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Fewer Black-Owned Banks Survive to Fill Vital Financial Needs Advertiser disclosure: You're our top priority. Every every time. We believe that every person should be able to make financial decisions without hesitation. And while our site does not include every company or financial product available in the marketplace however, we're confident of the advice we offer as well as the advice we provide and the tools we create are independent, objective, straightforward -- and completely free. How do we earn money? Our partners compensate us. This may influence which products we write about (and the way they appear on our site) However, it does not affect our recommendations or advice, which are grounded in hundreds of hours of study. Our partners do not pay us to guarantee favorable reviews of their products or services. . Fewer Black-Owned Banks Survive to meet the needs of a growing population. By Alice Holbrook Assigning Editor | Banking, savings, and homebuying products Alice Holbrook edits homebuying content at NerdWallet. She has covered topics related to personal finance for over a decade and previously was a member of NerdWallet's banking and insurance teams and also did some time on the copy desk. The location of her work is Ann Arbor, Michigan. Feb 6, 2018 Edited by Tony Armstrong Lead Assigning Editor | Banking Tony Armstrong began his NerdWallet career as a journalist and moved up to assistant editor of assignment and eventually to the an editor in charge of the team for banking. The work he has done was featured on the Los Angeles Times, Mashable, Money, Nasdaq.com, USA Today and VentureBeat. He has been as a guest on Minnesota Public Radio. Tony earned an undergraduate degree in English literature and creative writing at Macalester College. Email:
. A majority or all of the products we feature are made by our partners who pay us. This affects the products we feature and where and how the product is featured on the page. But, it doesn't affect our opinions. Our opinions are our own. Here's a list of and . generated a tsunami of attention to black-owned banks when it became a viral trend in the middle of 2016 But two and one-half years later, a lot of these institutions have balance sheets that are moving to the right direction. The hashtag was created by a plea to people to open accounts with black-owned banks. And the rapper's preferred bank of choice -- Atlanta-based Citizens Trust Bank -- is among the ones that have increased in size since the #BankBlack campaign began. But for many black-owned banks, the picture is less rosy with a decrease in assets and even closures. "The operational costs and the costs of regulating make it very difficult to run a profitable community bank," claims Kim Saunders, president of the National Bankers Association. This isn't just a problem for banks owned by blacks, she says -- it's something that all smaller banks have to face. "Scale is key." Nevertheless, on Twitter people are still tweeting their support for and plans to transfer their money. This is why black-owned banks are worth saving. >> MORE: Black-owned banks offer needed access African-Americans as a group are not well-served by banks. Nearly half of them are unbanked or underbanked, meaning they augment their bank accounts with costly alternatives, such as payday cashers and check cashers. This is more than double the amount of the general population, according to a 2018 Federal Deposit Insurance Corp. report. Banks that are owned by blacks play a crucial contribution to those statistics. For instance 67 percent from their mortgage loans are made to African-Americans as per 2013 remarks by Martin Gruenberg, former chair of the FDIC. In banks that aren't owned by blacks less than 1percent of mortgages are granted to African-Americans. And residents of neighborhoods the banks serve tend to be low- to moderate-income. Saunders describes the strategy as "compassionate credit." "We're will be with [our customers] during the good times and the bad times," she says. OneUnited, the country's largest black-owned bank by assets, offers second-chance checking for customers who've been denied an account in the past as well as secured credit cards for people seeking to repair damaged credit, and educational opportunities for homebuyers who are not yet homeowners. "The cities we work with are black and brown," said Teri Williams the chief operating officer, in a recent interview "and on the income side, there are a lot of people who are struggling. There are people in their 50s and 60s who have not been in a bank. They didn't feel welcomed. They didn't feel that banking was appropriate for the people they were." After being victimized by fraud involving check cashing, Travion Jackson couldn't open an account at the bank of his family. He finally tried OneUnited in hopes of opening a second-chance account. "But they told me that I was fine. I just opened a ordinary account" Jackson said in 2018. "That made it better." Jacqueline Boles, director of retail banking at Industrial Bank, says expanded access, especially to small-scale business loans, will lead to more solid communities. "Small businesses within our communities will hire people who look like them. These people now have an opportunity to make an adequate living," she says. You can find them across the U.S. Banks owned by blacks are a powerful political powerhouse for Jackson's adoptive mom, Amy McCabe Heibel, and her partner switched to OneUnited after seeing increasing coverage on social media and news of banks owned by blacks. "For us as a family with a diverse background, it was important for us to put our money where we believe our values are," she said in the year 2018. This includes "having money invested in a company that invests in black communities," but those aren't the only perks, McCabe Heibel said. "The pictures are of people who look like people that we are familiar with," she added, and "communication is transparent. It's not full of words used in the financial industry." McCabe Heibel isn't the only one choosing an institution owned by blacks for ethical reasons. "A very diverse group of people are choosing us," Williams said. "They appreciate the fact that their funds are supporting the development of communities." Many black-owned banks, including Industrial and Industrial, are classified as Community Development Financial Institutions. This means they put 60 percent of their assets into low- to moderate-income neighborhoods, according to Boles. Those who do switch will receive services similar to those they get at other banks. For OneUnited, this includes online and mobile banking, bill pay and remote deposits for checks. Saunders encourages all to think about the possibility of a black-owned bank. "Not just are we trying to do well when possible We're also trying to do the right thing, and I believe that should resonate with everybody," she says. >> Want to do more? Find out more about where Black-owned banks stand . Black-owned banks were founded through segregation. During this time, many African Americans didn't have access to capital, as per Saunders. In 2007, there were 44 institutions that had the majority owned by African-Americans in 2007, before the recession. However, when the communities they were serving suffered greater-than-average losses in jobs and home foreclosure rates and banks also suffered too. Recent FDIC data shows 23 black-owned and managed institutions which is down from 24 at the end of 2016, right after the #BankBlack hashtag went viral. Of the banks that are in the black community, around half have reported less assets than they did at close of 2015, prior to went viral. Banks that have more than $100 million in assets were more likely to report gains than those with smaller assets, however bigger banks were not immune to financial difficulties. New York's Carver Federal Savings Bank falls just behind OneUnited in terms of assets. However, it reported more than $135 million less assets in September as compared to December of 2015. For certain banks, #BankBlack could have been a losing strategy, according to Industrial Banks' Boles. "We earn money through our extensive relationship with our customers," the bank's CEO says. which includes loans and credit cards. Checking and savings accounts, especially unused ones are financial liabilities since they force the banks to cover online banking as well as other services with little of an income. This means that supporters should move their financial assets, as well. Other banks -- including OneUnited and Industrial have risen after #BankBlack. OneUnited now has total assets of $649 million, according the latest FDIC data. Industrial has also witnessed rapid growth. On an average week, Boles explained, they've got approximately 150 online application for accounts in the process. After #BankBlack, she states, "We had up to 2,000 [applications] on the waiting list." It had to call in extra support to handle the increased demand, and it still sees spikes in interest frequently. "The community is starting to understand the importance of its dollars," Williams said, "and the necessity to be more deliberate when it comes to using the money." If you're looking to check out these options Jeanne Lee contributed to this report. About the author: Alice Holbrook joined NerdWallet in 2013 and is now an editor for the team that deals with home and mortgages. The work she has written for NerdWallet was covered by USA Today, MarketWatch, Newsweek and The Washington Post. In a similar vein... Get the best savings account NerdWallet's picks for the best high-yielding savings accounts online. Explore Banking further Make smarter money decisions right to your inbox. Sign-up and we'll email you Nerdy content about the money topics that matter most to you along with other ways to get more from your money.

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