OneUnited Bank, with offices in California, Florida and Massachusetts, is the premier bank for urban communities. Its mission is to provide affordable financial services to support economic development in urban communities and to maintain superior financial performance to maximize shareholder value. As the first Black online bank and the first Black interstate bank in the country, OneUnited Bank unites urban communities to share ideas, technology and management resources to better meet the banking needs of inner city communities.
In celebration of National Financial Literacy Month, OneUnited Bank, the nation's largest black-owned bank, is proud to announce its 12th Annual "I Got Bank!" National Financial Literacy Contest where ten children will win a $1,000 savings account. To make financial literacy a core value of the Black community, the Bank is offering a free "I Got Bank" E-Book. Students from across the country between the ages of 8 and 12 are encouraged to read a financial literacy book of their choosing, and either write a 250-word essay or create an art project to show how they would apply what they learned from the book to their daily lives. Submissions must be emailed or postmarked by June 30, 2022. The Bank will choose ten winners and award each winner a $1,000 savings account at OneUnited Bank by August 31, 2022.
OneUnited Bank, the largest Black owned bank, announces the opening of its new state of the art branch in Compton, California on February 28, 2022. The Bank is excited to honor its roots and renew its long-term commitment to the City of Compton. OneUnited Bank was forced to close its Compton branch in March 2020 after its landlord refused to renew its long-term lease to open a national chain sneaker store. Like many Black owned businesses that are displaced due to gentrification, the Bank was forced to either permanently close or relocate. Although the Bank considered permanently closing as more customers move to digital banking, its commitment to its Compton customers and the Compton community resulted in the decision to relocate. The new branch, located at 1495 N. Wilmington Avenue, Compton CA 90022, is less than 2 miles from the previous branch location.
This week, Wells Fargo joined the list of large banks introducing short-term credit products — and the much smaller OneUnited Bank in Boston unveiled a version of its own, intended as an alternative to payday loans. OneUnited's loan, called CashPlease, is designed to help customers of the $635 million-asset Black-owned bank manage their cash flow without the hurdles and higher costs some other lenders might impose. Instead of conducting credit checks, it looks at applicants' checking-account activity and other aspects of their relationship with the bank. Funds arrive within four hours of the loan's approval. OneUnited's rollout of CashPlease comes after the introduction of similar small-dollar loans by several large banks. In October 2020, for instance, Bank of America launched Balance Assist, which offers loans of up to $500 for a flat $5 fee and a repayment period of three monthly installments.