Question 1

What is Adelphi Bank?

Accepted Answer

Adelphi Bank is a community-focused commercial bank located in Columbus, Ohio. As Ohio's first and only Black-owned bank, Adelphi Bank operates as a federally designated Minority Depository Institution (MDI), making it one of only 23 Black-owned banks in the United States. The bank specializes in providing banking services to underserved communities, with a mission to promote financial equity and build generational wealth.

With approximately $93.8 million in total assets and $73.7 million in deposits, Adelphi Bank serves the Columbus metropolitan area from its location in the historic King-Lincoln Bronzeville neighborhood.

Question 2

When was Adelphi Bank founded?

Accepted Answer

Adelphi Bank was founded in 2023 and officially opened its doors on May 1, 2023, with a ribbon-cutting ceremony attended by Ohio Governor Mike DeWine, Lieutenant Governor Jon Husted, and other state and local officials. The bank was co-founded by Kevin L. Boyce (Franklin County Commissioner), Jordan Miller (retired Fifth Third Bank regional president), and Dr. Kamran Haydar (emergency room physician).

The idea for Adelphi Bank was conceived on May 30, 2020, following the George Floyd protests, when a friend suggested to Boyce the impact of starting a bank. Boyce began with a simple Google search: "How do you start a bank?" and subsequently spent three years researching, gathering investors, building a leadership team, and navigating the lengthy bank charter application process.

The bank raised more than $24 million in startup capital from 75 community organizations, local businesses, and individual investors, including funding from JobsOhio's Small Business Grant Program. Adelphi Bank represents the first new MDI chartered in the United States since the year 2000.

Question 3

Where is Adelphi Bank headquartered?

Accepted Answer

Adelphi Bank is headquartered at 800-820 East Long Street in Columbus, Ohio, specifically in the historic King-Lincoln Bronzeville neighborhood. This location was intentionally chosen to honor the original Adelphi Building Loan and Savings Company, which was incorporated on February 8, 1921, and served as Central Ohio's first Black-owned bank until it dissolved during the Great Depression.

The bank's presence in King-Lincoln Bronzeville represents a commitment to restoring and revitalizing this historically significant African American neighborhood after decades of segregation and disinvestment.

Question 4

Where does Adelphi Bank operate?

Accepted Answer

Adelphi Bank operates primarily in the Columbus, Ohio metropolitan area, serving Franklin County and the broader Central Ohio region. The bank currently maintains one office location in the King-Lincoln Bronzeville neighborhood.

While the bank's physical presence is concentrated in Columbus, it serves customers throughout Central Ohio with a focus on underserved communities, minority-owned businesses, and individuals who have historically faced barriers to traditional banking services.

Question 5

What services does Adelphi Bank offer?

Accepted Answer

Adelphi Bank offers a comprehensive range of personal and business banking services designed to meet the needs of its community-focused customer base:

Personal Banking:
• Adelphi Access Checking: No minimum balance, no monthly service fee, free online and mobile banking
• Adelphi Builder Checking: Second-chance account designed to help customers rebuild their banking relationship
• Adelphi Enhanced Checking: Full-featured checking with unlimited check writing
• Adelphi Premier Checking: Interest-bearing account with premium benefits for customers maintaining higher balances
• Savings accounts and certificates of deposit
• Personal loans and mortgage products

Business Banking:
• Business checking and savings accounts
• Commercial lending and lines of credit
• Small business loans designed to support local entrepreneurs and minority-owned businesses

Digital Banking Services:
• Free online banking platform
• Mobile banking app with mobile deposit capabilities
• Bill pay services
• eStatements and electronic document delivery
• Real-time account monitoring and alerts

The bank emphasizes accessible banking services tailored to meet the needs of customers who may have been underserved by traditional financial institutions.

Question 6

What makes Adelphi Bank unique?

Accepted Answer

Adelphi Bank stands out as a historic milestone in Ohio's banking landscape and embodies several distinctive characteristics:

First Black-Owned Bank in Ohio: Adelphi Bank is the first and only Black-owned bank in Ohio's history, making it one of just 23 Black-owned banks nationwide and one of approximately 145 FDIC-insured Minority Depository Institutions in the United States.

Mission-Driven Banking: The bank's mission explicitly focuses on removing barriers to financial equity, simplifying banking for underserved populations, and building generational wealth. Research shows that minority-owned banks are more likely to serve customers with lower incomes and provide access to capital that might otherwise be unavailable.

Community Investment: Adelphi Bank raised its $24 million in startup capital from 75 local organizations and community investors, demonstrating deep ties to the Columbus community. The bank received support from JobsOhio's Small Business Grant Program, which provided $150,000 specifically for this project.

Historic Legacy: The bank's name and location honor the original Adelphi Building Loan and Savings Company from 1921, connecting modern banking services to Central Ohio's rich African American financial history.

Strategic Partnerships: Adelphi Bank collaborates with other minority-owned institutions, such as Warsaw Federal Savings & Loan in Cincinnati, to overcome lending limits and serve community needs more effectively.

Leadership Excellence: The bank's leadership team includes experienced banking professionals with decades of experience at major institutions like Fifth Third Bank, JPMorgan Chase, Key Bank, and Huntington National Bank.

Question 7

What type of financial institution is Adelphi Bank?

Accepted Answer

Adelphi Bank is a Community Bank and Minority Depository Institution (MDI). As a state-chartered commercial bank insured by the FDIC (Certificate #59292), Adelphi Bank operates under federal and state banking regulations.

Minority Depository Institution Status: To qualify as an MDI, the institution must meet specific criteria established by federal banking regulators: 51% or more of the voting stock must be owned by minority individuals, the majority of the Board of Directors must be minority members, and the community served must be predominantly minority-based.

Community Bank Focus: Adelphi Bank fits the community bank model by emphasizing relationship-based banking, local decision-making, and deep connections to the neighborhoods and customers it serves. The bank prioritizes financial inclusion, wealth building, and economic empowerment for underserved populations, particularly in the African American community and other marginalized groups.

This combination of community banking principles and MDI designation positions Adelphi Bank as both a financial institution and a catalyst for economic equity and social progress in Central Ohio.

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