The Untold History of Black Banks: 3 Reasons They're Important

OneUnited Bank defines Black Americans by our assets instead of our challenges.

Apr. 13, 2026 at 4:37am

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A high-end, photorealistic studio still-life photograph featuring a stack of historical bank ledgers, a vintage typewriter, and a bronze statue of a Black woman, all arranged elegantly on a clean, monochromatic seamless background, representing the legacy and importance of Black-owned banks in the United States.The enduring legacy of Black-owned banks, which have empowered the Black community through financial services and economic opportunities.Today in Tulsa

Between 1888 and 1934, 134 Black-owned banks were formed to help the Black community overcome challenges and serve as an important source of credit while also providing training and jobs. In 1906, the Greenwood District of Tulsa, Oklahoma, also known as Black Wall Street, had a Black bank and was one of the most prosperous Black communities in America, before it was burned to the ground by white supremacists.

Why it matters

Black-owned banks have played a crucial role in empowering the Black community by providing access to financial services and credit, as well as creating jobs and economic opportunities. However, this history is often overlooked, and the importance of these institutions is not widely recognized.

The details

Black-owned banks were established to serve the financial needs of the Black community, which was often excluded from mainstream banking services. These banks provided loans, mortgages, and other financial products that helped Black Americans build wealth and start businesses. They also served as training grounds for Black financial professionals, helping to develop a new generation of leaders.

  • Between 1888 and 1934, 134 Black-owned banks were formed.
  • In 1906, the Greenwood District of Tulsa, Oklahoma, also known as Black Wall Street, had a Black bank and was one of the most prosperous Black communities in America.

The players

OneUnited Bank

The largest Black-owned bank in the country, which defines Black Americans by our assets instead of our challenges.

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The takeaway

Black-owned banks have played a vital role in empowering the Black community, but their history and importance are often overlooked. These institutions have provided access to financial services, created jobs, and developed a new generation of Black financial leaders, despite facing challenges and even violence from white supremacists.