A Mood Guide to Black-Owned Banks and the Very Personal Question of Where We Keep Our Money
By now, we’ve all been told to support Black businesses.
Buy Black.
Shop Black.
Discover Black designers.
Dine Black.
We nod. We share the post. We order the candles.
And then we get home and open our banking app.
Which raises a rather awkward question:
Where does your money actually live?
Because here’s the funny thing about us. We will drive across town for the perfect Black-owned restaurant, spend an afternoon hunting down a Black designer, and proudly tell everyone where we found our favorite Black-owned bookstore.
But our money?
Our money may be living somewhere it has never been asked to introduce itself.
THE RELATIONSHIP STATUS: IT’S COMPLICATED
Think about your bank.
You probably don’t think about it very often.
It sits quietly in your phone, takes your paycheck, pays your bills, moves your money around and occasionally sends you a notification that makes your heart stop for three seconds because you forgot about that subscription.
But banks do more than hold our money.
They lend money.
They finance businesses.
They support homeownership.
They provide capital.
And capital has a funny way of determining who gets to build the next restaurant, purchase the next building, launch the next company or turn a family idea into generational wealth.
So perhaps banking isn’t quite as boring as we thought.
Perhaps it’s actually one of the most consequential relationships we have.
WHAT IF WE SHOPPED FOR A BANK LIKE WE SHOP FOR EVERYTHING ELSE?
We compare hotels.
We compare restaurants.
We compare apartments.
We compare schools.
We compare handbags down to the stitching.
But when it comes to our money, many of us stay with the first bank we opened an account with at 19.
Twenty years later, we’re still there.
Why?
“Because that’s where my money is.”
Well, darling, that’s not exactly a financial strategy.
That’s a relationship you’re in because nobody has asked whether you’re happy.
And this is where Black-owned banks deserve our attention.
Across the United States, there is a small but important network of Black-owned and Black-led banks. Some are national and digital. Others are deeply rooted in particular communities. Together, they represent something bigger than checking accounts and savings products.
They represent financial ownership within the Black community.
YOUR MONEY CAN HAVE A JOB
This isn’t about suggesting that everyone should close every account they have tomorrow morning.
Financial decisions are personal.
Compare fees. Look at interest rates. Research lending products. Understand FDIC or NCUA insurance. Consider accessibility, technology and the services you actually need.
But while you’re doing all that, consider another question:
What if part of your money could help build Black wealth?
Imagine moving your savings account.
Opening a business account.
Exploring a mortgage.
Moving a portion of your deposits.
Learning what a Black-owned financial institution actually offers.
One person’s decision might feel small.
A community making that decision together is something else entirely.
Because money doesn’t just disappear when we spend it.
It moves.
It circulates.
It creates opportunities.
It becomes payroll.
It becomes inventory.
It becomes a storefront.
It becomes a mortgage.
It becomes a business loan.
It becomes somebody’s first chance.
MEET THE BLACK BANKING COMMUNITY
There are fewer than 25 federally chartered, FDIC-insured commercial banks officially recognized as Black-owned or Black-led Minority Depository Institutions in the United States, while the broader universe of Black-owned financial institutions becomes much larger when credit unions and other institutions are included.
That small number is precisely why the conversation matters.
The network includes institutions such as:
City First Bank
Washington, D.C.
OneUnited Bank
Boston, Massachusetts
Liberty Bank and Trust
New Orleans, Louisiana
Citizens Trust Bank
Atlanta, Georgia
Industrial Bank
Washington, D.C.
And regional institutions including Carver Federal Savings Bank in New York, Mechanics & Farmers Bank in North Carolina, The Harbor Bank of Maryland, First Independence Bank in Detroit, Optus Bank in South Carolina and Unity National Bank in Texas.
These aren’t simply names on a list.
They are pieces of a much larger American story about access, ownership, resilience and the long pursuit of economic independence.
AND THEN THERE’S HARLEM
For us, this conversation feels especially close to home.
Harlem has spent generations building institutions.
Churches.
Bookstores.
Restaurants.
Theaters.
Beauty shops.
Newspapers.
Banks.
Businesses.
Cultural organizations.
The neighborhood has always understood something that modern lifestyle culture occasionally forgets:
A community is built by what we choose to support.
So perhaps supporting Black banking belongs in the same conversation as supporting Black restaurants and Black designers.
Maybe it belongs even closer to the center.
Because before we can buy the building, somebody has to finance it.
Before we can open the restaurant, somebody has to lend to the entrepreneur.
Before the designer can manufacture the collection, somebody has to believe the business is worth investing in.
And before any of that happens, somebody has to have capital.
SO, WHAT ARE YOU GOING TO DO?
I’m not suggesting you break up with your bank over breakfast.
Although, if you’ve been unhappy for years, perhaps it’s time for a conversation.
Start small.
Research.
Ask questions.
Compare your options.
Look at Black-owned banks and credit unions.
If one fits your financial needs, consider opening an account.
Move some savings.
Explore business banking.
Tell a friend.
Tell a young entrepreneur.
Tell someone who has never considered it.
Because supporting Black businesses is important.
But supporting the financial institutions that help Black businesses grow may be one of the most powerful forms of support of all.
And maybe that’s the real Mood of the story.
We spend so much time asking:
What should I buy?
Perhaps every once in a while we should ask:
What should my money build?
Your money is going somewhere.
Maybe it’s time you chose where.
THE MOOD GUIDE
BLACK-OWNED BANKS TO EXPLORE
City First Bank
Washington, D.C.
A Black-led community bank with a national profile and a focus on community development, small businesses and underserved communities.
OneUnited Bank
Boston, Massachusetts
One of the best-known Black-owned banks in the country, with a digital-first model that allows customers beyond its physical footprint to explore its banking services.
Liberty Bank and Trust
New Orleans, Louisiana
A historic Black-owned financial institution with a broad regional presence and services for consumers, businesses and communities.
Citizens Trust Bank
Atlanta, Georgia
Founded in 1921, Citizens Trust Bank has a long history of serving Black communities and supporting economic development.
Industrial Bank
Washington, D.C.
A family-owned institution with deep roots in Washington, D.C., and a history of serving individuals, businesses and communities.
Carver Federal Savings Bank
New York
A historic Harlem-rooted institution that has played an important role in New York’s Black financial and community-development story.
The Harbor Bank of Maryland
Baltimore, Maryland
A community-focused institution serving individuals and businesses throughout Maryland.
First Independence Bank
Detroit, Michigan
A Black-owned institution rooted in Detroit and focused on personal and business financial services.
Mechanics & Farmers Bank
Durham, North Carolina
One of America’s historic Black-owned banks, with deep roots in North Carolina and a long connection to Black economic development.
Optus Bank
Columbia, South Carolina
A mission-driven financial institution focused on expanding economic opportunity and addressing wealth disparities.
Citizens Savings Bank & Trust Company
Nashville, Tennessee
A historic Black-owned bank with roots dating to 1904 and a long-standing role in serving Nashville’s Black community.
Unity National Bank
Houston, Texas
A Black-owned community bank serving individuals and businesses in Texas.
BEFORE YOU MOVE YOUR MONEY
This is a starting point for exploration, not individualized financial advice.
Compare account fees, interest rates, minimum balances, digital services, branch access, lending products and applicable FDIC or NCUA insurance before making a financial decision.
The goal isn’t to tell you which bank is right for you.
The goal is to remind you that you have a choice.
QUESTION OF THE DAY
Would you consider moving some of your money to a Black-owned bank?
Tell us what matters most to you when choosing where your money lives. We want to know what you’re thinking, what you’re researching, and what you want to see featured in the next Mood Buy.
STAY IN THE MOOD
Don’t just read the story. Live it.
Discover more brands, places, people, experiences, and culture through Mood Magazine NYC.
Listen to WHRL Mood Radio for music, culture, conversation, and stories from Harlem to the world.
Watch Mood Television for original programming, interviews, performances, and conversations.
Explore Mood Map to discover the people and places making New York more beautiful.
And keep exploring the banks, brands, creators, artists, entrepreneurs, restaurants, hotels, and experiences that make life worth getting dressed for.
Read. Listen. Watch. Discover. Go.
Mood Magazine NYC
Mind. Body. Spirit. Culture. Harlem to the World.
Live Your Mood.
Posted in Editorial
