Public focus on equality opens doors for
some Black-owned banks

Aug 26, 2020

The number of Black-owned banks in the U.S. has been dwindling, but recent regulatory changes and momentum to fight social injustice are creating some tailwinds for the minority depository institutions.

Since 2002, the number of Black-owned banks has fallen 47.5% to 21 as of March 31, according to an analysis by S&P Global Market Intelligence. However, the death of George Floyd while in police custody ignited nationwide protests against racism, and for some Black-owned banks, the focus on race and equality is translating to new business.