Black-owned OneUnited Bank makes internet history

Vidya Rao

Many people in the black community search for ways to re-invest in their money into their communities, and look to black-owned banks as an avenue. One such bank is OneUnited, which recently became the first black-owned Internet bank in the country with its new ability to open accounts online.

The bank has launched a campaign to increase financial literacy and increase the use of technology in urban communities to build wealth and support economic development.

For the first time in history, a black-owned financial institution provides a secure and convenient way for African Americans to garner their spending power and re-channel it back into urban communities.

“We hope to revolutionize our community’s view of the banking industry from being an ‘old boys’ network’ to being a vehicle for community empowerment,” says Kevin Cohee, chairman and CEO of OneUnited Bank. “OneUnited Bank is fulfilling a 100-year old civil rights dream of garnering the $700 billion spending power of America’s black community and re-channeling it back in the form of loans to finance affordable housing, businesses, churches and community development. Quite frankly, there is no substitute for a strong, vibrant black-owned bank that is committed, has a physical presence in our community and also offers convenient access.”

OneUnited Bank financed $500 million in new loans since 2003 with over 50 percent in low to moderate income communities. Based on its financial performance, OneUnited Bank has received the highest rating by Veribanc, the nation’s first bank rating agency, and is well positioned to fulfill its community development mission.

OneUnited Bank is the largest black-owned bank, first black-owned Internet bank and first black-owned interstate bank in America with over $550 million in assets. The Bank’s mission is to be the premier bank serving urban communities by offering affordable financial services and promoting financial literacy and wealth building. The bank has acquired community banks, including Founders National Bank and Family Savings Bank in Los Angeles, Boston Bank of Commerce and Peoples National Bank of Commerce in Miami.