what can you do? There are simple steps you can take to make sure this economic movement maintains its momentum. Below is a list of black owned banks and credit unions that you can share with your friends and family. Opening a savings account of $100 or opening up a CD account boost the assets of a bank and increases its lending power that can be used in our communities for improvement and advancement.
Now more than ever is the time to respond and amplify this call of economic empowerment. We literally cannot afford to let this movement fade to the background.
Black-Owned Banks & Credit Unions
- Omega Psi Phi Credit Union – Lawrenceville, Georgia
- Phi Beta Sigma Federal Credit Union – Washington, DC
- One United Bank – Los Angeles, California*
- FAMU Federal Credit Union – Tallahassee, Florida
- Credit Union of Atlanta – Atlanta, Georgia
- North Milwaukee State Bank – Milwaukee, Wisconsin
- Seaway Bank – Chicago, Illinois
- The Harbor Bank- Baltimore, Maryland
- Liberty Bank – New Orleans, Louisiana
- United Bank of Philadelphia – Philadelphia, Penn
- Alamerica Bank – Birmingham, Alabama
- Broadway Federal Bank – Los Angeles, California
- Carver State Bank – Savannah, Georgia
- Capital City Bank – Atlanta, Georgia
- Citizens Trust Bank – Atlanta, Georgia
- City National Bank – Newark, New Jersey
- Commonwealth National Bank – Mobile, Alabama
- Industrial Bank – Washington D.C.
- First Tuskegee Bank – Tuskegee, Alabama
- Mechanics & Farmers Bank – Durham, North Carolina
- First Independence Bank – Detroit, Michigan
- First State Bank – Danville, Virginia
- Illinois Service Federal – Chicago, Illinois
- Unity National Bank – Houston, Texas
- Carver Federal Savings Bank – New York, New York
- OneUnited Bank – Miami, Florida
- OneUnited Bank – Boston, Massachusetts
- Tri-State Bank – Memphis, Tennessee
- Citizens Bank – Nashville, Tennessee
- South Carolina Community Bank – Columbia, South Carolina
- Columbia Savings and Loan – Milwaukee, Wisconsin
- Liberty Bank – Baton Rouge, Louisiana
- Liberty Bank – Kansas City, Missouri
- Citizen Trust Bank – Birmingham, Alabama
- Liberty Bank – Chicago, Illinois
- Liberty Bank – Jackson, Mississippi
- Toledo Urban Credit Union – Toledo, Ohio
- Hill District Credit Union – Pittsburgh, Pennsylvania
*Provides online banking services
[i] http://www.thefader.com/2016/08/12/one-united-black-bank-interview
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