Black-owned Mortgage Companies

William Huston, CCO, AIF®
by in Published on October 11, 2021

Definition of a Mortgage Company Mortgage Company

A mortgage company is a financial institution whose principal activity is to provide mortgage loans. A mortgage company can be a credit union, a chartered bank or other financial institutions whose primary job is to provide mortgage loans to its clients. Usually, the mortgage company is the original source of the loan and these companies might ask for funding from the original mortgage lender in order for them to get capital to fund the mortgages that they are selling.

1. Liberty Bank

Liberty Bank

Liberty Bank is the third largest bank in Connecticut and is the oldest mutual savings bank in the US. The establishment has its headquarters in Middletown. Throughout the states, the bank has 60 banking offices.

Among the Black-owned banks, Liberty bank has managed to have a widespread network. Because of that, the services offered by the bank have become very accessible to a lot of Black-owned mortgage lenders in the US. Aside from mortgages, other services offered by the bank include savings, cash management, checking, electronic services, etc. Some of the loans that the bank offers include home equity loan, line of credit and commercial real estate loans.

2. Legacy Home Loans

Legacy Home Loans

Legacy Home loans is a Black-owned mortgage firm that has its headquarters in Las Vegas, Nevada. The aim of the firm is to help and empower the African American community all through the US build sustainable wealth through home ownership in order to leave behind powerful family legacies. Some of the loans offered by the bank include FHA loans, conforming loans, etc.

3. Alamerica Bank

Alamerica Bank

Alamerica Bank is a Black-owned bank that is dedicated to providing services to underserved communities. The bank prides itself in offering personalized services to its clients, regardless of their background. Among the services that they offer are line of credit, working capital, lot loans, etc. In 2014, the institution was listed as Birmingham’s strongest capitalized institution.

4.Broadway Federal Bank

Broadway Federal Bank

Broadway Bank is a Black-owned bank based in Los Angeles, that is dedicated to providing financial services to underserved communities. Some of the services offered by the bank include savings, checking, money market accounts, etc. The institution has been championing equality of services with a focus on providing services to the underserved communities since 1946. The institution is also a member of the FDIC.

5.Carver State Bank

Carver State Bank

Carver State Bank was founded on Feb 23rd 1927. Initially, it was known as the Georgia Savings and Realty Corporation. Originally, the institution served as a private bank and a real estate investment and management for the founder, Louis B. Toomer and his friends.

Carver became a full-service commercial bank in 1962 and that's when the bank's name also changed. Some of the services offered by the company include direct deposit, money orders, funds transfer, etc.

6. Citizens Trust Bank

Citizens Trust Bank

Citizens Trust Bank was established in 1921 with the aim of serving the African American population in Atlanta. To date, the institution continues to financially empower communities in Atlanta, Georgia; Birmingham and Eutaw, Alabama communities. Among the services offered by the institution are checking, residential mortgages, cash management, merchant services, etc.

7. One United Bank

One United Bank

One United Bank is the largest Black-owned banks it the United States. Their purpose is to empower the Black community in order to close the racial gap that currently exists. With their active presence, the U.S Department of Treasury awarded them the highest Bank Enterprise Awards and they were named a Community Development Financial Institution or CDFI. Some of the services that they offer are mobile banking, single family residential loans, etc.

8. Industrial Bank

Industrial Bank

Industrial Bank has been partnering with big and small businesses, homeowners and customers with personal bank accounts since 1934 in the Washington DC community. They still continue to support Black people in their quest for home ownership. Some of the services provided by the bank include checking, savings & investments, mortgages, etc.

9. Seaway Bank

Seaway Bank

Seaway Bank was founded in 1965 and it's one of the largest Black-owned banks in the US. The bank was established as a result of the discriminatory practices and policies of other institutions with regard to equality when it came to the provision of financial service. Among the services offered by the bank include home mortgage loans, mobile banking, home equity lines of credit, etc.

10.City National Bank

City National Bank

City National Bank is a bank that's focused on crafting and offering personalized services and banking experiences to its clients. The bank has also played a major role in developing urban Black communities. The bank offers a variety of services and some of them include checking, savings, wealth planning etc. They offer their customers good rates and a great customer experience, which makes them a reliable option.

Bay Street Capital Holdings

Bay Street Capital Holdings

Bay Street Capital Holdings is an independent investment advisory, wealth management, and financial planning firm headquartered in Palo Alto, CA. They manage portfolios with the goal of maintaining and increasing total assets and income with a high priority on managing total risk and volatility. Although many advisors may focus on maximizing returns, they place a higher priority on managing total risk and volatility.

Our founder, William Huston founded Bay Street after 13 years of supporting the United States' largest retirement plan ($650B) Thrift Savings Plan. He is recognized as Investopedia’s Top 100 Financial Advisors for 2021. In California, only two black-owned firms out of nineteen firms received this recognition. In Scottsdale Arizona, Ekenna Anya-Gafu CFP, AAMS is recognized among the Best Financial Advisors for his responsiveness, friendliness, helpfulness, and detail. Bay Street was founded to advocate for diverse and emerging fund managers and entrepreneurs. In 2021, Bay Street was selected as a finalist out of over 900 firms across the US in the category of Asset Manager for Corporate Social Responsibility (CSR).

Sources

https://www.investopedia.com/black-owned-banks-by-state-5024944

https://www.urbanwallet.co/post/buying-a-home-here-are-10-of-the-best-minority-owned-mortgage-companies

https://www.libertybank.net

https://www.myhomelegacy.com

https://www.alamericabank.com

https://www.broadwayfederalbank.com

https://www.carverstatebank.com

https://ctbconnect.com/

https://www.self-help.org

https://www.cnb.com


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