is one united a good bank

First United Bank has over 100 years of experience in banking. Our focus is the people who live and work in West Texas and their distinct financial needs. OneUnited Bank, the largest Black-owned bank in the country, is launching the OneTransaction campaign in partnership with Visa and aimed at. A program between OneUnited Bank, one of the largest black-owned banks It is simply a matter of a strong economy and low interest rates.

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OneUnited Bank Review

OneUnited Bank Review: OneUnited Bank Pros & Cons

OneUnited Bank (oneunited.com) is a well-known banking & loan store which competes against other banking & loan stores like Western Union, MoneyGram, TaxSlayer, Experian and Robinhood. Based on our in-depth OneUnited Bank review, when compared to its competitors, OneUnited Bank is a mid-range performing brand within its category. Read the full Oneunited.com review below for more details.

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Knoji has 9 OneUnited Bank reviews and ratings as of November 28, 2021. Knoji editors and the Knoji shopper community have reviewed OneUnited Bank and compared it against 0 top brands, reviewing OneUnited Bank based on product and store features such as and. Knoji reviews and ranks Oneunited.com and other banking & loan stores based on how many features each offers and based on a 5-star rating scale. Based on maybelline clear glow bb cream for dark skin factors and 9 OneUnited Bank reviews, OneUnited Bank earns an overall score of 4.0 out of 5.0 points. OneUnited Bank offers 0 total features such as and. OneUnited Bank's's review score also factors in its popularity, which is in the mid-range compared to competing .

Источник: https://oneunitedbank.knoji.com/

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    Launched in 1968 as Unity Bank & Trust Company in response to calls for black economic empowerment, OneUnited Bank’s mission remains being Black America’s first choice for banking. Here’s how OneUnited is working to achieve that goal.

    Birth of a Black Activist Bank

    After the U.S. passed what he considered weak voting and civil rights legislation in 1964 and 1965, Dr. Martin Luther King, Jr. began what he called a “new phase of the civil rights struggle.” In speeches and television interviews between 1965 and 1968, King emphasized the stated commitment to economic equity for African Americans he made in his 1963 “I Have a Dream” speech.

    During the same period, King ramped up his refocused movement and, in 1966, Harvard Business School student John T. Hayden conceived the idea for a Black-owned Boston bank. That year, he, the late Donald Sneed and 88 other Boston community leaders formed the Unity Bank Association.

    It would lay plans for a bank providing equitable economic access to lending and banking services to Boston’s Black residents.

    Hayden got drafted into the Vietnam War shortly after graduation. So, real estate investor Sneed, Marvin E. Gilmore and C. Bernard Fulp, an experienced banker, opened Unity Bank & Trust Company as its first officers in Roxbury, Massachusetts, in June 1968.

    Determined to honor King, assassinated two months earlier, Unity focused on economic activism in the Black community. Its slogan was and remains, “The Bank with a Purpose.”

    But its officers committed to a multiracial endeavor, encouraging whites nationwide to open bank accounts by mail to support the institution, becoming the first Black bank with a national presence. It also sought and got commercial accounts from the City of Boston.

    Fast forward to 1995: Husband and wife banking duo, Kevin Cohee and Teri Williams, bought what was by then a Unity Bank successor, the struggling Boston Bank of Commerce. Today, as OneUnited Bank, it comprises three brick-and-mortar branches and, they say, the most expansive online presence of any Black business in America. 

    But what makes the bank unique is that—from branding to banking services—it has developed a bold commitment to identifying and operating as an activist bank, what Williams calls, “a bank for Black America.”

    Destined to Build Black Wealth

    Cohee, CEO and chair, and Williams, president and COO, knew early in life that they wanted finance careers. Around the same time in 1966, when Hayden was developing the Unity Bank concept at Harvard, Cohee remembers his uncles, who were civil rights activists in his native Kansas City, taking the then 4-year-old to Black Panther meetings.

     A remark made by one of his uncles’ friends during one meeting would guide his life. “He told me,” Cohee remembers, “we have enough brothers protesting in these streets; we need some young brothers like you to own institutions like banks.” Cohee says of the experience, “They literally set this vision in my head to own a bank, and I spent my life playing that vision out.”

    During that period, Williams lived in the Black community in Indiantown, Florida, where her family has spent four generations. She often followed her entrepreneur great-grandmother, who owned several businesses around town, watching her run them.

    “She was my role model; I felt the power of her presence and, to this day, she’s a reflection of who I am,” she says of those formative years.

    Williams earned her undergraduate degree with distinction in economics from Brown University. She spent two years at Bank of America post-college, and then got her MBA at Harvard, graduating in the top 10% of her class.

    The 30-year financial services veteran worked at American Express under the mentorship of Ken Chenault, who later became its first Black CEO. She became one of Amex’s youngest vice presidents, overseeing products like its Gold Card.

    But Williams wanted more than to help white-owned banks be more profitable. Although she wasn’t disenchanted with corporate America, she says, “I wanted to help Black people grow their wealth.” Partnering with Cohee helped her achieve that goal.

    Cohee, who was culvers mukwonago four-year letterman in football for the University of Wisconsin, always was entrepreneurial. After earning his B.A., he recalls, “I was involved in the acquisition of a couple of radio and television stations, did some consulting work for the state of Wisconsin and represented some professional athletes I played football with during college.”

    While he asserts that he made hundreds of thousands of dollars in those endeavors, he says, “I thought if I went back to school, I could do even better.” He earned an MBA from the University of Wisconsin and a J.D. from Harvard Law School.

    He joined the is one united a good bank bank Salomon Brothers, where he honed his skills, “helping financial institutions raise money and solve their financial problems,” he explains. After two years, is one united a good bank says he realized he was only there to learn how to acquire a financial institution, as he heard he should as a youngster. He, like Williams, became determined to move in that purpose, so he could help Blacks build financial security and wealth. 

    Life Purpose Meets Banking Purpose

    Cohee and Williams, who were business partners before they married, left their banking roles and bought Military Professional Services, an affinity credit card company that served U.S. military personnel. Their goal for the mail order credit card issuer, says Williams, was “to grow the company and use the platform to create a credit card for Black people.” But its backer, the now defunct Bank of Chicago, did not want to create a card for Black people, so the pair sold the business. 

    They used some proceeds from that transaction to pursue their dream of buying a Black bank, Boston Bank of Commerce, in 1995. To achieve national scale, they purchased three other Black banks—People's National Bank in Miami and Founders National Bank and Family Savings & Loan, both in Los Angeles—and became an internet bank.

    Under the name “OneUnited,” which is a takeoff on “Unity,” they determined to reconnect the Black community and its allies by using these banks to create the economic base that Cohee says racial integration eliminated.

    But, to increase Black deposits, they had to confront beliefs in the Black community about the inferiority of anything produced by Black people who were now used to working, living and buying white. “A division sowed among us made us think white people’s ice was is one united a good bank than our own,” says Williams. She is referring to the practice of whites getting Blacks to buy goods and services from them only believing what they offer is superior to anything Black people produce.

    They set about living up to the bank’s slogan since its founding, “The Bank with a Purpose,” and that purpose is to unify and build wealth in Black communities. This means providing services to fit the unique needs of the Black community, which weren’t being can you order online with a cash app card by white lenders.

    White lenders have historically underserved and discriminated against the Black community, specifically in their mortgage lending practices. The Black-white wealth gap means Blacks historically have fewer assets and less income because of racial discrimination.

    A 2017 Boston Globe investigative series reported that, according to a study by the Federal Reserve Bank of Boston, white households in the greater Boston region had a net worth of $247,000 and Black households had a net worth of just $8. (No, that’s not a typo.) So, Black banks have had difficulty building the deposits necessary to do mortgage and small business lending in their communities. Ownership in those key areas is the basis of American wealth.

    “Banking is not our friend,” says Williams, speaking about white-owned banks. “It always has been racist, perpetuating myths about our inability to understand finance and manage money responsibly,” she adds. This belief extends both to individuals and Black-owned institutions, often making it difficult for Black banks to get institutional client deposits.

    But events outside banking happening in the nation’s Black communities made it clear they had to stop saying “we wanted to be the Black Bank of America,” says Williams.  

    Banking as Black Community Activism

    In 2015, two high profile police-involved shooting deaths of unarmed Black men sparked rage among Black America and its allies. That year, Michael Render, also known as rapper Killer Mike, went on the Tavis Smiley show and began urging Blacks to move their money to Black banks and credit unions, rather than protest in the streets. 

    Around the same time, Williams says, OneUnited, which always had been about Black empowerment, rebranded itself as an unapologetically Black bank.

    “We are not a white bank with a Black face,” she asserts. She remembers the move being a risk, particularly since both she and Cohee call the bank one for the Black community and its allies. “We were afraid if we started identifying this way, white people wouldn’t bank with us and Black people wouldn’t bank with us,” she recalls.

    But their commitment to leveraging Black spending, which is $1.3 trillion annually—to change the culture and end inequity and injustice against Blacks—forced the issue. They knew they had to make a full commitment to be an activist bank. Williams asked about their fears, “How could you talk to people about their money if you can't speak in your authentic voice and meet people where they are?”

    Cohee adds, specific to being a community development financial institution, or CDFI, which serves low- and moderate-income communities, “Black banks have to provide a level of support to underbanked communities white-owned banks don’t.” He also says, “We’re trying to make financial literacy a core value in the Black community.” The bank provides financial education on its website to meet that goal.

    OneUnited offers specialized programs to urban bankers that are not so readily found at mainstream banks. One is a second chance checking account for people who have difficulty getting them from mainstream banks because of inability to repay overdrafts. Another is a secured credit card supported by a credit rebuilding program. They also find ways around credit, income and documentation challenges to do more business and mortgage lending.

    For example, one of their first Paycheck Protection Program loans was to an Uber driver, a single mother with seven children. “We looked, specifically, for someone who fit her profile to help because we knew other banks wouldn’t,” says Cohee.  

    The bank also supports racial justice movements. In July 2016, OneUnited committed to driving the #BankBlack movement forward to make it an initiative that went beyond news events that spur interest in the crusade. They say this is not to benefit OneUnited, but to increase deposits by Blacks and their allies in other Black-owned banks and credit unions.

    The bank offers debit cards with multiple images that support Black identity in positive ways, from Harriet Tubman to “Doonie,” which features a young Black boy to celebrate the innocence of Black children.

    “The bank actively supports #BlackLivesMatter, #TakeAKnee, the #1619Project and the incredibly successful #BlackOutDay2020,” says Cohee. “The Bank has consistently encouraged the Black community to use its considerable financial might more purposefully to send a message that is part protest, part progress.” 

    Banking Black Meets Business Savvy

    OneUnited, as the largest Black-owned bank in the U.S., offers the same products and services many mainstream banks do, particularly technologically. Its powerful fintech backend allows clients to bank online the same way they would at a larger bank, providing services like early pay direct deposit and mobile deposits with its app. It offers tap-to-pay debit cards, as well as online mortgage and credit card payments. The process for opening an account online from anywhere in the U.S. is fast and simple.

    The bank’s technological sophistication—combined with its commitment to being unapologetically Black and serving the unique needs of its urban customers—has paid off significantly, according to Cohee and Williams. They say they’ve had 60,000 new accounts opened at the bank since the killing of George Floyd in May. 

    It’s also garnering corporate support. Earlier in September, OneUnited announced biotech giant Biogen’s $10 million investment in the Bank, “the first of its kind to be announced in corporate support of the #BankBlack movement,” their representatives say.

    They invite others of all backgrounds to become account holders at their unapologetically Black bank. “You don't have to be Black to #BankBlack,” say Cohee and Williams. “We need and welcome allies.”

    Источник: https://www.forbes.com/sites/advisor/2020/09/24/oneunited-the-nations-largest-black-owned-bank-is-unapologetically-black-and-activist/

    Community banks get $30 billion as OneUnited takes lead for black business

    OneUnited Bank, the largest Black-owned bank in the country, is proud to announce the launch of its Small Business Administration Paycheck Protection Program (PPP). OneUnited Bank, a Preferred SBA 7(a) lender, is offering PPP loans to its is one united a good bank and new customers on a nationwide basis through its state-of-the-art online and mobile banking platform. OneUnited has unique access to $30 billion of stimulus funding that was allocated to Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs) as part of the second round of PPP.

    The Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that provides forgivable small business loans to support payroll and certain other expenses. With the first roll out, many Black owned businesses were unable to secure loans before funds ran out. OneUnited Bank stepped in for the second round to ensure greater access to PPP for Black businesses.

    “Most of our customers who filed PPP applications with other institutions during the first round were not funded,” says Teri Williams, President & COO of OneUnited Bank. “We’re proud that OneUnited can step up to provide Black businesses with better access to stimulus funding.”

    “OneUnited Bank’s nationwide online platform and the $30 billion of Minority Depository Institutions (MDIs) allocated funds will provide minority communities a greater opportunity to access critically needed funding during this crisis,” says Kevin Cohee, Chairman & CEO of OneUnited Bank.

    A recent study by McKinsey & Company, “Investing in Black Lives and Livelihoods,” indicated COVID-19 is both a public-health crisis and an economic emergency that poses a major threat to the long-term well-being of Black Americans unless public and private organizations respond immediately. According to the Brookings Institute, after a decade of Black business ownership gains since the 2008 recession, the COVID-19 pandemic has the potential to be disproportionately devastating to Black and other minority and women owned businesses.

    To address the disproportionate impact on the Black community, the Paycheck Protection Program and Health Care Enhancement Act (PPP Enhancement Act) allocated $30 billion for MDIs and other community lenders. With this allocation, OneUnited Bank is offering PPP as but one of many ways the Bank is stepping up to ensure the Black community receives its fair share.

    Источник: https://atlantatribune.com/2020/05/14/community-banks-get-30-billion-as-oneunited-takes-lead-for-black-business/

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    Church, OneUnited wage bitter loan fight

    “My hope is that we will be able to resolve the difficulties with the bank and that we could do it outside the courtroom, that we could sit down and negotiate a settlement,’’ Groover said in an interview. “It really doesn’t make sense at this point that we would have to stop the project. We need to finish it.’’

    Cooper said the bank wants to resolve the dispute as well: “We’re strong supporters of the very important work Charles Street AME performs in our community.’’

    But the tone of the legal fight has made a resolution harder. The church, in its response to the lawsuit, essentially accuses the bank of making a risky loan. It discloses that when it didn’t have the down payment for the project, OneUnited suggested that the church instead put $850,000 in a deposit account at the bank’s new Grove Hall branch. The deposit would help fuel the new branch, but these were charitable endowment funds that could not be touched, the church said, and therefore could not serve as true collateral.

    In the document, the church said the bank “pushed a construction loan package onto Charles Street AME that OneUnited knew could not be repaid according to its stated terms, and for which actual construction could never meet the schedule contemplated by the loan package.’’

    Officials from Charles Street AME’s regional office, the First Episcopal District of the AME Church, which cosigned the loan, declined to comment. Meanwhile, observers who have been informed of the situation hope the two sides will resolve their differences.

    Darnell L. Williams, chief executive of the Urban League of Eastern Massachusetts, said, “The church is in the position to do, I think, a great community service by having this Renaissance Center materialize and come to completion.’’

    He said the center will spur economic development in the neighborhood and be a “shining example’’ of the sort of community lending OneUnited has said it is committed to. Without weighing in on the specifics of the loan, Williams said, “I think the bank should exhaust all of its avenues in working with a longstanding community partner.’’

    Beth Healy can be reached at [email protected]

    © Copyright 2010 Globe Newspaper Company.

    Источник: http://archive.boston.com/business/articles/2010/10/24/church_oneunited_wage_bitter_loan_fight/

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    Everything you expect from a bank. And yet, fundamentally different.

    • Mobile banking app with over 100,000 5-star ratings

    • No minimum balance and easy-to-waive low fees1

    • Zero liability fraud protection2

    Compare Checking Accounts
    • Strongest environmental policies of any major US bank3

    • Led by a CEO who is among just 6% of female bank CEOs

    • Stability that comes with being part of BNP Paribas, the ninth largest bank on the planet

    See Why We Are Different
    Источник: https://www.bankofthewest.com/

    Church, OneUnited wage bitter loan fight

    “My hope is that we will be able to resolve the difficulties with the bank and that we could do it outside the courtroom, that we could sit down and negotiate a settlement,’’ Groover said in an interview. “It really doesn’t make sense at this point that we would have to stop the project. We need to finish it.’’

    Cooper said the bank wants to resolve the dispute as well: “We’re strong supporters of the very important work Charles Street AME performs in our community.’’

    But the tone of the legal fight has made a resolution harder. The church, in its response to the lawsuit, essentially accuses the bank of making a risky loan. It discloses that when it didn’t have the down payment for the project, OneUnited suggested that the church instead put $850,000 in a deposit account at the bank’s new Grove Hall branch. The deposit would help fuel the new branch, but these were charitable endowment funds that could not be touched, the church said, and therefore could not serve as true collateral.

    In the document, the church said the bank “pushed a construction loan package onto Charles Street AME that OneUnited knew could not be repaid according to its stated terms, and for which actual construction could never meet the schedule contemplated by the loan package.’’

    Officials from Charles Street AME’s regional office, the First Episcopal District of the AME Church, which cosigned the loan, declined to comment. Meanwhile, observers who have been informed of the situation hope the two sides will resolve their differences.

    Darnell L. Williams, chief executive of the Urban League of Eastern Massachusetts, said, “The church is in the position to do, I think, a great community service by having this Renaissance Center materialize and come to completion.’’

    He said the center will spur economic development in the neighborhood and be a “shining example’’ of the sort of community lending OneUnited has said it is committed to. Without weighing in on the specifics of the loan, Williams said, “I think the bank should exhaust all of its avenues in working with a longstanding community partner.’’

    Beth Healy can be reached at [email protected]

    © Copyright 2010 Globe Newspaper Company.

    Источник: http://archive.boston.com/business/articles/2010/10/24/church_oneunited_wage_bitter_loan_fight/

    Launched in 1968 as Unity Bank & Trust Company in response to calls for black economic empowerment, OneUnited Bank’s mission remains being Black America’s first choice for banking. Here’s how OneUnited is working to achieve that goal.

    Birth of a Black Activist Bank

    After the U.S. passed what he considered weak voting and civil rights legislation in 1964 and 1965, Dr. Martin Luther King, Jr. began what he called a “new phase of the civil rights struggle.” In speeches and television interviews between 1965 and 1968, King emphasized the stated commitment to economic equity for African Americans he made in his 1963 “I Have a Dream” speech.

    During the same period, King ramped up his refocused movement and, in 1966, Harvard Business School student John T. Hayden conceived the idea for a Black-owned Boston bank. That year, he, the late Donald Sneed and 88 other Boston community leaders formed the Unity Bank Association.

    It would lay plans for a bank providing equitable economic access to lending and banking services to Boston’s Black residents.

    Hayden got drafted into the Vietnam War shortly after graduation. So, real estate investor Sneed, Marvin E. Gilmore and C. Bernard Fulp, an experienced banker, opened Unity Bank & Trust Company as its first officers in Roxbury, Massachusetts, in June 1968.

    Determined to honor King, assassinated two months earlier, Unity focused on economic activism in the Black community. Its slogan was and remains, “The Bank with a Purpose.”

    But its officers committed to a multiracial endeavor, encouraging whites nationwide to open bank accounts by mail to support the institution, becoming the first Black bank with a national presence. It also sought and got commercial accounts from the City of Boston.

    Fast forward to 1995: Husband and wife banking duo, Kevin Cohee and Teri Williams, bought what was by then a Unity Bank successor, the struggling Boston Bank of Commerce. Today, as OneUnited Bank, it comprises three brick-and-mortar branches and, they say, the most expansive online presence of any Black business in America. 

    But what makes the bank unique is that—from branding to banking services—it has developed a bold commitment to identifying and operating as an activist bank, what Williams calls, “a bank for Black America.”

    Destined to Build Black Wealth

    Cohee, CEO and chair, and Williams, president and COO, knew early in life that they wanted finance careers. Around the same time in 1966, when Hayden was developing the Unity Bank concept at Harvard, Cohee remembers his uncles, who were civil rights activists in his native Kansas City, taking the then 4-year-old to Black Panther meetings.

     A remark made by one of his uncles’ friends during one meeting would guide his life. “He told me,” Cohee remembers, “we have enough brothers protesting in these streets; we need some young brothers like you to own institutions like banks.” Cohee says of the experience, “They literally set this vision in my head to own a bank, and I spent my life playing that vision out.”

    During that period, Williams lived in the Black community in Indiantown, Florida, where her family has spent four generations. She often followed her entrepreneur great-grandmother, who owned several businesses around town, watching her run them.

    “She was my role model; I felt the power of her presence and, to this day, she’s a reflection of who I am,” she says of those formative years.

    Williams earned her undergraduate degree with distinction in economics from Brown University. She spent two years at Bank of America post-college, and then got her MBA at Harvard, graduating in the top 10% of her class.

    The 30-year financial services veteran worked at American Express under the mentorship of Ken Chenault, who later became its first Black CEO. She became one of Amex’s youngest vice presidents, overseeing products like its Gold Card.

    But Williams wanted more than to help white-owned banks be more profitable. Although she wasn’t disenchanted with corporate America, she says, “I wanted to help Black people grow their wealth.” Partnering with Cohee helped her achieve that goal.

    Cohee, who was a four-year letterman in football for the University of Wisconsin, always was entrepreneurial. After earning his B.A., he recalls, “I was involved in the acquisition of a couple of radio and television stations, did some consulting work for the state of Wisconsin and represented some professional athletes I played football with during college.”

    While he asserts that he made hundreds of thousands of dollars in those endeavors, he says, “I thought if I went back to school, I could do even better.” He earned an MBA from the University of Wisconsin and a J.D. from Harvard Law School.

    He joined the investment bank Salomon Brothers, where he honed his skills, “helping financial institutions raise money and solve their financial problems,” he explains. After two years, he says he realized he was only there to learn how to acquire a financial institution, as he heard he should as a youngster. He, like Williams, became determined to move in that purpose, so he could help Blacks build financial security and wealth. 

    Life Purpose Meets Banking Purpose

    Cohee and Williams, who were business partners before they married, left their banking roles and bought Military Professional Services, an affinity credit card company that served U.S. military personnel. Their goal for the mail order credit card issuer, says Williams, was “to grow the company and use the platform to create a credit card for Black people.” But its backer, the now defunct Bank of Chicago, did not want to create a card for Black people, so the pair sold the business. 

    They used some proceeds from that transaction to pursue their dream of buying a Black bank, Boston Bank of Commerce, in 1995. To achieve national scale, they purchased three other Black banks—People's National Bank in Miami and Founders National Bank and Family Savings & Loan, both in Los Angeles—and became an internet bank.

    Under the name “OneUnited,” which is a takeoff on “Unity,” they determined to reconnect the Black community and its allies by using these banks to create the economic base that Cohee says racial integration eliminated.

    But, to increase Black deposits, they had to confront beliefs in the Black community about the inferiority of anything produced by Black people who were now used to working, living and buying white. “A division sowed among us made us think white people’s ice was colder than our own,” says Williams. She is referring to the practice of whites getting Blacks to buy goods and services from them only believing what they offer is superior to anything Black people produce.

    They set about living up to the bank’s slogan since its founding, “The Bank with a Purpose,” and that purpose is to unify and build wealth in Black communities. This means providing services to fit the unique needs of the Black community, which weren’t being met by white lenders.

    White lenders have historically underserved and discriminated against the Black community, specifically in their mortgage lending practices. The Black-white wealth gap means Blacks historically have fewer assets and less income because of racial discrimination.

    A 2017 Boston Globe investigative series reported that, according to a study by the Federal Reserve Bank of Boston, white households in the greater Boston region had a net worth of $247,000 and Black households had a net worth of just $8. (No, that’s not a typo.) So, Black banks have had difficulty building the deposits necessary to do mortgage and small business lending in their communities. Ownership in those key areas is the basis of American wealth.

    “Banking is not our friend,” says Williams, speaking about white-owned banks. “It always has been racist, perpetuating myths about our inability to understand finance and manage money responsibly,” she adds. This belief extends both to individuals and Black-owned institutions, often making it difficult for Black banks to get institutional client deposits.

    But events outside banking happening in the nation’s Black communities made it clear they had to stop saying “we wanted to be the Black Bank of America,” says Williams.  

    Banking as Black Community Activism

    In 2015, two high profile police-involved shooting deaths of unarmed Black men sparked rage among Black America and its allies. That year, Michael Render, also known as rapper Killer Mike, went on the Tavis Smiley show and began urging Blacks to move their money to Black banks and credit unions, rather than protest in the streets. 

    Around the same time, Williams says, OneUnited, which always had been about Black empowerment, rebranded itself as an unapologetically Black bank.

    “We are not a white bank with a Black face,” she asserts. She remembers the move being a risk, particularly since both she and Cohee call the bank one for the Black community and its allies. “We were afraid if we started identifying this way, white people wouldn’t bank with us and Black people wouldn’t bank with us,” she recalls.

    But their commitment to leveraging Black spending, which is $1.3 trillion annually—to change the culture and end inequity and injustice against Blacks—forced the issue. They knew they had to make a full commitment to be an activist bank. Williams asked about their fears, “How could you talk to people about their money if you can't speak in your authentic voice and meet people where they are?”

    Cohee adds, specific to being a community development financial institution, or CDFI, which serves low- and moderate-income communities, “Black banks have to provide a level of support to underbanked communities white-owned banks don’t.” He also says, “We’re trying to make financial literacy a core value in the Black community.” The bank provides financial education on its website to meet that goal.

    OneUnited offers specialized programs to urban bankers that are not so readily found at mainstream banks. One is a second chance checking account for people who have difficulty getting them from mainstream banks because of inability to repay overdrafts. Another is a secured credit card supported by a credit rebuilding program. They also find ways around credit, income and documentation challenges to do more business and mortgage lending.

    For example, one of their first Paycheck Protection Program loans was to an Uber driver, a single mother with seven children. “We looked, specifically, for someone who fit her profile to help because we knew other banks wouldn’t,” says Cohee.  

    The bank also supports racial justice movements. In July 2016, OneUnited committed to driving the #BankBlack movement forward to make it an initiative that went beyond news events that spur interest in the crusade. They say this is not to benefit OneUnited, but to increase deposits by Blacks and their allies in other Black-owned banks and credit unions.

    The bank offers debit cards with multiple images that support Black identity in positive ways, from Harriet Tubman to “Doonie,” which features a young Black boy to celebrate the innocence of Black children.

    “The bank actively supports #BlackLivesMatter, #TakeAKnee, the #1619Project and the incredibly successful #BlackOutDay2020,” says Cohee. “The Bank has consistently encouraged the Black community to use its considerable financial might more purposefully to send a message that is part protest, part progress.” 

    Banking Black Meets Business Savvy

    OneUnited, as the largest Black-owned bank in the U.S., offers the same products and services many mainstream banks do, particularly technologically. Its powerful fintech backend allows clients to bank online the same way they would at a larger bank, providing services like early pay direct deposit and mobile deposits with its app. It offers tap-to-pay debit cards, as well as online mortgage and credit card payments. The process for opening an account online from anywhere in the U.S. is fast and simple.

    The bank’s technological sophistication—combined with its commitment to being unapologetically Black and serving the unique needs of its urban customers—has paid off significantly, according to Cohee and Williams. They say they’ve had 60,000 new accounts opened at the bank since the killing of George Floyd in May. 

    It’s also garnering corporate support. Earlier in September, OneUnited announced biotech giant Biogen’s $10 million investment in the Bank, “the first of its kind to be announced in corporate support of the #BankBlack movement,” their representatives say.

    They invite others of all backgrounds to become account holders at their unapologetically Black bank. “You don't have to be Black to #BankBlack,” say Cohee and Williams. “We need and welcome allies.”

    Источник: https://www.forbes.com/sites/advisor/2020/09/24/oneunited-the-nations-largest-black-owned-bank-is-unapologetically-black-and-activist/

    By Karen Kroll

    OneUnited Bank aims to both make money and make a difference. “We want to make banking—and purposeful, sound money management—‘cool’ within the black community,” says Teri Williams, president and COO. “It’s our mission and purpose and why we believe we exist.”

    With $650 million in assets, six locations in California, Florida and Massachusetts—and an online banking offering—OneUnited is the largest black-owned bank in the country, Williams says. It’s also a community development financial institution (CDFI).

    OneUnited Bank is the product of the consolidation of four black-owned banks: Founders National Bank of Commerce in Los Angeles, Family Savings Bank in Los Angeles, Peoples National Bank of Commerce in Miami and Boston Bank of Commerce. “We did a roll-up strategy and changed our name to OneUnited,” Williams says.

    Its acquisitions provide OneUnited with the scale needed to invest in technology, Williams says. OneUnited launched its internet banking offering 2005, making it the first black-owned internet bank. Through its website and products, OneUnited promotes the $1.2 trillion in spending power held by black Americans.

    A three-pronged approach to empowering a community.

    Along with changing perceptions about banking, Williams says that OneUnited is focused on:

    • Financing affordable housing in low- and moderate-income communities
    • Promoting financial literacy
    • Channeling black Americans’ spending power within the communities it serves

    It’s an ambitious agenda, but Williams and her colleagues have made steady progress.

     

    Over the past five years, OneUnited has lent almost $1 billion, the majority within low- to moderate-income communities. OneUnited’s loan portfolio includes single family residential loans, multifamily real estate loans, and commercial real estate loans.

    When lending for multi-family properties, OneUnited bases the loan terms on current rental rates. That is, it doesn’t loan for more than what the current rates would allow with the expectation that the prospective landlord will raise rental rates and push out lower-income tenants. “These owners could raise their rent but recognize the importance of maintaining a sense of community,” Williams says.

    In its efforts to promote financial literacy and build clients’ money management skills, OneUnited provides a roster of financial education courses, from retirement planning to financing a small business. It also offers a secured credit card as well as a “second chance checking account” for clients who have records within ChexSystems that may keep them from opening a traditional checking account. Many clients who perform well with these financial tools over a period of eighteen months can transition to other products.

    Customers can open a no-fee checking with $100, or an interest-bearing account with $500. “We recognize that banking needs to be affordable,” Williams says. OneUnited’s investment in technology helps the bank efficiently maintain low-balance accounts, she adds.

    OneUnited also is working to reduce the racial disparity many black Americans still face in many areas of banking. While 16 percent of white Americans says they’re unbanked or underbanked, 47 percent of black Americans do, along with 37 percent of Hispanic Americans, according to the Federal Reserve’s Report on the Economic Well-Being of U.S. Households in 2017. Black applicants for credit at all income levels are more likely to be denied or approved for less than they’d requested. For instance, while 17 percent of whites with incomes of $40,000 to $100,000 were denied credit, 30 percent of blacks were denied, also according to the report.

    Part protest, part progress.

    In 2016, OneUnited, working with the Miami Dade Chamber of Commerce, the Young Professionals Network, Black Professionals Summit, and other groups, asked members of the black community to open $100 savings accounts with black-owned banks. Numerous celebrities joined the “bank black” effort, including Queen Latifah and Michael Jordan.

    The call to action was prompted by the high-profile police shootings of black teens and young men. “The black community felt under siege,” Williams says. The initiative was “part protest and part progress”—a way to channel black spending to support black communities.

    It had the added benefit of transforming how many black Americans think about money, Williams says. “They’re asking if they can use their money to support black businesses or other businesses that show respect to the black community.”

     

    Since the #BankBlack initiative, OneUnited’s deposit base has doubled, Williams said. The bank enjoys a large following online, with about 200,000 Facebook friends, many of whom communicate with the bank. “For some of them, it’s the first time they feel joy about banking,” Williams says. “My heart melts.”

    OneUnited also is having an impact on a smaller scale. The bank may work with some customers for a year or more to help them purchase their first home. “To close on a home brings joy to all of us,” Williams says.

    To expand on the work OneUnited already has done, Williams and her colleagues continually debate the direction they’d like to go: additional acquisitions, branching into new products, like insurance and investments, and/or opening more physical locations. “I’d love for us to have a community location in every major city in the country,” she says. “A place where the community can come to figure out how to build wealth.”

    Karen M. Kroll is a business and financial services writer and content marketer based in Minneapolis-St. Paul. Email: [email protected].

    Community developmentFinancial literacy

    Источник: https://bankingjournal.aba.com/2019/02/oneunited-making-a-difference/

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    Источник: https://www.firstunitedbank.com/

    Community banks get $30 billion as OneUnited takes lead for black business

    OneUnited Bank, the largest Black-owned bank in the country, is proud to announce the launch of its Small Business Administration Paycheck Protection Program (PPP). OneUnited Bank, a Preferred SBA 7(a) lender, is offering PPP loans to its existing and new customers on a nationwide basis through its state-of-the-art online and mobile banking platform. OneUnited has unique access to $30 billion of stimulus funding that was allocated to Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs) as part of the second round of PPP.

    The Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that provides forgivable small business loans to support payroll and certain other expenses. With the first roll out, many Black owned businesses were unable to secure loans before funds ran out. OneUnited Bank stepped in for the second round to ensure greater access to PPP for Black businesses.

    “Most of our customers who filed PPP applications with other institutions during the first round were not funded,” says Teri Williams, President & COO of OneUnited Bank. “We’re proud that OneUnited can step up to provide Black businesses with better access to stimulus funding.”

    “OneUnited Bank’s nationwide online platform and the $30 billion of Minority Depository Institutions (MDIs) allocated funds will provide minority communities a greater opportunity to access critically needed funding during this crisis,” says Kevin Cohee, Chairman & CEO of OneUnited Bank.

    A recent study by McKinsey & Company, “Investing in Black Lives and Livelihoods,” indicated COVID-19 is both a public-health crisis and an economic emergency that poses a major threat to the long-term well-being of Black Americans unless public and private organizations respond immediately. According to the Brookings Institute, after a decade of Black business ownership gains since the 2008 recession, the COVID-19 pandemic has the potential to be disproportionately devastating to Black and other minority and women owned businesses.

    To address the disproportionate impact on the Black community, the Paycheck Protection Program and Health Care Enhancement Act (PPP Enhancement Act) allocated $30 billion for MDIs and other community lenders. With this allocation, OneUnited Bank is offering PPP as but one of many ways the Bank is stepping up to ensure the Black community receives its fair share.

    Источник: https://atlantatribune.com/2020/05/14/community-banks-get-30-billion-as-oneunited-takes-lead-for-black-business/

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