In a financial landscape where systemic inequities persist, Black-owned banks like OneUnited Bank stand as pillars of economic empowerment. As the largest Black-owned bank in the U.S., OneUnited has spent decades bridging the racial wealth gap, fostering financial literacy, and reinvesting in underserved communities. This article explores the bank’s journey, mission, and transformative impact—and why its work matters now more than ever.
A Legacy Rooted in Civil Rights
Founded: 1968 (originally as Unity Bank & Trust Company in Boston).
Key Mergers: Merged with Boston Bank of Commerce, Family Savings Bank (LA), and Peoples National Bank (Miami) to form OneUnited in 2002.
Leadership: Co-owned by Chairman Kevin Cohee and President Teri Williams, pioneers in advocating for economic justice.
Mission: “To provide financial access and education to low- and moderate-income communities, particularly communities of color.”
Breaking Barriers: Services That Drive Change
OneUnited combines traditional banking with innovative solutions tailored to marginalized communities:
- Affordable Home Loans: Focused on closing the homeownership gap (44% of Black families own homes vs. 74% of white families).
- Small Business Support: PPP loans prioritized for minority-owned businesses during COVID-19.
- Financial Literacy Programs: Free workshops on credit building, investing, and debt management.
- Tech-Driven Access: User-friendly mobile app and online banking to reach unbanked populations.
By the Numbers:
- Assets: Over $650 million (2023).
- Branches: Physical locations in Boston, Los Angeles, Miami, and nationwide digital access.
- Customers: Serves 100,000+ accountholders.
The #BankBlack Movement: A Catalyst for Growth
In 2016, OneUnited launched the viral #BankBlack campaign, urging Black Americans to redirect wealth into Black-owned institutions. The results were staggering:
- $10 million deposited in the first 90 days.
- 30,000+ new accounts opened nationwide.
- Global Attention: Endorsements from celebrities like Killer Mike and Viola Davis.
“Money is power, and where you bank matters,” says Teri Williams.
Challenges in a Divided System
Black-owned banks face systemic hurdles:
- Limited Capital: Only 19 Black-owned banks remain in the U.S., down from 48 in 2001 (FDIC).
- Redlining Legacy: Persistent underinvestment in Black neighborhoods.
- Competition: Megabanks dominate markets, often overlooking minority needs.
OneUnited’s Response:
- Partnered with the U.S. Treasury’s Emergency Capital Investment Program (ECIP) to secure $50 million for community lending.
- Advocated for federal policies to strengthen Minority Depository Institutions (MDIs).
Innovations and Recent Initiatives
- Climate Justice Loans: Financing for green housing and energy-efficient upgrades in urban areas.
- Crypto Education: Workshops on blockchain and digital assets to demystify emerging tech.
- Youth Programs: “BankBlack Teen” accounts to teach financial literacy early.
COVID-19 Impact: Processed over $100 million in PPP loans, saving thousands of minority-owned businesses.
Why This Matters
Black-owned banks reinvest up to 75% of deposits back into local communities—compared to less than 30% for mainstream banks (Federal Reserve). For every dollar deposited at OneUnited:
- Funds affordable housing projects.
- Supports Black entrepreneurs.
- Fuels advocacy for racial equity in finance.
The Road Ahead
Goals: Expand digital services, increase homeownership rates, and lobby for equitable banking policies.
Vision: “We’re not just a bank—we’re a movement,” says Kevin Cohee.
Key Takeaways
✅ OneUnited Bank manages $650M+ in assets, serving 100K+ customers.
✅ The #BankBlack movement amplified its impact, driving millions in deposits.
✅ Systemic challenges persist, but partnerships and innovation offer hope.
Discover how OneUnited Bank, America’s largest Black-owned bank, drives economic justice through loans, education, and the #BankBlack movement.