OneUnited bank, headquartered in Boston, is often touted as the only Black-owned financial institution with national presence. The bank has gone through a lot of changes in recent years and there are some serious questions about its current status as a black-owned entity. This article will cover the history of OneUnited Bank and its current status in regards to black ownership. It will also look at some other options for Black Americans looking for banking services.
Is OneUnited Bank back owned? OneUnited Bank is one of the largest Black-owned banks in America. One United has grown to more than $3 billion in assets, while providing affordable loans and mortgages to communities across the country.
Company Ownership
To help you better understand this online savings and checking option, it’s important to start from the beginning. OneUnited bank was established as boston’s first black-owned bank.
The bank was created in 1968 as Unity Bank & Trust Company with $1.2 million in capital in Boston’s then-Dudley Square (now Nubian Square) neighbourhood, with the goal of revitalising the area by financing primarily to local businesses and homes. Unity Bank folded after nine years of existence, and a new bank, Bank of Boston Commerce, was established.
The CEO’s first cousin, Kevin Cohee, is the current chairman of OneUnited bank board of directors, while teri williams serves as president/chief executive officer. The board members are currently planning to open a miami branch by next year.
One United is run by a CEO who has used a very diverse range of experience in his climb to the top spot. Kevin Cohee was a professional football player for 10 years before he moved on to become a mortgage banker and specialized in affordable housing.
He joined OneUnited as chief operating officer before he succeeded the ceo. The bank executive took over as chief executive officer of OneUnited bank, which is based out of boston, massachusetts on may 25, 2007 and has helped lead the company into an acquisition that will soon branch it into miami.
Company overview
The Better Business Bureau rates OneUnited as trustworthy with an A-. A strong BBB rating indicates that a firm reacts efficiently to consumer concerns, uses honest advertising tactics, and does business in a transparent manner.
A good BBB rating does not guarantee that you will have a positive connection with a bank, therefore it’s crucial to acquire a second opinion from friends, family, or internet reviews.
OneUnited has no history of public controversies. It is a Community Development Financial Institution (CDFI) that provides financial education and assistance to low- and moderate-income communities. The bank provides financial education seminars in its areas.
You may like banking with OneUnited if you want to use a Black-owned bank that invests resources in its communities.
Company history
Oneunited bank, started by three harvard university graduates—the chief executive officer (ceo), his wife, and another alumni—in 1968.
The first regional office opened in los angeles during the 1970s. In 1998, oneunited acquired hamilton federal bank, which was founded in 1978, to acquire branches in queens and brooklyn for expanding into new york city.
Conclusion
This company is a processing center for many companies to send and receive money around the world. The bank also provides wire transfers, check cashing, international drafts, among other services.
The bank also provides financial services to consumers. The main objective of the company is to provide efficient, safe and fast services for its customers.
The UBS bank has branches throughout the country as well as a number of ATMs allowing its customers to access their money at any time. The company is known for being one of the most trusted processing centers especially in the money wiring business.
