one united bank reviews 2016

UBA is Africa's best and most resilient banking group with operations in 20 African countries and offices in three global financial centers. Since 2016, more than $60 million has been moved into Black-owned banks as Last year, Kim Nehls started banking with OneUnited Bank. between officials at the Department of Treasury and OneUnited Bank, a bank with which she 111th Congress, Report and Findings, Maxine Waters, Review No.

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One united bank reviews 2016
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What I experience opening an Account with One United * Black Own Bank*

Kevin Cohee

Kevin Cohee is is the owner, Chairman and Chief Executive Officer of OneUnited Bank, the largest Black owned bank and the first Black owned internet bank in America. In the aftermath of the protest against police brutality in 2016, Mr. Cohee created and spearheaded the Bank Black movement resulting in Black people transferring tens of millions of dollars into Black owned banks as a form of social protest.

OneUnited Bank was established by unifying several community banks across the country: Founders National Bank and Family Savings Bank in Los Angeles, People National Bank in Miami and Boston Bank of Commerce. Respectively, these banks have tenaciously served many neglected urban communities in America. By unifying these banks, OneUnited Bank has built the foundation to solve the longstanding problem of access to capital in inner city communities.

Through Mr. Cohee’s visionary leadership, OneUnited Bank has exceeded industry averages year after year regarding asset growth and profitability. From 1996 to the present, OneUnited assets have grown from $56 million to over $650 million. The Bank has consistently been profitable and achieved a compound growth rate on its common equity of over 35%.

OneUnited Bank has been designated by the United States Department of Treasury as a Community Development Financial Institution (CDFI). The Bank has received the Bank Enterprise Award (BEA), the highest award offered by the United States government for community development for ten years.

A successful business executive and entrepreneur for almost 20 years, Mr. Cohee founded a consulting firm in 1979 specializing in acquisition of radio and television stations by minorities. After obtaining his JD/MBA in 1985, Mr. Cohee became an investment banker at Salomon Brothers, Inc.

By 1988, through a leveraged buyout, Mr. Cohee acquired Military Professional Services, Inc. (MPS), a 29-year old company that marketed Visa and MasterCard credit cards to military personnel. Mr. Cohee successfully turned MPS into a profitable company with a $40 million portfolio and 20,000 customers. By 1993, Mr. Cohee sold the assets of MPS achieving significant financial benefit from the transaction.

Mr. Cohee purchased a majority controlling interest in Boston Bank of Commerce in 1995 – when the Bank was experiencing financial difficulties. Mr. Cohee was elected Chairman and CEO in 1996 and has since spearheaded the Bank’s growth and profitability.

Mr. Cohee is a native of Kansas City, Missouri. He holds a Juris Doctor (JD) degree from Harvard Law School. He also holds a Master of Business Administration (MBA) and a Bachelor of Arts degree from the University of Wisconsin; where he was a 4-year letterman in football. He is a member of Alpha Phi Alpha fraternity and has received numerous awards for his business and community achievements and contributions.

Contact a speaker booking agent to check availability on Kevin Cohee and other top speakers and celebrities.

Источник: https://www.allamericanspeakers.com/speakers/448899/Kevin-Cohee

42 Black-owned banks by state

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To be considered a Black-owned bank, a financial institution must serve minority communities and be at least 51% Black-owned, according to the Urban Institute. Today, there are 42 Black-owned banks in the US. These institutions are working diligently to provide financial services to underserved communities.

Use this table to search for Black-owned financial institutions in your state. Then, use the tabs to sort and compare your amazon coupon codes that work by branches and ATMs.

Alamerica BankBirmingham, AlabamaNo infoLearn more
Commonwealth National BankAlabamaCommonwealth’s ATM/Debit Card.

Customers can use any Commonwealth branch ATM, Publix Super Market ATM, or any PNC Bank ATM nationwide

  • Mobile and online banking
Learn more
Metro BankAlabama10 bank owned atmsLearn more
Broadway Federal BankLos Angeles, California20,000 MoneyPass ATM locations and three Broadway Federal Bank ATMs
  • Mobile and online banking
  • BillPay
Learn more
FAMU Federal Credit UnionTallahassee, Florida

The access card can also be used at any ATM or point-of-sale (POS) terminal listed below:

  • American Express
  • CULIANCE
  • The Exchange
  • Honors
  • Member Access
  • Plus
  • Presto
  • Publix
  • Wal-Mart
  • and other Credit Unions with the participating listed networks
  • Mobile and online banking
Learn more
1st Choice Credit UnionAtlanta, Georgia4 bank owned ATMs plus CU Service Center Network
  • Mobile and online banking
  • Phone banking
Learn more
Carver State BankSavannah, Georgia3 bank owned ATMs
  • Online banking
  • Safe Deposit Boxes
  • Notary Public
  • Night Depositor
Learn more
Citizens Trust BankAlabama and Georgia7 bank owned ATMs
  • Mobile and online banking
  • Phone banking
  • Learning center
Learn more
Credit Union of AtlantaAtlanta, Georgia4 bank owned plus any ATMs in the MoneyPass and STAR networksLearn more
Omega Psi Phi Fraternity Federal Credit UnionToccoa, GeorgiaN/A
  • Online banking
  • Phone banking
Learn more
GN Bank (Groupe Nduom)Chicago, IllinoisStar ATM network
  • Mobile and online banking
  • BillPay
Learn more
South Side Community Federal Credit UnionChicago, IllinoisN/A
  • Online banking
  • Bill payment
Learn more
Liberty BankAlabama, Illinois, Kansas, Louisiana, Mississippi and Michigan28 Liberty bank ATMs
  • Mobile and online banking
Learn more
Southern Teachers & Parents Federal Credit UnionBaton Rouge, Louisiana
Thibodaux, Louisiana
2 bank owned ATMs plus it is part of the CU Alliance networkLearn more
The Harbor Bank of MarylandBaltimore, Maryland Metropolitan areaAllPoint ATM locations, 55,000 Surcharge-Free ATMs
  • Mobile and online banking
Learn more
OneUnited BankOnline-only, but serves: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyomingover 30,000 ATMs through the MoneyPass® Network
  • Mobile and online banking
  • Cardswap (an option to pay popular online services)
  • Purchase rewards
  • MoneyManagement (manage your accounts in one place plus, pay bills, bugetting features, etc)
  • BillPay
  • PopMoney (make money transaction with friends)
Learn more
First Boulevard BankOnline-only, but serves: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming37,000+ MoneyPass ATMs across the USOnline bankingLearn more
First Independence BankDetroit, MichiganFIB ATM/Debit Card customers can use any nationwide FIB, Fifth Third, TCF or Chemical Bank ATM surcharge free with 147 in the Metro Detroit area
6 bank owned ATMS
  • Mobile and online banking
  • BillPay
  • MobiMoney
Learn more
Hope Credit UnionAlabama, Arkansas, Louisiana, Mississippi, and TennesseeHOPE call keybank 1 800 number 28 locations ready to serve you across the Deep South.

Additionally, HOPE is a member of the Shared Branching Network. This affiliation allows HOPE members to visit more than 5,000 credit union locations nationwide and conduct financial transactions as if you were at a HOPE facility.

  • Mobile and online banking
Learn more
St. Louis Community Credit UnionMissouriPart of the CO-OP network
  • Online banking
  • Financial resource center
Learn more
Carver Federal Savings BankNew York State55,000 Allpoint ATMs
  • Zelle
  • Mobile and online banking
Learn more
Urban Upbound Federal Credit UnionLong Island City, New York StateN/ALearn more
Greater Kinston Credit UnionKinston, North Carolina
People who live, work, worship, or attend functions in the Lenoir, Greene, Jones, Craven, and Pitt counties are eligible for membership.
Part of the CashPoints network
  • Mobile and online banking
  • BillPay
Learn more
Mechanics & Farmers BankWinston-Salem, Durham, Raleigh, Greensboro, and Charlotte in
North Carolina
nationwide ATM networks
  • Mobile and online banking
  • Notify
  • BillPay
  • Pop Money
  • Financial education program
Learn more
Faith Community United Credit UnionCleveland, OhioAlliance One ATM networkLearn more
Toledo Urban Federal Credit UnionToledo, Ohio2 bank owned atmsLearn more
Hill District Federal Credit UnionHill District
Pittsburgh, Pennsylvania
N/A
  • Mobile and online banking
  • BillPay
  • Adult and youth financial literacy classes
Learn more
United Bank of PhiladelphiaPhiladelphia, Pennsylvania9 bank owned ATMs
  • Mobile and online banking
  • Phone banking
  • Night Depository
  • BillPay
Learn more
Brookland Federal Credit UnionWest Columbia, South CarolinaN/A
  • Online banking
  • Financial literacy
Learn more
Community Owned Federal Credit UnionJohns Island and part of Charleston, South CarolinaN/A
  • Mobile and online banking
  • Credit workshop
Learn more
Optus BankSouth Carolina3 bank owned ATMs
  • Mobile and online banking
  • BillPay
Learn more
Citizens Savings Bank & TrustTennessee, Kentucky, Texas and AlabamaNo info
  • Mobile and online banking
  • Phone banking
Learn more
Tri-State Bank of MemphisMemphis, Tennessee1 bank owned ATM plus Money Tower Network
  • Mobile and online banking
  • BillPay
  • Online check reorder
Learn more
Faith Cooperative Credit UnionDallas, Texas1 bank owned ATM
  • Phone banking
  • Online banking
Learn more
Mount Olive Baptist Church Federal Credit UnionDallas, TexasN/ALearn more
Oak Cliff Christian Federal Credit UnionDallas, TexasN/ALearn more
Unity National BankTexas and GeorgiaUnity has an ATM at each bank branch location and is a member of the Select ATM network offering over 500 surcharge free machines.
  • Mobile and online banking
  • BillPay
  • Online check reorder
Learn more
Virginia State University Federal Credit UnionSouth Chesterfield, Virginia1 bank owned ATM
  • Online banking
  • Financial education
Learn more
Howard University Employees Federal Credit UnionWashington, D.C.Part of the CO-OP and CU Here networksLearn more
Industrial BankDistrict of Columbia; Maryland; Newark, New Jersey; and one in Harlem, New York CityAllpoint – 55,000 Surcharge-Free ATMs Worldwide and 15 Industrial Bank ATMs throughout Washington, D.C., and Maryland
  • Mobile and online banking
Learn more
City First BankOnline-only, but serves: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming1 City First Bank ATM and +55,000 ATMs in the Allpoint and STARs networksLearn more
Columbia Savings and Loan AssociationMilwaukee, WisconsinN/ALearn more
GreenwoodOnline-only, but serves: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and WyomingGlobal ATM network
  • Apple and Android pay
  • Peer-to-peer transfers
  • Mobile deposit
Learn more

Alabama

Alamerica Bank

Located in the heart of Birmingham, Alamerica Bank was started in 2000 by a group of community leaders. But in 2019, Founder Donald Watkins Sr. and his son Donald Watkins Jr., were convicted of defrauding Alamerica Bank through a multmillion-dollar investment fraud scheme. Alamerica is currently undergoing website updates and plan to announce a new CEO soon.

Branch locations: Birmingham, Alabama
ATMs: N/A
Branches: 1

  • Personal:

    • Checking accounts: 3
    • Savings accounts: 3
    • CDs: 2

    Business:

    • Checking accounts: 2
    • Savings accounts: 3
    • CDs: 1
Commonwealth National Bank

Commonwealth National Bank is a full-service institution founded in 1976. It’s the only Minority Depository Institution (MDI) in Mobile, and only one of two MDIs in all of Alabama.

Branch locations: Alabama
ATMs: Can use any Commonwealth branch ATM, Publix Super Market ATM or any PNC Bank ATM nationwide
Branches: 2

  • Personal:

    • Checking accounts: 2
    • Savings accounts: 4
    • CDs: 2

    Business:

    • Checking accounts: 2
    • Savings accounts: 2
    • CDs: 1
Metro Bank

Metro Bank opened its doors in 1989 and now has nine branch locations with over 175 employees. It’s consistently ranked as one of the top performing banks in Alabama.

Branch locations: Alabama
ATMs: 10
Branches:9

  • Personal:

    • Checking accounts:4
    • Savings accounts:3
    • CDs:1

    Business:

    • Checking accounts:2
    • Savings accounts:2
    • CDs:1

Alaska

There aren’t any Black-owned banks headquartered in Alaska, but these banks serve this area:

Arizona

There aren’t any Black-owned banks headquartered in Arizona, but these banks serve this area:

Arkansas

There aren’t any Black-owned banks headquartered in Arkansas, but these banks serve this area:

California

Broadway Federal Bank

Broadway Federal Bank is a subsidiary of Broadway Federal Bank — a savings bank serving low-to-moderate income communities in Southern California. It’s a full-service institution offering a variety of products for individuals, businesses and non-profit organizations. It’s set to merge with City First Bank in the near future, which will make it the largest Black-owned bank in the country.

Branch locations: Los Angeles, CA
ATMs: 20,000 MoneyPass ATMs and three Broadway Federal Bank ATMs
Branches: 3

  • Personal:

    • Checking accounts: 2
    • Savings accounts: 3
    • CDs: 1

    Business:

    • Checking accounts: 1
    • Savings accounts: 2
    • CDs: 0 2

Colorado

There aren’t any Black-owned banks headquartered in Colorado, but these banks serve this area:

Connecticut

There aren’t any Black-owned banks headquartered in Connecticut, but these banks serve this area:

Delaware

There aren’t any Black-owned banks headquartered in Delaware, but these banks serve this area:

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Florida

FAMU Federal Credit Union

FAMU Federal Credit Union was created in 1935 after six individuals used $50 of their personal funds to secure a federal credit union charter. One united bank reviews 2016 credit union used to be located on the Florida A&M campus, hence its name. Now it’s located just outside of the FAMU campus.

Branch locations: Tallahassee, Florida
ATMs: 1
Branches: 1

  • Personal:

    • Checking accounts: 4
    • Savings accounts: 2
    • CDs: 2

    Business:

    • Checking accounts:0
    • Savings accounts:0
    • CDs:0
  • You can become a FAMU Federal Credit Union member if you are — or are a relative of:

    • An employee of the Florida A&M University Federal Credit Union
    • An employee or student of the Florida A&M University (including employees of Metz Culinary Management Food Services)
    • A member of the Bethel Missionary Baptist Church in Tallahassee, Florida
    • A member of the Tabernacle Missionary Baptist Church in Tallahassee, Florida
    • A member of the Jacob Chapel Baptist Church in Tallahassee, Florida
    • A member of the Jerusalem Missionary Baptist Church of Tallahassee, Florida
    • A voting member of the Tallahassee Branch of the National Association for the Advancement of Colored People (NAACP) located in Tallahassee, Florida
    • A member of the Florida A&M University National Alumni Association, Inc.

Georgia

1st Choice Credit Union

1st Choice Credit Union was started in 1946 to serve Grady Hospital employees. It was originally named Hospital Authority Credit Union, but switched to its current name in 1991. This credit union is 9,000 members strong and is headquartered on Atlanta’s historic Auburn Avenue.

Branch locations: Atlanta, Georgia
ATMs: Three bank-owned ATMs, plus 32,000 Pulse or 2 million CIRRUS ATMs
Branches: 2

  • Personal:

    • Checking accounts: 2
    • Savings accounts: 4
    • CDs:1

    Business:

    • Checking accounts:1
    • Savings accounts:1
    • CDs:1
  • You can apply for membership at 1st Choice Credit Union if you work for:

    • Aid Atlanta, Inc.
    • Archive America
    • Atlanta Business League
    • Atlanta Life Insurance Company
    • Emory School of Medicine
    • Kimberly & Cameron Interior
    • Morehouse School of Medicine
    • Sattiewhite Training Productions, Inc.
    • The Atlanta Metropolitan Black Chamber of Commerce
    • The Concern Black Clergy
    • The Getting Ahead Association
    • The Historical District Development
    • This Is It Restaurant
    • ForeverFamily, Inc.
    • Grady Health System
    • Have a contract with 1st Choice Credit Union
Carver State Bank

Located in the heart of Savannah, Georgia, Carver State Bank was established in 1927. It started out as a private bank that served its founder, Louis B. Toomer and his friends. But it became a full-service commercial bank when Lawrence D. Perry took over as president in 1961.

Branch locations: Savannah, Georgia
ATMs: 3
Branches: 2

  • Personal:

    • Checking accounts: 5
    • Savings accounts: 4
    • CDs: 1

    Business:

    • Checking accounts: 2
    • Savings accounts: 0
    • CDs: 0
Citizens Trust Bank

Citizens Trust Bank was established in 1921 to serve African Americans in Atlanta, Georgia. Today, it has a strong focus on investing money back into the community through sponsorship support.

Branch locations: Alabama; Georgia
ATMs: 7
Branches: 7

  • Personal:

    • Checking accounts: 8
    • Savings accounts: 6
    • CDs: 1

    Business:

      • Checking accounts:1
      • Savings accounts:1
      • CDs:1
Credit Union of Atlanta

Credit Union of Atlanta was founded in 1928 and remained financially strong throughout the Great Depression. It’s a Community Development Financial Institution (CDFI), which means it offers easily accessible financial products to critical communities in need of economic growth.

Branch locations: Atlanta, Georgia
ATMs: Four bank owned, plus any ATMs in the MoneyPass and STAR networks
Branches:2

  • Personal:

    • Checking accounts: 2
    • Savings accounts: 5
    • CDs: 1

    Business:

    • Checking accounts:1
    • Savings accounts:0
    • CDs:0
  • You and your family can become members of the Credit Union of Atlanta if you are an employee of an agency or organization affiliated with the City of Atlanta, including:

    • Zoo Atlanta, Inc.
    • Atlanta Public Schools
    • Atlanta Fulton County Emergency Management Agency
    • Fulton County Government; Enterprise Car Sales of Georgia
    • Atlanta Development Authority
    • Getting Ahead Association
    • Nebo Baptist Church
    • Victory Tabernacle Missionary Baptist Church

    You may also qualify if you are:

    • An employee of the Credit Union of Atlanta
    • A member or employee of the Wheat Street Baptist Church in Atlanta, Georgia
    • A resident or employee of Wheat Street Gardens, Wheat Street Towers, or Wheat Street Shopping Center
    • A member or employee of the Calvary Baptist Church in Madison, Georgia
    • A member or employee of the Cathedral of Faith Church of God In Christ in Atlanta, Georgia
    • A member of the Cathedral of Faith Church of God In Christ

    You may also be eligible for membership if you receive a pension or annuity from these organizations.

Greenwood

Headquartered in Atlanta, Georgia, Greenwood is a digital bank for Black and Latinx communities. From giving grants to small business owners and providing meals to families in need to donating to the UNCF, One united bank reviews 2016 and NAAP, Greenwood works to give back to the community.

Branch locations: Digital bank headquartered in Atlanta, Georgia. Serves all states.
ATMs: Global ATM network.
Branches: 1

  • Greenwood is new, so there are no products yet. But they’ll have spending and savings products available soon.

Omega Psi Phi Fraternity Federal Credit Union

Omega Psi Phi Fraternity Federal Credit Union opened its doors in 1986. It manages $2.18 million in assets and primarily serves Omega Psi Phi Fraternity members and their families.

Branch locations: Toccoa, Georgia
ATMs: N/A
Branches: 1

  • Personal:

    • Checking accounts: 1
    • Savings accounts: 1
    • CDs: 0

    Business:

    • Checking accounts:0
    • Savings accounts:0
    • CDs:0
  • To become a member, you’ll need to be a member or an employee of:

    • The Omega Psi Phi Fraternity, Inc.
    • The Omega Psi Phi Fraternity Federal Credit Union
    • Chapters, districts, and other related organizations

    Membership also extends to your family members.

Hawaii

There aren’t any Black-owned banks headquartered in Hawaii, but these banks serve this area:

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Idaho

There aren’t any Black-owned banks headquartered in Idaho, but these banks serve this area:

Illinois

GN Bank (Groupe Nduom)

This institution was founded in 1934 by 13 African American men who were on a mission to provide savings and loan services to Black Chicagoans. It was originally named Illinois Service Federal, but changed its name to GN Bank in 2018 after it was acquired by Groupe Nduom.

Branch locations: Chicago, Illinois
ATMs: 2 million+ ATMs in the STAR network
Branches: 1

  • Personal:

    • Checking accounts: 4
    • Savings accounts: 5
    • CDs: 0

    Business:

    • Checking accounts:1
    • Savings accounts:0
    • CDs:0
South Side Community Federal Credit Union

South Side Community Federal Credit Union has been offering up financial education, credit and savings services to its members since 2004. Membership is open to anyone who lives, works, worships, attends school or belongs to an organization on the South Side of Chicago.

Branch locations: Chicago, Illinois
ATMs: N/A
Branches: 1

  • Personal:

    • Checking accounts: 1
    • Savings accounts: 6
    • CDs: 1

    Business:

    • Checking accounts:1
    • Savings accounts:1
    • CDs:1
  • Anyone who lives, works, worships, attends school or belongs to an organization on Chicago’s south side — from 22nd Street to the southern city limits and from the Lake on the East to Western Avenue on the West — qualify for membership.

Indiana

There aren’t any Black-owned banks headquartered in Indiana, but these banks serve this area:

Iowa

There aren’t any Black-owned banks headquartered in Iowa, but these banks serve this area:

Kansas

There aren’t any Black-owned banks headquartered in Kansas, but these banks serve this area:

Kentucky

There aren’t any Black-owned banks headquartered in Kentucky, but these banks serve this area:

Louisiana

Liberty Bank

In terms of branch locations, Liberty Bank has the second-largest footprint of any Black-owned bank with 15 branches spread throughout eight states. It’s committed to providing financial mentorship to minority communities, so more families can buy homes and more individuals can start businesses.

Branch locations: Alabama, Illinois, Kansas, Kentucky, Louisiana, Mississippi, Michigan, Missouri
ATMs: 28
Branches:15

  • Personal:

    • Checking accounts: 4
    • Savings accounts: 4
    • CDs: 1

    Business:

    • Checking accounts:2
    • Savings accounts:2
    • CDs:1
Southern Teachers & Parents Federal Credit Union

Southern Teachers & Parents Federal Credit Union has been offering personalized service to its members for over 80 years. It primarily serves Southern University alumni, employees, parents and students; employees of Assumption, East Baton Rouge, Lafourche, West Feliciana Parishes; church members in Baton Rouge, Terrebonne and Lafourche Parishes and employees of the City of Thibodaux and One united bank reviews 2016 Parish Juvenile Justice Facility.

Branch locations: Baton Rouge, Louisiana; Thibodaux, Louisiana
ATMs: Two bank-owned ATMs, plus any ATM in the CU Alliance network
Branches:2

  • Personal:

    • Checking accounts: 0
    • Savings accounts: 2
    • CDs: 1

    Business:

    • Checking accounts:0
    • Savings accounts:0
    • CDs:0
  • Membership to the Southern Teachers & Parents Federal Credit Union extends to:

    • Alumni, employees, parents and students of Southern University
    • Church members in Baton Rouge, Terrebonne and Lafourche Parishes

    Employees of the following organizations also qualify:

    • Assumption, East Baton Rouge, Lafourche and West Feliciana Parishes
    • City of Thibodaux and Lafourche Parish Juvenile Justice Facility

Maine

There aren’t any Black-owned banks headquartered in Maine, but these banks serve this area:

Maryland

The Harbor Bank of Maryland

The Harbor Bank of Maryland primarily serves the Baltimore metropolitan area. Its doors opened in 1982 where it served as the first community bank in the US to have an investment subsidiary. It was also the first bank in Maryland to receive Fannie Mae funding under the Community Development Financial Institution (CDFI) Program.

Branch locations: Baltimore, MD area
ATMs: 55,000 Allpoint ATMs
Branches: 7

  • Personal:

    • Checking accounts: 3
    • Savings accounts: 3
    • CDs: 2

    Business:

    • Checking accounts:4
    • Savings accounts:3
    • CDs:1

Massachusetts

OneUnited Bank

OneUnited Bank was the first online-only Black-owned bank established in the US. It puts a strong focus on financial education and helping low-to-moderate income communities secure funding and resources needed to achieve economic growth.

Branch locations: Los Angeles, California; Boston, Massachusetts; Miami, Florida
ATMs: 30,000+ MoneyPass ATMs
Branches:5

  • Personal:

    • Checking accounts: 2
    • Savings accounts: 1
    • CDs: 1

    Business:

    • Checking accounts:0
    • Savings accounts:0
    • CDs:0

Michigan

First Independence Bank

First Independence Bank has been serving the Detroit metropolitan area since 1970. It’s the only African American-owned bank headquartered in Michigan.

Branch locations: Detroit, MI
ATMs: Any FIB, Fifth Third, TCF or Chemical Bank ATM with 147 in the Metro Detroit area
Branches:3

  • Personal:

    • Checking accounts: 6
    • Savings accounts: 3
    • CDs: 2

    Business:

    • Checking accounts:5
    • Savings accounts:3
    • CDs:1

Minnesota

There aren’t any Black-owned banks headquartered in Minnesota, but these banks serve this area:

Mississippi

Hope Credit Union

Hope Credit Union was organized by members of Anderson United Methodist Church in 1995. Its mission is to be a beacon for capital accumulation for individuals and businesses in minority communities. Netflix gave this institution $10 million in 2020 as part of its initiative to build economic opportunities in Black communities.

Branch locations: Alabama, Arkansas, Louisiana, Mississippi, and Tennessee
ATMs: 23 ATMs
Branches:28

  • Personal:

    • Checking accounts: 2
    • Savings accounts: 5
    • CDs: 1

    Business:

    • Checking accounts:1
    • Savings accounts:0
    • CDs:0
  • Hope Credit Union is open to anyone who completes a membership application. By applying, you’ll automatically become a member of both the Hope Credit Union and the Hope Enterprise Corporation.

Missouri

First Boulevard

Based in Kansas City, First Boulevard is an online-only banking account committed to closing the racial wealth gap in America. It offers audio-based financial literacy lessons, early access one united bank reviews 2016 direct deposits and cash back at participating Black-owned businesses. It hasn’t launched yet, but you can sign up for the waiting list.

Branch locations: Online only, but serves: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

ATMs: 37,000+ MoneyPass ATMs across the US
Branches: None

  • Personal:

    • Checking accounts: 1
    • Savings accounts: 0
    • CDs: 0

    Business:

    • Checking accounts:0
    • Savings accounts:0
    • CDs:0
  • First Boulevard hasn’t launched yet, but you can join the waiting list at firstboulevard.com.

St. Louis Community Credit Union

Charted in 1942, St. Louis Community Credit Union is more than a financial institution. It’s also a for-profit cooperative, a Community Development Financial Institution (CDFI) and a Low-Income Designated credit union. It offers several programs to support its local community.

Branch locations: Missouri
ATMs: 30,000+ CO-OP ATMs
Branches:17

  • Personal:

    • Checking accounts: 4
    • Savings accounts: 6
    • CDs: 1

    Business:

    • Checking accounts:0
    • Savings accounts:0
    • CDs:0
  • Anyone who lives or works in the following areas can become a member:

    • St. Louis City
    • Franklin, St. Louis
    • St. Charles counties in Missouri
    • St. Clair, Madison, Monroe and Jersey counties in Illinois

Montana

There aren’t any Black-owned banks headquartered in Montana, but these banks serve this area:

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Nebraska

There aren’t any Black-owned banks headquartered in Nebraska, but these banks serve this area:

Nevada

There aren’t any Black-owned banks headquartered in Nevada, but these banks serve this area:

New Hampshire

There aren’t any Black-owned banks headquartered in New Hampshire, but these banks serve this area:

New Jersey

There aren’t any Black-owned banks headquartered in New Jersey, but these banks serve this area:

New Mexico

There aren’t any Black-owned banks headquartered in New Mexico, but these banks serve this area:

New York

Carver Federal Savings Bank

Carver Federal Savings Bank was established in 1948 to support African American communities who were cut off from mainstream financial services. Even today, most of its branches are in low-income communities.

Источник: https://www.finder.com/black-owned-banks

The #BankBlack revolution has already begun. Thousands of African Americans across the country are transferring their money to Black-owned banks that invest in urban communities and businesses. Initiated by several celebrities like Solange, T.I. and rapper Killer Mike, the initiative is in response to years of police brutality, discrimination, and other racial problems that have long existed in America.
African Americans collectively have an annual buying power of almost $1 trillion dollars, and so the idea is to circulate and re-circulate Black dollars within Black communities.

If you are interested in opening an account at a Black-owned, FDIC-insured bank, here's the complete list below:

ALABAMA

#1 - Alamerica Bank:This bank in Birmingham, Alabama provides a unique banking experience for underserved communities. Their staff of experienced bankers is committed to providing quality and personalized service, offering a full array of banking services, from deposit accounts to loans.

#2 - Commonwealth National Bank:At this bank in Mobile, Alabama, they believe that your business is unique and so your bank should be too. They offer free online banking with no minimum daily balance required and a variety of business accounts designed to help you maximize your banking experience.

(Also see #11 - Liberty Bank, which has one united bank reviews 2016 locations in Tuskegee and Montgomery, AL.)

CALIFORNIA

#3 - Broadway Federal Bank:Based in Los Angeles, California, this Black-owned bank aims to serve the real estate business and financial needs in underserved urban communities. They especially aim to meet the needs of minority consumers who want to take out conventional loans.

(Also see #13 - One United Bank, which has branch locations in Compton and Los Angeles, CA.)

DISTRICT OF COLUMBIA (WASHINGTON, DC)

#4 - Industrial Bank: Headquartered in Washington, DC with branch locations in Oxon Hill and Forestville, Maryland, this bank has delivered essential banking and financial services since 1934 that have contributed greatly to the growth and development of the local Black community. In 2019, they opened two branches in New Jersey and one in New York

FLORIDA

#5 - Axiom Bank: Headquartered in Central Florida with branches throughout the Jacksonville, Orlando, and Tampa areas, this federally-chartered community bank serves the financial needs of its customers through a wide range of financial products. They provide retail banking services, including checking, deposit, and money market accounts, through 20 branch locations, 19 of which are inside select Walmart Supercenters. (Note: This bank was Black-owned for many years as Urban Trust Bank and even earlier as Metro Savings Bank. Although they are no longer Black-owned, they are a solid, growing community bank that supports urban communities.)

(Also see #13 - One United Bank, which has branch locations in Miami, FL.)

GEORGIA

#6 - Carver State Bank:Established in 1927 in Savannah, Georgia, this Black-owned bank has remained a financial services leader for all sectors of the Savannah community throughout its 85 years and is the only bank in the area with an outstanding Community Reinvestment Act Rating.

#7 - Citizens Trust Bank:Since their beginning in 1921, this Atlanta, GA-based bank has responded to market shifts by expanding their electronic platform while still providing the personal touch service that makes them unique to their customers. Thanks to an online #BankBlack social media campaign in July 2016, more than 8,000 new accounts were opened at their branch in just one week.

ILLINOIS:

#8 - Illinois Service Federal Bank:Based in Chicago, this bank aims to be a viable, growing, community development financial services institution responding innovatively to their primarily underserved and minority constituency with superb customer service.

#9 - Self-Help Credit Union:Formerly Seaway Bank & Trust Company, a Chicago-based community bank that served families, non-profits and businesses in diverse neighborhoods. It was established in 1965 to counter discriminatory lending practices and is now recognized as one of the nation's largest minority-owned banks, with more than $400 million in assets and 240 employees.

(Also, see #11 - Liberty Bank, which has branch locations in Chicago, IL.)

KANSAS:

(See #11 - Liberty Bank, which has branch locations in Kansas City, KS.)


KENTUCKY:

#10 - Metro Bank:Based in Louisville, Kentucky, this Black-owned bank works to provide an opportunity where before there was none - whether it is their involvement in a multi-million dollar New Markets Tax Credit project, or a start-up business loan to an entrepreneur providing a much-needed service in an underserved neighborhood.

LOUISIANA:

#11 - Liberty Bank:Primarily based in New Orleans and Baton Rouge, Louisiana, this bank has a sincere focus on service, integrity, and a sincere interest in community and business development. Over the past four decades, they have also expanded to more than 18 branches in six states - including Kansas, Mississippi, Michigan, Missouri, Alabama, and Illinois.

MARYLAND:

#12 - Harbor Bank of Maryland:Opening its doors in 1982, this bank primarily serves the Baltimore metropolitan area, and offers checking, savings, time deposits, credit cards, debit card, commercial real estate, personal, home improvement, automobile, and other installment and term loans. They also have a branch in Riverdale, MD, PG County.

(Also, see #4 - Industrial Bank, which has branch locations in Oxon Hill and Forestville, MD.)

MASSACHUSETTS:


#13 - One United Bank: The first Black internet bank and the largest Black-owned bank in the country, with offices in Los Angeles, Boston, and Miami. They were awarded the highest Bank Enterprise Award by the U.S. Department of Treasury for their community development lending ten times, and they are a designated Community Development Financial Institution (CDFI).

MICHIGAN:

#14 - First Independence Bank: Based in Detroit, this bank was established in the 1970's to serve the financial needs of the urban community, its businesses, and its citizens. They say that no line of financial services is beyond their charter as long as they are serving the financial needs of businesses and families in the Black community.

(Also, see #11 - Liberty Bank, which has branch locations in Detroit, MI.)


MISSISSIPPI:

(See #11 - Liberty Bank, which has branch locations in Jackson, MS.)

MISSOURI:

(See #11 - Liberty Bank, which has branch locations in St. Louis, MO.)

NEW JERSEY:

#15 - City National Bank: Primarily based in Newark, NJ with branch locations in Harlem and Brooklyn, NYC, this Black-owned bank plays a pivotal role in strengthening urban communities. They call themselves a forward-thinking financial institution whose mission is to build economic strength and improve the quality of life within urban communities by providing the highest quality financial services, including low-cost business loans.

(Also, see #4 - Industrial Bank, which has two branch locations in Newark, NJ.)

NEW YORK:

(See #4 - Industrial Bank, which has a branch location in Harlem, NY.)

(See #15 - City National Bank, which has branch locations in Harlem and Brooklyn, NY.)

NORTH CAROLINA:

#16 - Mechanics & Farmers Bank:Founded in 1907, this bank is the 2nd oldest minority-owned bank in the United States. They have branches in Winston-Salem, Durham, Raleigh, Greensboro, and Charlotte, and most of their deposits are recycled back into urban communities.

PENNSYLVANIA:

#17 - United Bank of Philadelphia:Based in the city of Philadelphia, this Black-owned bank says that all deposits stay right in the community in a cycle of community, inclusivity, and opportunity. They offer affordable banking services to individuals, families, small businesses, and non-profit organizations.

SOUTH CAROLINA:

#18 - South Carolina Community Bank:Based in Columbia, SC, this Black-controlled bank offers a select range of high priority personalized products and services to traditionally underserved communities, including small to medium-sized businesses.

TENNESSEE:

#19 - Citizens Savings Bank and Trust Company:With branch locations in Nashville and Memphis, TN, this community bank provides friendly and personal service to both individuals and small businesses. They are an equal opportunity employer with 32 full-time employees, 3 convenient offices and approximately $100 million in total assets.

#20 - Tri-State Bank of Memphis:With three branch locations throughout the Memphis area, this a community bank has proudly served the urban community for over 65 years and have a history of leadership, concern and commitment.

TEXAS:

#21 - Unity National Bank:Based in Houston, Texas, with a branch also in Missouri City, this Black-owned bank creates opportunities to help people and businesses grow and enhance the quality of life. They do that through service and services that respect their time, make banking easier and keep them financially competitive.

VIRGINIA:

#22 - First State Bank: Chartered in 1919 in Danville, VA, this locally-owned and operated bank provides the personal touch to banking services. From checking and savings products to loans and other financial investments, they offer a variety of options to fit your needs.

WISCONSIN:

#23 - Columbia Savings & Loan Association:Based in Milwaukee, WI, this is the oldest Black-owned financial institution in the state, and they have been serving commercial and individual accounts to urban customers since 1924. They offer checking accounts, and consumer and business loans.
Источник: https://www.blackbusiness.com/2016/07/bank-black-top-black-owned-banks-credit-unions-financial-institutions.html

OneUnited Bank: 'Authentically And Unapologetically Black'13:29
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According to a recent study from UMass Boston, 18 percent of black mortgage applicants were denied loans in Massachusetts. That's compared to 5 percent of white applicants.

OneUnited Bank is an African American-owned financial institution trying to address that discrepancy. It's a Boston-based bank, with branches in Miami and Los Angeles, and headquarters on Franklin Street in Boston's Financial District.

In 2016, the bank partnered with rapper and activist Killer Mike to promote minority banking there, which used the hashtag #BankBlack. Killer Mike spoke to a crowd one united bank reviews 2016 the importance of using financial independence as a political tool.

"You don’t work for politicians because you don’t organize your money," he said. "You don’t organize your money so you don’t have no lobby groups . And I’m saying to you right now, the first step to organizing your money as a collective is organizing your money on your own.”

Guest

Teri Williams, president and chief operating officer of OneUnited Bank, which tweets @oneunited.

Interview Highlights

On the differences between black and white home ownership in Boston

“The discrepancies are large. If you look at the percentages of black folks here in Boston that own their home in comparison to the white population, there is a significant gap. If you look at the wealth between black and white Bostonians, you're looking at an average net asset of $700 for black people in Boston compared to $256,000 for white Bostonians. That comes from a Federal Reserve study called ‘The Color of Wealth in Boston.’ There is a huge gap and one united bank reviews 2016 reason for the gap is homeownership - and the equity that people have been able to build up in their homes.”

On some of the reasons for the discrepancy between white and black home ownership

“Part of [the problem] is eligibility. Part of it is just the income difference and need. Boston is a community that has high home values, [or] prices. Having the down payment and being able to afford the home is definitely a chase bank offers for new checking account. There are great programs today that your listeners need to be aware of - [One United] just became a lender for the ONE Mortgage Program that is offered here in Boston for first time homebuyers. We are partnering with Massachusetts Affordable Housing Alliance to offer that program, and we also work with the Boston Home Center.”

“.The other part of [the problem] is that racism still exists. There are differences in approval rates for blacks versus white borrowers that have similar characteristics. The data shows differences. There’s a need for more data to explain those differences. Part of [the problem] is a difference [because of] racism, part of it also credit. What we find at One United Bank is that, a lot of times, borrowers are declined because of bad credit. And that there is a need for the African American community.to focus on rebuilding credit.”

On how racism plays into home ownership

“Anecdotally, what we see is if someone is on the margin - so a situation where they may have just enough of a down payment or they have the minimum credit score.There needs to be an exception that needs to be made. In those instances, if you are African American, you are more likely to get declined. So that’s really where the difference is.that there is a difference when a judgement is made.”

On the benefits of the Bank Black movement

“[The Bank Black movement has] really gotten our community to understand that banking is for them. There is a sense that…‘their ice is colder,’a phrase in the black community, which means that if you are black, that somehow you are less than. There is this sense, in general, that if you are in business or a customer that you are somehow less than.”

“But, what this Bank Black movement has done and this Buy Black movement has done…it has said ‘wait a minute.’ The black community spends $1.2 trillion a year - those are statistics from Nielsen. How do we take that $1.2 trillion and channel that to build wealth in our communities? How do we focus on banking black, buying black, using our collective economic spending power to buy the block?”

Источник: https://www.wbur.org/radioboston/2017/07/12/oneunited-bank-president

3 of 5 Most Valuable Global Bank Brands Are Chinese

Banking & Finance

Paul Ausick

February 2, 2017 2:05 pm

Last Updated: January 12, 2020 3:13 pm

In a new ranking of the world’s top banking brands, a China-based bank tops the list for the first time, while two more Chinese bank brands nabbed a spot in the top five and a total of four made the top 10 one united bank reviews 2016 top ranked bank brand is Industrial and Commercial Bank of China (ICBC), a state-owned Chinese bank with a brand value of $47.83 billion in 2016, a 32% improvement compared with 2015’s brand value. Wells Fargo & Co. (NYSE: WFC) was the runner-up with a brand value of $41.62, a 6% year-over-year decline.

A banking brand value report was released Wednesday by branding and strategic consulting firm Brand Finance.

Wells Fargo had been the leading banking brand for the previous four years, but the fake customer account scandal cost it the top ranking in 2016.

All four of China’s top-ranked banks are state-owned. Here’s a list of the top 10, together with their brand value, the year-over-year percentage change and the bank’s brand rating as assigned by Brand Finance.

  1. ICBC: $47.83 billion brand value; up 32%; rating AAA
  2. Wells Fargo: $41.62 billion; down 6%; rating AA+
  3. China Construction Bank: $41.38 billion; up 17%; rating AAA-
  4. JPMorgan Chase & Co. (NYSE: JPM): $33.74 billion; up 10%; rating AAA-
  5. Bank of China: $31.25 billion; up 13%; rating AAA
  6. Bank of America Corp. (NYSE: BAC): $30.27 billion; up 12%; rating AAA-
  7. Agricultural Bank of China: $28.51 billion; down 12%; rating AA+
  8. Citigroup Inc. (NYSE: C): $27.67 billion, up 6%; rating AA+
  9. HSBC Holdings PLC (NYSE: HSBC): $20.69 billion; down 14%; rating AA+
  10. Banco Santander SA (NYSE: SAN): $15.93 billion; up 2%; rating AA+

According to Brand Finance, the impressive values given to Chinese banks are the result of a number of attributes:

  • The first is scale; China’s vast population and the growing prosperity of its citizens create a huge market for its major banks. China’s economy and businesses across all sectors are growing rapidly, expanding both organically and through a strong demand for foreign acquisitions, creating opportunity for its lenders and financial service providers.
  • Foreign M&A activity has significantly accelerated in the last two years, hitting a record high in 2016 Banking 500 Executive Summary with such notable takeovers as ChemChina’s acquisition of Syngenta or Haier Group’s of GE’s home appliance division. …
  • China’s banks look set for further international expansion that should see a further strengthening of their positions …

In addition to the $2.6 billion damage caused to Wells Fargo’s brand value by the fake account scandal, Agricultural Bank of China’s New York City branch also got socked with a sexual harassment claim brought by the bank’s chief compliance officer that cost it nearly $4 billion in brand value. HSBC was caught up in a number of issues related to money laundering and fraud revealed in the Panama Papers that lasted into last year and cost the bank over $4 billion in brand value.

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Read more: Banking & Finance, BAC, C, HSBC, JPM, SAN, WFC, Brands and Products

Источник: https://247wallst.com/banking-finance/2017/02/02/3-of-5-most-valuable-global-bank-brands-are-chinese/

Maria Leach is a Senior Mortgage Consultant for First United Bank. She is a graduate of the University of Texas at Arlington with a long background in real estate—having served on a top producing team for six years before moving to the mortgage industry. Her focus and commitment to her clients consistently keep her as one of the top producing loan officers for First United Bank.

She has won numerous awards from her first year in mortgage in 2004 — where she won Outstanding Loan Officer —to winning the coveted Scotsman Guide's Top 1% of Mortgage Professionals in America and Top 1% of Women Mortgage Professionals in America in 2020 and 2021. She is consistently honored with First United Bank’s highest award of “Chairman’s Circle", and has been the recipient of Texas Monthly’s Five Star Award for 2015, 2016, 2017, 2018, 2019, 2020, and 2021 and one of D Magazine's “Best Mortgage Professionals” in 2016, 2017, 2018, 2019 and 2020. She continues to remain a leader in her industry.

Maria has been married to Ed for 21 years and has a son Tristan (18), currently a Senior at Lakehill Preparatory School. He will be attending Texas State University in the fall. She has two stepsons: Derrick, serving in the U.S. Airforce in Germany; Dustin, living in Dallas; her stepdaughter, Shelby, an artist in San Marcos; three granddaughters and a grandson recently born in Germany. When Maria is not helping clients with their mortgage needs, she and Tristan enjoy volunteering together and especially spending time with family on the boat and traveling. She published her first children’s story “George Can and You Can Too,” in 2015, based on her experiences volunteering at Jonathan’s Place.

Maria and her team are very responsive and thorough, not to mention friendly and kind. They will never be too busy for you or your friends and family.

Источник: https://firstunitedteam.mymortgage-online.com/mleach.html
one united bank reviews 2016

One united bank reviews 2016 -

29 November 2021

SURVEY OF MONETARY ANALYSTS

ECB Survey of Monetary Analysts (SMA), December 2021

English

26 November 2021

WORKING PAPER SERIES - No. 2617

Markups and inflation cyclicality in the euro area

English

Abstract
Price inflation in the euro area has been stable and low since the Global Financial Crisis, despite notable changes in output and unemployment. We show that an increasing share of high markup firms is part of the explanation of why inflation remained stubbornly stable and low in the euro area over the past two decades. For this purpose, we exploit a rich firm-level database to show that over the period 1995–2018 the aggregate markup in the euro area has been on the rise, mainly on account of a reallocation towards high-markup firms. We document significant heterogeneity in markups across sectors and countries and, by linking these markup developments to the evolution of sectoral level producer and consumer price inflation, we find that (i) inflation in high-markup sectors tends to be less volatile than in low-markup sectors and (ii) inflation in high-markup sectors responds significantly less to oil supply, global demand and euro area monetary policy shocks.
JEL Code
D2 : Microeconomics→Production and Organizations
D4 : Microeconomics→Market Structure and Pricing
N1 : Economic History→Macroeconomics and Monetary Economics, Industrial Structure, Growth, Fluctuations
O3 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights
Network
Price Micro Setting Analysis Network (PRISMA)

25 November 2021

WORKING PAPER SERIES - No. 2616

Nowcasting euro area GDP with news sentiment: a tale of two crises

English

Abstract
This paper shows that newspaper articles contain timely economic signals that can materially improve nowcasts of real GDP growth for the euro area. Our text data is drawn from fifteen popular European newspapers, that collectively represent the four largest Euro area economies, and are machine translated into English. Daily sentiment metrics are created from these news articles and we assess their value for nowcasting. By comparing to competitive and rigorous benchmarks, we find that newspaper text is helpful in nowcasting GDP growth especially in the first half of the quarter when other lower-frequency soft indicators are not available. The choice of the sentiment measure matters when tracking economic shocks such as the Great Recession and the Great Lockdown. Non-linear machine learning models can help capture extreme movements in growth, but require sufficient training data in order to be effective so become more useful later in our sample.
JEL Code
C43 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→Index Numbers and Aggregation
C45 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→Neural Networks and Related Topics
C55 : Mathematical and Quantitative Methods→Econometric Modeling→Modeling with Large Data Sets?
C82 : Mathematical and Quantitative Methods→Data Collection and Data Estimation Methodology, Computer Programs→Methodology for Collecting, Estimating, and Organizing Macroeconomic Data, Data Access
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications

25 November 2021

WORKING PAPER SERIES - No. 2615

Quantitative easing and corporate innovation

English

Abstract
To what extent can Quantitative Easing impact productivity growth? We document a strong and heterogeneous response of corporate R&D investment to changes in debt financing conditions induced by corporate debt purchases under the ECB’s Corporate Sector Purchase Program. Companies eligible for the program increase significantly their investment in R&D, relative to similar ineligible companies operating in the same country and sector. The evidence further suggests that by subsidizing the cost of debt, corporate bond purchases by the central bank stimulate innovation through a wealth transfer to innovative companies with low debt levels, rather than by supporting credit constrained firms.
JEL Code
E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
G10 : Financial Economics→General Financial Markets→General
O3 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights

24 November 2021

OCCASIONAL PAPER SERIES - No. 285

To be or not to be “green”: how can monetary policy react to climate change?

English

Abstract
Climate change has profound effects not only for societies and economies, but also for central banks’ ability to deliver price stability in the future. This paper starts by documenting why climate change matters for monetary policy: it impacts the economic variables relevant to setting the monetary policy stance, it interacts with fiscal and structural responses and it can generate dislocations in financial markets, which are impossible for monetary policy to ignore. Next, we survey several possible ways central banks can respond to climate change. These range from protective actions to more proactive measures aimed at mitigating climate change and supporting green finance and the transition to sustainable growth. We also discuss the constraints and trade-offs faced by central banks as they respond to climate risks. Finally, focusing on the specific challenges faced by inflation-targeting central banks, we consider how certain design features of this regime might interact with, and evolve in response to, the climate challenge.
JEL Code
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming

24 November 2021

SURVEY ON THE ACCESS TO FINANCE OF ENTERPRISES IN THE EURO AREA

Survey on the Access to Finance of Enterprises in the euro area - April to September 2021

English

English

24 November 2021

RESEARCH BULLETIN - No. 89

Bank leverage constraints and bond market illiquidity during the COVID-19 crisis

English

English

Abstract
The outbreak of the coronavirus (COVID-19) pandemic led to heightened uncertainty and a “dash-for-cash” in March 2020. Investors moved out of risky assets and into safe assets. The mutual fund sector in particular was hit by unprecedented investor redemptions and faced fire sale pressure as a result. Typically, banks that engage in securities trading – dealer banks – absorb such bond sales, supporting market liquidity, but regulation may limit their ability to do so by requiring them to maintain a certain leverage ratio. In recent research, we analyse the role of bank leverage constraints as an amplifier of bond market illiquidity during the March 2020 crisis. Our analysis links mutual funds bond holdings to dealer banks and their leverage constraints. We document that mutual funds that were holding more bonds exposed to dealer bank constraints in their portfolio faced bigger selling pressure in March 2020. We provide supplementary evidence that bank leverage constraints affect bond liquidity, using the introduction of leverage ratio regulation in the euro area.
JEL Code
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages

22 November 2021

WORKING PAPER SERIES - No. 2614

Credit growth, the yield curve and financial crisis prediction: evidence from a machine learning approach

English

Abstract
We develop early warning models for financial crisis prediction by applying machine learning techniques to macrofinancial data for 17 countries over 1870–2016. Most nonlin-ear machine learning models outperform logistic regression in out-of-sample predictions and forecasting. We identify economic drivers of our machine learning models using a novel framework based on Shapley values, uncovering nonlinear relationships between the predic-tors and crisis risk. Throughout, the most important predictors are credit growth and the slope of the yield curve, both domestically and globally. A flat or inverted yield curve is of most concern when nominal interest rates are low and credit growth is high.
JEL Code
C40 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→General
C53 : Mathematical and Quantitative Methods→Econometric Modeling→Forecasting and Prediction Methods, Simulation Methods
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
F30 : International Economics→International Finance→General
G01 : Financial Economics→General→Financial Crises

19 November 2021

WORKING PAPER SERIES - No. 2613

What goes around comes around: How large are spillbacks from US monetary policy?

English

Abstract
We quantify spillbacks from US monetary policy based on structural scenario analysis and minimum relative entropy methods applied in a Bayesian proxy structural vector-autoregressive model estimated on data for the time period from 1990 to 2019. We find that spillbacks account for a non-trivial share of the overall slowdown in domestic real activity in response to a contractionary US monetary policy shock. Our analysis suggests that spillbacks materialise as Tobin’s q/cash flow and stock market wealth effects impinge on US investment and consumption. Contractionary US monetary policy depresses foreign sales of US firms, which reduces their valuations/cash flows and thereby induces cutbacks in investment. Similarly, as contractionary US monetary policy depresses US and foreign equity prices, the value of US households’ portfolios is reduced, which triggers a drop in consumption. Net trade does not contribute to spillbacks because US monetary policy affects exports and imports similarly. Finally, spillbacks materialise through advanced rather than emerging market economies, consistent with their relative importance in US firms’ foreign demand and US foreign equity holdings.
JEL Code
F42 : International Economics→Macroeconomic Aspects of International Trade and Finance→International Policy Coordination and Transmission
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
C50 : Mathematical and Quantitative Methods→Econometric Modeling→General

18 November 2021

WORKING PAPER SERIES - No. 2612

Natural rate chimera and bond pricing reality

English

Abstract
We build a novel macro-finance model that combines a semi-structural macroeconomic module with arbitrage-free yield-curve dynamics. We estimate it for the United States and the euro area using a Bayesian approach and jointly infer the real equilibrium interest rate (r*), trend inflation (π*), and term premia. Similar to Bauer and Rudebusch (2020, AER), π* and r* constitute a time-varying trend for the nominal short-term rate in our model, rendering estimated term premia more stable than standard yield curve models operating with time-invariant means. In line with the literature, our r* estimates display a distinct decline over the last four decades.
JEL Code
C11 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Bayesian Analysis: General
C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy

17 November 2021

FINANCIAL STABILITY REVIEW

Financial Stability Review, November 2021

English

English

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

Sustainability of recent euro area investment banking strength and debt capital market intermediation

Financial Stability Review Issue 2, 2021

English

Abstract
Investment banking revenues have contributed markedly to the recent increase in euro area banks’ non-interest income growth and the rebound in bank profitability. Internationally, equity capital market (ECM) revenue has doubled in the last three years, while debt capital market (DCM) and merger and acquisition (M&A) revenue has increased by around 50%, with only syndicated lending remaining more subdued. In the euro area, however, the most significant volume increase has come from debt instruments, which have long been the preferred source of corporate funding in the euro area ahead of equity. Despite the international growth in capital market volumes, market commentary before the pandemic suggested that investment banking was the “problem child” of European banking, with many large banks retreating from various market segments as they faced the fallout from the global financial crisis. Against this background, this box considers the recent developments in investment banking of euro area banks in relation to some of the prior trends and considers how sustainable the recent strength might be.
JEL Code
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G24 : Financial Economics→Financial Institutions and Services→Investment Banking, Venture Capital, Brokerage, Ratings and Ratings Agencies
:

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

Lessons learned from initial margin calls during the March 2020 market turmoil

Financial Stability Review Issue 2, 2021

English

Abstract
This box establishes stylised facts about the significant increase in initial margin (IM) in the euro area derivatives market during the March 2020 market turmoil. First, it shows that the increase was concentrated almost entirely in centrally cleared derivatives and driven mainly by equity, credit and interest rate portfolios. Second, by comparing static portfolios with those where portfolio repositioning took place, the IM increase is decomposed into (i) changes attributable to the CCP model sensitivity to market volatility, and (ii) changes attributable to portfolio repositioning by investors. For centrally cleared interest rate and credit derivatives (where this method is applicable), CCP model sensitivity to market volatility is found to be a key driver of the IM increase. Overall, the results suggest that it is important to develop a clearer understanding of “excessive procyclicality” for IM and possibly, on the basis of this common understanding, to review the models which CCPs use to calibrate IMs. The supervisory and regulatory framework governing the liquidity management of market participants, and in particular that of some non-bank financial intermediaries, should also be strengthened.
JEL Code
C60 : Mathematical and Quantitative Methods→Mathematical Methods, Programming Models, Mathematical and Simulation Modeling→General
G10 : Financial Economics→General Financial Markets→General
G13 : Financial Economics→General Financial Markets→Contingent Pricing, Futures Pricing

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

The role of financial stability in the ECB’s new monetary policy strategy

Financial Stability Review Issue 2, 2021

English

Abstract
The box reviews the role of financial stability in the ECB’s new monetary policy strategy and summarises the underlying analytical considerations. Financial stability is a precondition for price stability and vice versa. Accordingly, the pursuit of price stability by means of monetary policy, and of financial stability by means of macro-prudential, supervisory and regulatory policies, are complementary. For example, a build-up of financial imbalances increases the likelihood of future financial crises, with a negative impact on price stability. Addressing these vulnerabilities with adequate marcro-prudential measures is also beneficial for price stability. Similarly, monetary policy may also affect financial stability risks: it can reduce credit risk by boosting activity levels and inflation dynamics but at times may also encourage the build-up of leverage or raise the sensitivity of asset prices. In view of the price stability risks arising in financial crises, there is a clear conceptual case for the ECB to take financial stability considerations into account in its monetary policy deliberations. This does not imply that monetary policy is responsible for guaranteeing financial stability or lessen the role of macro-prudential policies as a first line of defence against financial vulnerabilities. Accordingly, the ECB’s new monetary policy strategy envisages a flexible approach in considering financial stability whenever this is relevant to the pursuit of price stability.
JEL Code
E3, E44, G01, G21 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

Assessing the strength of the recent residential real estate expansion

Financial Stability Review Issue 2, 2021

English

Abstract
In order to assess the strength of the current residential real estate expansion, we compare recent developments in euro area housing markets with the period ahead of the global financial crisis (GFC). We find that house price dynamics, overvaluation and the risk profile of new mortgage loans are at similar levels to those observed during the height of the pre-GFC cycle in 2007. However, vulnerabilities from mortgage lending developments and household balance sheets are currently below their pre-GFC levels. We conclude that the continued build-up of vulnerabilities in residential real estate markets calls for close monitoring and possible macroprudential measures.
JEL Code
R31 : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→Housing Supply and Markets
G51 : Financial Economics
P34 : Economic Systems→Socialist Institutions and Their Transitions→Financial Economics
G01 : Financial Economics→General→Financial Crises

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

The impact of loan and market-based credit supply shocks on euro area GDP growth

Financial Stability Review Issue 2, 2021

English

Abstract
Using a Bayesian vector autoregression model and drawing from a novel quarterly dataset on debt financing of non-financial corporations, this box estimates the effects of loan and market-based credit supply shocks on GDP growth in the euro area and the five largest euro area countries. A novel identification scheme with inequality restrictions is developed to distinguish between the two types of credit supply shock. The results suggest that not only loan supply but also market-based credit supply shocks play an important role for GDP growth. For the euro area as a whole, the explanatory power of both types of credit supply shock is found to be similar, while in Germany and France the explanatory power of market-based credit supply shocks exceeds that of loan supply shocks. Since market-based credit is mostly provided by non-bank financial intermediaries, the findings also suggest that strengthening the resilience of these intermediaries – such as through an enhanced macroprudential framework – would support GDP growth.
JEL Code
C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
G2 : Financial Economics→Financial Institutions and Services

17 November 2021

FINANCIAL STABILITY REVIEW - ARTICLE

Creditor coordination in resolving non-performing corporate loans

Financial Stability Review Issue 2, 2021

English

Abstract
Numerous European and national initiatives have been deployed since 2014 to reduce non-performing loan (NPL) stocks on euro area bank balance sheets. NPL ratios have fallen as a result, but very gradually, mainly thanks to sales to non-bank investors. Despite stronger market activity, prices paid by NPL investors have only improved marginally and continue to stand well below values assigned to NPLs by banks. One type of NPL that has proven particularly difficult to resolve is loans to non-financial firms that have borrowed from multiple banks – multi-creditor loans. Analysis of these loans relative to others finds lower provision coverage by the lending banks, reflecting more optimistic valuations by individual banks and limited recognition of the expected costs of multi-creditor coordination. This special feature proposes a strategy to overcome creditor coordination failures and costs, through the use of data platforms providing ex ante transparency to NPL investors. These, together with NPL securitisation, could substantially reduce the gap between the value of the loans booked on banks’ balance sheets and the prices offered by investors for NPL portfolios.
JEL Code
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill

17 November 2021

FINANCIAL STABILITY REVIEW - ARTICLE

Bank capital buffers and lending in the euro area during the pandemic

Financial Stability Review Issue 2, 2021

English

Abstract
Bank capital buffers are supposed to help banks to absorb losses while maintaining the provision of key financial services to the real economy in times of stress. Capital buffers that are usable along these lines should lessen the damaging effects that can arise from credit supply shortages. Making use of buffers entails using the capital space above regulatory buffers and minimum requirements and, in case of need, also using regulatory buffers. This special feature analyses bank lending behaviour during the pandemic to gain insights into banks’ propensity to use capital buffers and the impact of the regulatory capital relief measures implemented by the authorities. From a macro perspective, the euro area banking system was able to meet credit demand and withstand stress. However, this aggregate view reflects several factors, including the impact of extraordinary policy measures. A micro perspective thus can help to comprehend how the capital buffer framework and capital releases affected banks’ behaviour during the pandemic. A microeconometric analysis shows that the banks with limited capital space above regulatory buffers adjusted their balance sheets by reducing lending, which could be interpreted as an attempt to defend capital ratios, suggesting unwillingness to use capital buffers. The results also show that the regulatory capital relief measures adopted during in the pandemic, which added to banks’ existing capital space, were associated with higher credit supply. while more research is desirable, this suggests that more releasable capital could enhance macroprudential authorities’ ability to act countercyclically when a crisis occurs.
JEL Code
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

Sensitivity of sovereign debt in the euro area to an interest rate-growth differential shock

Financial Stability Review Issue 2, 2021

English

Abstract
Euro area sovereigns have issued significant amounts of new debt in response to the pandemic. While fiscal support was crucial to limit economic scarring and aid the recovery, it has also triggered concerns about medium to longer-term sovereign debt sustainability. One of the key factors for assessing sovereign debt sustainability is the interest rate-growth differential (
JEL Code
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E6 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
H62 : Public Economics→National Budget, Deficit, and Debt→Deficit, Surplus
H63 : Public Economics→National Budget, Deficit, and Debt→Debt, Debt Management, Sovereign Debt
H68 : Public Economics→National Budget, Deficit, and Debt→Forecasts of Budgets, Deficits, and Debt

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

ECB macroprudential stress test complements the EBA/SSM stress tests results in 2021

Financial Stability Review Issue 2, 2021

English

Abstract
The ECB’s biennial macroprudential stress test evaluates the resilience of the euro area banking system, this year also assessing the impact of pandemic-related policy measures. While relying on the same adverse and baseline scenarios as the EBA/SSM supervisory stress test, it also employs a dynamic balance sheet perspective and introduces amplification mechanisms relying on the banking euro area stress test model framework as outlined in Budnik et al. (2020). The results indicate a strong bank capitalisation under the baseline scenario combined with a subdued outlook for bank profitability. The lending outlook differs sharply for the two scenarios where policy support measures have a clear positive effect, especially in the adverse scenario, and have helped to ensure the resilience of the financial system.
JEL Code
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
Источник: https://www.ecb.europa.eu/

Texas Credit Union serving San Antonio, Austin, Dallas, Corpus Christi and more.

With high-value products and services, Randolph-Brooks Federal Credit Union (RBFCU) is a trusted financial partner for thousands of members in Texas, as well as around the world. RBFCU offers all the banking services you would expect from a leading credit union, and we've also made it our mission to help improve our members' economic well-being and quality of life. Our commitment to personalized service makes RBFCU membership the smarter banking choice.

Any alternate website that you visit by a link from RBFCU's website is solely the responsibility of that entity. Third-party links accessed from this site are provided for the convenience of RBFCU members. RBFCU is not responsible for the content of the alternate website and does not represent either the third party or the member if the two enter into a transaction. Privacy and security policies on the third-party site may differ from those practiced by RBFCU.

We use cookies to analyze and improve website use, and assist in overall user experience.

For your protection, please do not provide any personal information via email. If you are a member, please sign in to your Online Banking account to send a secure message.

If you are using a screen reader and are having problems using this website, please call 1-800-580-3300 for assistance.

Contact us today or stop by a local branch to find out how you can become a member.

Ask RBFCUИсточник: https://www.rbfcu.org/

Kevin Cohee

Kevin Cohee is is the owner, Chairman and Chief Executive Officer of OneUnited Bank, the largest Black owned bank and the first Black owned internet bank in America. In the aftermath of the protest against police brutality in 2016, Mr. Cohee created and spearheaded the Bank Black movement resulting in Black people transferring tens of millions of dollars into Black owned banks as a form of social protest.

OneUnited Bank was established by unifying several community banks across the country: Founders National Bank and Family Savings Bank in Los Angeles, People National Bank in Miami and Boston Bank of Commerce. Respectively, these banks have tenaciously served many neglected urban communities in America. By unifying these banks, OneUnited Bank has built the foundation to solve the longstanding problem of access to capital in inner city communities.

Through Mr. Cohee’s visionary leadership, OneUnited Bank has exceeded industry averages year after year regarding asset growth and profitability. From 1996 to the present, OneUnited assets have grown from $56 million to over $650 million. The Bank has consistently been profitable and achieved a compound growth rate on its common equity of over 35%.

OneUnited Bank has been designated by the United States Department of Treasury as a Community Development Financial Institution (CDFI). The Bank has received the Bank Enterprise Award (BEA), the highest award offered by the United States government for community development for ten years.

A successful business executive and entrepreneur for almost 20 years, Mr. Cohee founded a consulting firm in 1979 specializing in acquisition of radio and television stations by minorities. After obtaining his JD/MBA in 1985, Mr. Cohee became an investment banker at Salomon Brothers, Inc.

By 1988, through a leveraged buyout, Mr. Cohee acquired Military Professional Services, Inc. (MPS), a 29-year old company that marketed Visa and MasterCard credit cards to military personnel. Mr. Cohee successfully turned MPS into a profitable company with a $40 million portfolio and 20,000 customers. By 1993, Mr. Cohee sold the assets of MPS achieving significant financial benefit from the transaction.

Mr. Cohee purchased a majority controlling interest in Boston Bank of Commerce in 1995 – when the Bank was experiencing financial difficulties. Mr. Cohee was elected Chairman and CEO in 1996 and has since spearheaded the Bank’s growth and profitability.

Mr. Cohee is a native of Kansas City, Missouri. He holds a Juris Doctor (JD) degree from Harvard Law School. He also holds a Master of Business Administration (MBA) and a Bachelor of Arts degree from the University of Wisconsin; where he was a 4-year letterman in football. He is a member of Alpha Phi Alpha fraternity and has received numerous awards for his business and community achievements and contributions.

Contact a speaker booking agent to check availability on Kevin Cohee and other top speakers and celebrities.

Источник: https://www.allamericanspeakers.com/speakers/448899/Kevin-Cohee

Image result for bankblack

 According to the New York Times,

"WASHINGTON — Top banking regulators were taken aback..when a California congresswoman helped set up a meeting in which the chief executive of a bank with financial ties to her family asked them for up to $50 million in special bailout funds, Treasury officials said.

Representative Maxine Waters, Democrat of California, requested the September meeting on behalf of executives at OneUnited, one of the nation’s largest black-owned banks. Ms. Water’s husband, Sidney Williams, had served on the bank’s board of directors until early last year and has owned at least $250,000 in stock in the institution. Treasury officials said the session with nearly a dozen senior banking regulators had been intended to allow minority-owned banks and their trade association to discuss the losses they had incurred from the federal takeover of Fannie Mae and Freddie Mac. But Kevin Cohee, OneUnited’s chief executive, instead seized the opportunity to plead for special assistance for his bank, federal officials said."

And then, there's this:

OneUnited “bought or leased luxury real estate the CEO used and, until federal regulators complained in 2008, paid for his Porsche. Cohee's East Coast spread was an $880,000 condominium on Miami Beach's Ocean Drive, and out west the bank leased a $26,500-a-month mansion for him on Palisades Beach Road in Santa Monica, Calif…he was twice arrested, on sexual assault and drug charges.”

Carver Federal, another Black owned bank, decided to attempt to help African Americans victimized by fraudulent subprime lending, something OneUnited failed to do. In addition, OneUnited went from making 74 multifamily loans in 2006 to making only 2 in 2007.

The Black community needs black banks, and no one argues with the material success of OneUnited's owners, but if they are going to be involved in the #BankBlack movement using service to low and moderate income communities as justification, OneUnited should be required to prove that they are, in fact, lending in low and moderate income communities. The record above shows otherwise.

A better option.

We suggest the following:

Focus on other Black Banks like Liberty Bank in New Orleans, Citizens in Atlanta or Illinois Federal Savings and Loan. Based on an analysis of social impact, any black bank but OneUnited.
Источник: https://www.impactinvesting.online/2017/04/the-problem-with-oneunited-and-bankblack.html

OneUnited Bank explained

OneUnited Bank is an African-American-owned and managed Massachusetts-chartered trust company headquartered in Boston, Massachusetts. It is also registered by the Federal Deposit Insurance Corporation (FDIC), and certified as a community development financial institution (CDFI) by the United States Department of Treasury. As of April 30, 2018, OneUnited Bank maintained $661.2 million in total assets.[1]

History

Beginnings

The bank was founded in 1968 as Unity Bank & Trust Company with $1.2 million in capital in the then-Dudley Square (now Nubian Square) neighborhood of Boston, aiming to revitalize the area by lending exclusively to local businesses and homeowners. Unity Bank failed after nine years of operations, and a newly organized bank, Bank of Boston Commerce, was formed.

Boston Bank of Commerce expanded the model of community development to include partnerships with large corporations and government agencies. Its chairmen included United States SenatorEdward Brooke. With total assets of $257,183,000 and total deposits of $125,216,000 as of 31 December 2000, Boston Bank of Commerce filed for application to merge with Founders National Bank of Los Angeles, California, its four offices in operation and total resources of $107,009,000 and total deposits of $98,659,000 as of December 31, 2000. "Favorable" statutory factors, other relevant information and Comptroller of Currency reports led to the approval of the merger transaction application from Boston Bank of Commerce, by the Board of Governors of the Federal Reserve System, the Director of the Office of Thrift Supervision, and the Attorney General of the United States.[2]

1990s

In the mid-1990s, following the economic downturn that adversely affected other northeast-based regional banks, Boston Bank of Commerce was placed under a cease-and-desist order by the FDIC and charged to increase capital and improve the quality of its loan portfolio. In 1995 a significant capital infusion was made under the current Chairman and CEO Kevin Cohee and President and COO Teri Williams,[3] along with a new strategy of acquiring African American-owned banks and thrift institutions in major metropolitan markets. When the bank’s current senior management team assumed control of Boston Bank of Commerce, the institution temporarily had negative equity and significant asset problems. Its management subsequently acquired three African-American owned banks over several years that were troubled or on the verge of failure. Boston Bank of Commerce became the first interstate African American-owned bank in the country through its acquisition of Peoples National Bank of Commerce, South Florida’s only African-American-owned bank.

2000s

In 2001 the institution merged with Founders National Bank of Los Angeles, of which the majority owners were former professional basketball player and businessman Earvin "Magic" Johnson, musician Janet Jackson, and former Motown Records President Jheryl Busby.

Boston Bank of Commerce rebranded as OneUnited Bank.[4]

OneUnited Bank offers an annual financial literacy essay contest for youth, and President Teri Williams wrote a children’s book, I Got Bank! What My Granddad Taught Me About Money, to teach financial literacy to urban youth.[5]

In the latter part of 2008 and the beginning of 2009, OneUnited experienced financial problems as their equity investment in Freddie Mac and Fannie Mae became worthless. In order to stabilize the institution, the Bank applied for and received $12 million from the Troubled Asset Relief Program (TARP).[6] Since 2009, the bank has demonstrated sustained profitability.[7]

2010s

OneUnited Bank's branch staff use customer relationship management (CRM) software from Salesforce.com on iPads, in its Boston, Los Angeles and Miami branches.[8]

In 2013, regulators from the Massachusetts Division of Banks and the FDIC said there has been “minimal lending activity” in Boston. They also cited a lack of lending in the Miami market that amounted to "substantial noncompliance". OneUnited had made or purchased 34 loans in Massachusetts in three years, according to the report. Of those, 26 took place in Suffolk County, where the bank operates three offices. The bank expanded lending and refinancing, mostly for multi-family properties in Los Angeles, issuing 78 loans. But it made just eight loans in Boston and three in Miami. Nationally, only nine of the bank’s loans last year were made to low- or moderate-income borrowers.[9]

In January 2014, OneUnited introduced the UNITY Visa secured credit card called the "Comeback Card", for customers with low credit scores.[10] The card includes training for customers to improve their credit score. OneUnited Bank received recognition as a Notable IT Initiative from Community Banks by American Banker for the UNITY Visa Card's "Me" app, which allows consumers to apply for the card and, if they are approved, it allows them to open a deposit account to fund it.[11]

Beginning November 1, 2014, OneUnited removed online and over-the-phone credit card balance pay services. Bank branches that currently provide these services over-the-counter are now only located in the metropolitan areas of Boston, Miami, and Los Angeles. Sending a check by mail is the current de facto payment method for Unity Credit Card holders who live at long distances from bank branches.[12]

2020s

OneUnited came to media attention in 2020 after offering a Visa card featuring an image of abolitionist, slave rescuer and political activist Harriet Tubman apparently performing a "Wakanda Forever" salute (from the film Black Panther). The image was created by Miami, Florida artist Addonis Parker; he claimed that the gesture was intended to be the American Sign Language sign for "love."[13][14][15]

Awards

In 2004, 2005, 2006, 2007 and 2008, OneUnited Bank won the Treasury Department's highest award – The Bank Enterprise Award.[12]

See also

Notes and References

  1. News: OneUnited Bank Financial Reports. 2018-04-30. 2018-07-12. en-US.
  2. Web site: Lane. John M. Associate Director. FDIC: Decisions on Bank Applications. FDIC. 9 January 2016. https://fdic.gov. Home - Regulation & Examinations - Laws & Regulations - Decisions on Bank Applications.
  3. Web site: Management - OneUnited Bank. oneunited.com. 24 April 2017.
  4. Web site: FDIC OneUnited Bank BankFind Results. FDIC. FDIC. 9 January 2016. https://fdic.gov. Deposit Insurance - BankFind - OneUnited Bank - Details - History.
  5. Web site: Book Review: "I Got Bank: What My Granddad Taught Me About Money". The New Citizens Press. 24 April 2017.
  6. Web site: Bank's actions called improper. Ross. Kerber. Beth. Healy. 14 March 2009. 24 April 2017. The Boston Globe.
  7. Web site: Federal examiners protested help for politically connected bank, e-mails show . www.washingtonpost.com . 21 November 2018.
  8. Web site: OneUnited Deploys New CRM Tool to Drive Sales, Improve Service. americanbanker.com. 24 April 2017.
  9. News: OneUnited Bank gets ‘Needs to Improve’ on community lending. Boston Globe. 24 April 2017.
  10. Web site: OneUnited Bank To Launch UNITY Visa, The Comeback Card On January 15, 2014. OneUnited. Bank. prnewswire.com. 24 April 2017.
  11. Web site: OneUnited Bank's UNITY Secured Credit Card: The Comeback Card. Issa. Erin El. 2014-07-25. NerdWallet. 2020-02-06.
  12. Web site: Everything You Need to Know About The New #BankBlack Movement. Essence. en-US. 2020-02-06.
  13. Web site: OneUnited Bank's New Harriet Tubman Card Causes Controversy. www.adweek.com.
  14. Web site: OneUnited Bank Doubles Down on Harriet Tubman Debit Card. TMZ.
  15. Web site: Is that Harriet Tubman on a bank debit card, throwing a Wakanda salute?. NBC News.
Источник: http://everything.explained.today/%2F/OneUnited_Bank/

OneUnited Bank: 'Authentically And Unapologetically Black'13:29
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According to a recent study from UMass Boston, 18 percent of black mortgage applicants were denied loans in Massachusetts. That's compared to 5 percent of white applicants.

OneUnited Bank is an African American-owned financial institution trying to address that discrepancy. It's a Boston-based bank, with branches in Miami and Los Angeles, and headquarters on Franklin Street in Boston's Financial District.

In 2016, the bank partnered with rapper and activist Killer Mike to promote minority banking there, which used the hashtag #BankBlack. Killer Mike spoke to a crowd about the importance of using financial independence as a political tool.

"You don’t work for politicians because you don’t organize your money," he said. "You don’t organize your money so you don’t have no lobby groups ... And I’m saying to you right now, the first step to organizing your money as a collective is organizing your money on your own.”

Guest

Teri Williams, president and chief operating officer of OneUnited Bank, which tweets @oneunited.

Interview Highlights

On the differences between black and white home ownership in Boston

“The discrepancies are large. If you look at the percentages of black folks here in Boston that own their home in comparison to the white population, there is a significant gap. If you look at the wealth between black and white Bostonians, you're looking at an average net asset of $700 for black people in Boston compared to $256,000 for white Bostonians. That comes from a Federal Reserve study called ‘The Color of Wealth in Boston.’ There is a huge gap and the reason for the gap is homeownership - and the equity that people have been able to build up in their homes.”

On some of the reasons for the discrepancy between white and black home ownership

“Part of [the problem] is eligibility. Part of it is just the income difference and need. Boston is a community that has high home values, [or] prices. Having the down payment and being able to afford the home is definitely a factor. There are great programs today that your listeners need to be aware of - [One United] just became a lender for the ONE Mortgage Program that is offered here in Boston for first time homebuyers. We are partnering with Massachusetts Affordable Housing Alliance to offer that program, and we also work with the Boston Home Center.”

“...The other part of [the problem] is that racism still exists. There are differences in approval rates for blacks versus white borrowers that have similar characteristics... The data shows differences. There’s a need for more data to explain those differences. Part of [the problem] is a difference [because of] racism, part of it also credit. What we find at One United Bank is that, a lot of times, borrowers are declined because of bad credit. And that there is a need for the African American community...to focus on rebuilding credit.”

On how racism plays into home ownership

“Anecdotally, what we see is if someone is on the margin - so a situation where they may have just enough of a down payment or they have the minimum credit score...There needs to be an exception that needs to be made. In those instances, if you are African American, you are more likely to get declined. So that’s really where the difference is...that there is a difference when a judgement is made.”

On the benefits of the Bank Black movement

“[The Bank Black movement has] really gotten our community to understand that banking is for them. There is a sense that…‘their ice is colder,’a phrase in the black community, which means that if you are black, that somehow you are less than... There is this sense, in general, that if you are in business or a customer that you are somehow less than.”

“But, what this Bank Black movement has done and this Buy Black movement has done…it has said ‘wait a minute.’ The black community spends $1.2 trillion a year - those are statistics from Nielsen. How do we take that $1.2 trillion and channel that to build wealth in our communities? How do we focus on banking black, buying black, using our collective economic spending power to buy the block?”

Источник: https://www.wbur.org/radioboston/2017/07/12/oneunited-bank-president

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