Guide to Black-Owned Banks and Credit Unions by State

The article discusses the significance and historical context of Black-owned banks and credit unions, regarded as minority depository institutions (MDIs), which aim to address economic inequality by providing banking services to underserved communities. It highlights a detailed list of 36 Black-owned banks and credit unions organized by state, emphasizing their role in facilitating financial access, promoting literacy, and supporting local outreach initiatives. Despite a long-standing presence, Black-owned banks have faced challenges, such as economic downturns and limited access to capital, impacting their ability to grow compared to larger financial institutions. The piece underscores the essential role these banks play in their communities as a counter to the racial wealth gap, offering not only traditional banking services but also crucial support for financial education and local economic development.

Guide to Black-Owned Banks and Credit Unions by State

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