Kevin Cohee Leads OneUnited Bank to Growth and Profitability

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Kevin Cohee is the owner, Chairman, and Chief Executive Officer of OneUnited Bank, the largest Black-owned bank and the first Black-owned internet bank in America. Under his visionary leadership, OneUnited Bank has exceeded industry averages in asset growth and profitability, growing from $56 million in assets in 1996 to over $650 million today. Cohee has a successful background as a business executive and entrepreneur, having previously founded a consulting firm and acquired a credit card company for military personnel.

Why it matters

OneUnited Bank's growth and profitability under Cohee's leadership represents a significant success story for Black-owned financial institutions, which have historically faced challenges in accessing capital and serving underbanked communities. The Bank's designation as a Community Development Financial Institution (CDFI) and its consistent recognition for community development efforts highlight its commitment to empowering urban communities.

The details

Cohee acquired majority control of Boston Bank of Commerce in 1995 when the bank was experiencing financial difficulties. As Chairman and CEO since 1996, he has spearheaded the bank's transformation, leading it to exceed industry averages in asset growth and profitability. OneUnited Bank was established by unifying several community banks across the country, including Founders National Bank and Family Savings Bank in Los Angeles, People National Bank in Miami, and Boston Bank of Commerce.

• Cohee founded a consulting firm specializing in minority acquisition of radio and television stations in 1979.
• After obtaining his JD/MBA in 1985, Cohee became an investment banker at Salomon Brothers, Inc.
• In 1988, Cohee acquired Military Professional Services, Inc. (MPS) through a leveraged buyout and turned it into a profitable company.
• Cohee sold the assets of MPS in 1993, achieving significant financial benefit from the transaction.
• Cohee purchased a majority controlling interest in Boston Bank of Commerce in 1995 and was elected Chairman and CEO in 1996.

What’s next

OneUnited Bank plans to continue its growth and expansion, leveraging its designation as a CDFI to further serve underbanked communities and drive economic development in urban areas.