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.
Black Americans have been hit disproportionately hard by the Covid-19 pandemic, and the White-led financial institutions that could theoretically offer economic support may simply not be enough. The coronavirus pandemic has exacerbated a crisis for Americans already facing poor economic and health outcomes, and highlights the lack of financial services institutions run by Black founders and executives. CDBA members the Harbor Bank of Maryland, OneUnited Bank, and Carver Federal Savings Bank are mentioned.
Consumers can push for racial justice – and it's as simple as opening an account at a community bank or credit union that supports under-served communities. Across the U.S., there are more than 1,000 Community Development Financial Institutions, or CDFIs. These institutions specialize in under-served communities and more than a third of their banks are led by minorities. One analysis found that more than 40% of CDFI’s loans and investments are in majority-minority communities. OneUnited Bank, a Black-owned CDFI, offers “second-chance checking” for individuals who might have a hard time opening accounts elsewhere due to imperfect banking histories. Anyone can join the bank, which has offices in Los Angeles, Boston and Miami.
The Crichlow family had been renting their modest home in North Miami for about 20 years. That changed last week, thanks to a Miami-Dade County-backed program targeting first-time homebuyers, and a loan from one of the largest black-owned banks in the United States, OneUnited Bank. The Crichlows say they found their dream home thanks to the program: A three-bedroom house in Miami Gardens with a "beautiful" kitchen and living room, according to Mrs. Crichlow, and a big yard. It is perfect for their two young sons. The gap between black and non-black homeownership rates remains substantial both nationally and in the Miami metro area. But the Miami market is outperforming national rates on an overall level of black homeownership, as well as in having closed the local racial gap.