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.
Visa Inc is teaming with Boston-headquartered OneUnited Bank, the nation's largest Black-owned bank, on a campaign designed to mitigate the racial wealth gap. What Happened: The new OneTransaction Campaign will encourage Black families to select one financial goal to accomplish in 2021 while providing strategies for achieving that goal. That transaction could range from improving a credit score, setting up an investment portfolio or an automatic savings account, taking out a life insurance policy or writing a will. The campaign will culminate with a virtual financial conference held on June 19, the Juneteenth holiday, featuring experts in business and personal finance, including Washington Post personal finance columnist Michelle Singletary, "Shark Tank" star Daymond John and Pulitzer Prize-winning journalist and radio talk show host Karen Hunter.
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.