National
The Country’s Last Black-Owned Banks Are in a Fight for their Survival

Capital Savings Bank, the first bank organized and operated by African Americans, was founded in Washington, D.C., on Oct. 17, 1888. (Library of Congress)
Michael A. Fletcher, THE WASHINGTON POST
(The Washington Post)—Capital Savings Bank opened shop in Washington in 1888, making it the nation’s first black-owned bank at a time when the mere notion of offering financial services to the African American community was a novel idea. Now black-run banks are in a fight for survival, even though many advocates argue that many African Americans remain starved for banking services.
The Federal Deposit Insurance Corp. counted 25 black-owned banks remaining in the country last year, down from 48 in 2001. That decrease came even as the overall number of minority-owned banks increased slightly, going from 164 to 174. In addition, the majority of black-owned banks that remain open are on shaky ground and struggling to hold on in the face of the economic devastation that has ravaged many of their customers. Analysts say 60 percent of black-run banks lost money in 2013.
“I would venture to say that [the vast majority of black banks] are in varying degrees of trouble,” said Darrell Jackson, chief executive and president of Chicago’s Seaway Bank, a black-owned bank celebrating its 50th anniversary.
###
#NNPA BlackPress
let it be known news updated
#NNPA BlackPress
Headlines & Hot Topics w/J.Anthony Brown
Headlines & Hot Topics w/J. Anthony Brown. Stacy Brown is on hiatus today. Join the conversation with Niele and J. Anthony.

Headlines & Hot Topics w/J. Anthony Brown. Stacy Brown is on hiatus today. Join the conversation with Niele and J. Anthony.
#NNPA BlackPress
Sit In
Cory Booker and Hakeem Jeffries sit in on Capitol steps over GOP budget plan. Hot Topics and Headlines New to streaming …

Cory Booker and Hakeem Jeffries sit in on Capitol steps over GOP budget plan. Hot Topics and Headlines New to streaming …
-
Activism4 weeks ago
After Two Decades, Oakland Unified Will Finally Regain Local Control
-
Activism4 weeks ago
Oakland Post: Week of May 14 – 20, 2025
-
Alameda County3 weeks ago
Oakland Begins Month-Long Closure on Largest Homeless Encampment
-
Activism4 weeks ago
New Oakland Moving Forward
-
Barbara Lee3 weeks ago
WNBA’s Golden State Valkyries Kick Off Season with Community Programs in Oakland
-
Activism4 weeks ago
East Bay Community Foundation’s New Grants Give Oakland’s Small Businesses a Boost
-
Bo Tefu3 weeks ago
Gov. Newsom Highlights Record-Breaking Tourism Revenue, Warns of Economic Threats from Federal Policies
-
Bay Area3 weeks ago
Chevron Richmond Installs Baker Hughes Flare.IQ, Real-time Flare Monitoring, Control and Reduction System