Question 1

What is United Bank of Philadelphia?

Accepted Answer

United Bank of Philadelphia is a minority-owned and operated commercial bank headquartered in Philadelphia, Pennsylvania. As one of the only independent banks still headquartered in Philadelphia, it serves as a Community Development Financial Institution (CDFI) and Minority Depository Institution (MDI). The bank specializes in serving small businesses, particularly those owned by minorities and women, with a mission to drive economic inclusion in urban communities.

With approximately $51 million in total assets and 2 branch offices, United Bank of Philadelphia focuses on providing personalized, comprehensive banking services to businesses and individuals in the Greater Philadelphia region.

Question 2

When was United Bank of Philadelphia founded?

Accepted Answer

United Bank of Philadelphia was founded in 1992 by Dr. Emma C. Chappell, a pioneering African American banker who became the first African American woman to form a commercial bank in the United States. The bank was chartered by the Commonwealth of Pennsylvania Department of Banking after a five-year effort to raise the required capital.

Dr. Chappell raised $6 million to establish the bank, with $3 million coming from the Black community through selling shares in $500 blocks and another $3 million from institutional investors. She served as the bank's chairman of the board, president, and CEO until 2000. The bank was created with the vision to foster community development and provide quality banking services to historically underserved neighborhoods in Philadelphia.

Question 3

Where is United Bank of Philadelphia headquartered?

Accepted Answer

United Bank of Philadelphia is headquartered at 30 South 15th Street in Philadelphia, Pennsylvania. The headquarters is located in Center City Philadelphia, in the heart of the city's business district within the Philadelphia-Camden-Wilmington metropolitan statistical area.

Question 4

Where does United Bank of Philadelphia operate?

Accepted Answer

United Bank of Philadelphia operates exclusively in Philadelphia, Pennsylvania, with 2 branch locations serving the Greater Philadelphia region. The bank's branches are strategically located in Center City (30 South 15th Street), Mount Airy (1620 Wadsworth Avenue), and Progress Plaza (1015 North Broad Street).

These locations primarily serve downtown and northern Philadelphia neighborhoods, with a focus on low to moderate-income communities. The bank also operates thirteen ATM locations throughout Philadelphia, positioned in areas that align with its mission to serve underserved urban communities.

Question 5

What services does United Bank of Philadelphia offer?

Accepted Answer

United Bank of Philadelphia offers a comprehensive range of banking services tailored to small businesses and individual customers:

Business Banking: The bank specializes in SBA 7(a) loans for small businesses, providing financing for working capital, equipment purchases, leasehold improvements, business acquisitions, and commercial real estate. Additional business services include commercial mortgages, construction loans, commercial term loans, and specialized lending for non-profit organizations.

Retail Banking: Personal checking and savings accounts, money orders, treasurer's checks, and safe deposit boxes are available to individual customers.

Digital Services: United Bank of Philadelphia offers robust digital banking capabilities, including online banking with 24/7 account access, fund transfers, and 18-month transaction history. The bank's mobile banking app (available on iOS and Android) allows customers to check balances, view transactions with check images, transfer funds, and deposit checks remotely using mobile capture technology. Business customers can access remote deposit capture services from their desktop computers.

Additional Services: Bill pay, eStatements, merchant services, wire transfers, ATM access, telephone banking, and night depository services round out the bank's service offerings.

Question 6

What makes United Bank of Philadelphia unique?

Accepted Answer

United Bank of Philadelphia stands out as a mission-driven financial institution with several distinctive characteristics:

Historic Leadership: Founded by Dr. Emma C. Chappell, the first African American woman to establish a commercial bank in the United States, the bank carries a powerful legacy of breaking barriers and championing economic inclusion.

CDFI Certification: United Bank of Philadelphia holds the distinction of being the first commercial bank in the Commonwealth of Pennsylvania to be certified as a Community Development Financial Institution by the U.S. Department of Treasury. This certification reflects its commitment to serving underserved communities with responsive, affordable banking services.

MDI Status: As a Minority Depository Institution with African American ownership and management, the bank addresses the persistent disparities in lending that affect minority communities, where Black Americans are statistically more likely to be turned down for loans at traditional banks.

Community Impact Focus: The bank's tagline "So Much More Than Banking" reflects its commitment to driving economic inclusion by financing small businesses that create and retain jobs with livable wages. For over three decades, the bank has funded projects that revitalize neighborhoods and support urban economic development.

Outstanding CRA Ratings: United Bank of Philadelphia has maintained consecutive "Outstanding" Community Reinvestment Act (CRA) ratings from federal regulators since its inception, demonstrating its exceptional commitment to meeting community credit needs.

Local Independence: As one of the only independent banks still headquartered in Philadelphia, United Bank of Philadelphia maintains deep local roots and understanding of the unique opportunities and challenges facing the Philadelphia market.

Question 7

What type of financial institution is United Bank of Philadelphia?

Accepted Answer

United Bank of Philadelphia is a Community Development Financial Institution (CDFI) and State-Chartered Commercial Bank. It is also designated as a Minority Depository Institution (MDI), specifically an African American-owned and operated bank.

As a commercial bank, it focuses primarily on business banking and small business lending rather than traditional retail consumer banking. Its CDFI designation reflects its mission-driven approach to providing financial services in underserved urban communities, with an emphasis on economic inclusion and community development. The bank is FDIC-insured and regulated by the Pennsylvania Department of Banking, and it maintains CRA (Community Reinvestment Act) ratings that demonstrate its commitment to serving the credit needs of its community.

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About United Bank of Philadelphia in the United States

United Bank of Philad­elphia