Question 1

What is OneUnited Bank?

Accepted Answer

OneUnited Bank is America's largest Black-owned bank and the first Black-owned digital bank, with approximately $622 million in assets. Headquartered in Boston, Massachusetts, OneUnited Bank is a federally certified Community Development Financial Institution (CDFI) focused on serving urban communities and promoting financial empowerment.

The bank operates five offices across three major metropolitan areas and provides innovative digital banking services nationwide. OneUnited Bank has been recognized with the U.S. Department of Treasury's Bank Enterprise Award ten times for its community development lending.

Question 2

When was OneUnited Bank founded?

Accepted Answer

OneUnited Bank traces its origins to 1968 when it was founded as Unity Bank & Trust Company with $1.2 million in capital in the Dudley Square (now Nubian Square) neighborhood of Boston. The bank was established to revitalize the area by lending exclusively to local businesses and homeowners.

After Unity Bank failed in 1977, it was reorganized as Boston Bank of Commerce. Under current leadership that took control in 1995—Chairman and CEO Kevin Cohee and President and COO Teri Williams—the institution pursued a strategy of acquiring troubled African American-owned banks across the country. Boston Bank of Commerce became the first interstate African American-owned bank through its acquisition of Peoples National Bank of Commerce in Miami.

In 2001, the bank merged with Founders National Bank of Los Angeles and rebranded as OneUnited Bank. Founders National Bank's majority owners included basketball legend Earvin "Magic" Johnson, musician Janet Jackson, and former Motown Records President Jheryl Busby.

Question 3

Where is OneUnited Bank headquartered?

Accepted Answer

OneUnited Bank is headquartered in Boston, Massachusetts, located in Suffolk County. The main office serves the Boston-Cambridge-Newton metropolitan area.

Question 4

Where does OneUnited Bank operate?

Accepted Answer

OneUnited Bank operates five offices across three major metropolitan markets. The bank has locations in Boston, Massachusetts; Los Angeles, California (serving South Central, Compton, and surrounding communities); and Miami, Florida (serving Liberty City and surrounding areas).

Through its digital banking platform, OneUnited Bank serves customers nationwide, making it accessible beyond its physical branch locations. This national digital presence allows the bank to serve the broader African American community and other underserved populations across the United States.

Question 5

What services does OneUnited Bank offer?

Accepted Answer

OneUnited Bank offers comprehensive personal banking services including checking accounts, savings accounts, money market accounts, and certificates of deposit. The bank provides debit cards and credit cards, including its notable Visa card featuring civil rights icon Harriet Tubman.

Lending products include residential mortgages, home equity loans, small business loans, and consumer loans. The bank has financed nearly $1 billion in loans, primarily in low-to-moderate income communities, while maintaining strong credit criteria and never participating in subprime lending.

Digital services include full-featured online banking, mobile banking apps, mobile deposit, bill pay, and account management tools. OneUnited Bank also provides financial literacy programs through workshops for both adults and children, promoting financial empowerment in underserved communities.

Question 6

What makes OneUnited Bank unique?

Accepted Answer

OneUnited Bank holds the distinction of being America's largest Black-owned bank and the first Black-owned digital bank. The bank is deeply committed to community development, having been designated a Community Development Financial Institution (CDFI) by the U.S. Department of Treasury.

The institution has received the Treasury Department's highest Bank Enterprise Award ten times (2004-2008 and additional years), recognizing its exceptional community development lending. OneUnited Bank focuses specifically on serving communities that have historically been underserved by traditional banking institutions, including predominantly African American neighborhoods in Roxbury, South Central Los Angeles, Compton, Liberty City, and similar urban areas.

The bank's growth strategy has been organic and mission-driven, acquiring community banks equally dedicated to serving underserved populations. OneUnited Bank successfully navigated the 2008 financial crisis and has demonstrated sustained profitability since 2009. The institution promotes economic empowerment through the #BankBlack movement and celebrates the accomplishments of the communities it serves.

Question 7

What type of financial institution is OneUnited Bank?

Accepted Answer

OneUnited Bank is a State Chartered Commercial Bank operating under federal supervision as a Massachusetts-chartered trust company. The bank is registered with the Federal Deposit Insurance Corporation (FDIC) and certified as a Community Development Financial Institution (CDFI) by the U.S. Department of Treasury.

As a CDFI and community development bank, OneUnited Bank's primary mission extends beyond traditional banking to include promoting economic development and financial inclusion in underserved urban communities, particularly within the African American community. The bank combines commercial banking services with a strong social mission focused on wealth building and economic empowerment.

OneUnited Bank

in the United States 🇺🇸

Crypto-Friendliness

All done!

About OneUnited Bank in the United States