The largest Black bank in the U.S. has proudly announced it has achieved a milestone of 100,000 customers after a resurgence of the Black Lives Matter movement and a focus on racial equality.
OneUnited Bank credited the rise of social justice and activism after the election of President Donald Trump and its technology platform for the growth.
In 2016, the deaths of Philando Castile and Alton Sterling led Michael Render, otherwise known as the rapper Killer Mike, to urge Black Americans to put their money in a Black-owned bank, which spawned the #BankBlack movement. The 2020 deaths of George Floyd and Breonna Taylor earlier this year led to a resurgence in that movement and more than 10,000 new customers to open accounts at OneUnited.
“Our customer base continues to grow rapidly, and we have expanded access and now have over 100,000 locations to better meet their needs. Importantly, we’re on our way to fulfilling Black America’s long-held dream of organizing our spending power to create social and economic equality in our society,” Teri Williams, president & COO of OneUnited Bank said in a statement.
To accommodate the bank’s rapid growth, OneUnited has announced the expansion of its banking services to more than 100,000 locations. The bank also introduced its “Cash to Your Card” service, which gives OneUnited customers access to an additional 90,000 ATMs and bank branches , expanding the bank’s ability to serve its customers nationwide.
Individual customers aren’t the only ones putting their money into OneUnited. In June, Biogen, the Boston-based global technology company announced it deposited $10 million into the bank.
“For Biogen, this deposit is one of many ways we are delivering on our enhanced Diversity, Equity and Inclusion strategy. But for OneUnited’s customers, this deposit could mean allowing them to pursue their dreams or strengthening underrepresented minority businesses,” Chirfi Guindo, executive vice president of Global Product Strategy & Commercialization at Biogen said at the time.
OneUnited was also active in securing PPP funds during the beginning of the coronavirus pandemic.