Community banks all over the country are disappearing fast, part of a well-known trend that stretches back several decades. The pattern at black-owned banks is even starker, though far less frequently discussed.
Today there are 23 African-American-owned banks – a 58% decline since 1994. That is according to new research from Creative Investment Research, a Washington-based firm that specializes in community development and impact investing. For the sake of comparison, the total number of U.S. commercial banks declined by 49% between 1994 and 2015.