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Like many Black-owned financial institutions, this bank was founded because minority consumers were not gaining access to the funding they needed. In April of 2021, Broadway Federal Bank merged ...
Carver Federal Savings Bank was not the first bank named after George Washington Carver. Four years earlier an unrelated bank, Carver Savings and Loan Association, opened in Omaha, Nebraska. Neither of these were the first Black-owned American bank. Carver Federal Savings, however, is the largest and oldest continually Black-operated U.S. bank.
Kevin Cohee (/ˈkoʊhiːˈ/ born October 20, 1957) is an American multi-millionaire business executive. He is Chairman and CEO of One United Bank, the largest Black owned bank and the first Black owned internet bank in America.
Despite those efforts, the number of Black-owned banks and credit unions has declined in the 21st century, even as the number of other minority-owned banks has grown.
On May 2, 2023, Greenwood announced that it had acquired Kinly, a neobank competitor focused on serving the Black community. Kinly was founded in 2020, the same year as Greenwood. The company offers a mobile-first banking experience with no hidden fees, early direct deposit, and overdraft protection.
In America, racial inequality and economic inequity have always gone hand in hand. For generations of African-Americans and other minority groups, the banking system was an immovable obstacle on ...
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