OneUnited Bank Becomes First Black-Owned Internet Bank
in America
Bank launches 3.75% internet savings account
to encourage online banking and savings in urban communities
Los Angeles, CA
(BlackNews.com) - OneUnited Bank became the first Black-owned
internet bank in the country with its new ability to open
accounts online. The Bank has launched a campaign to increase
financial literacy and increase the use of technology in urban
communities to build wealth and support economic development.
For the first time in history, a Black-owned
financial institution provides a secure and convenient way
for Black Americans to garner their spending power and re-channel
it back into urban communities. OneUnited Bank's new website,
www.oneunited.com, encourages viewers to support "a movement"
of community re-investment by opening an FDIC insured savings
account that earns 3.75% APY and provides free access at over
5,000 ATMs nationwide.
"We
hope to revolutionize our community's view of the banking
industry from being an "old boys' network" to being
a vehicle for "community empowerment", states Kevin
Cohee, Chairman & CEO of OneUnited Bank. "OneUnited
Bank is fulfilling a 100-year old civil rights dream
of garnering the $700 billion spending power of America's
Black community and re-channeling it back in the form
of loans to finance affordable housing, businesses,
churches and community development. Quite frankly, there
is no substitute for a strong, vibrant Black-owned bank
that is committed, has a physical presence in our community
and also offers convenient access."
OneUnited Bank financed over $150 million in new loans
with over 50% in low to moderate income communities
in 2005 and almost $500 million in new loans since 2003.
With record earnings and strong asset quality, the Bank
is well positioned to fulfill its community development
mission. OneUnited Bank's print and radio advertising
campaign promoting its exciting online program began
airing February 17th.
OneUnited Bank (www.oneunited.com)
is the largest Black-owned bank, first Black-owned internet
bank and first Black-owned interstate bank in America
with over $550 million in assets. The Bank's mission
is to be the premier bank serving urban communities
by offering affordable financial services and promoting
financial literacy and wealth building. The Bank has
grown through a combination of organic growth and by
acquiring community banks, including Founders National
Bank and Family Savings Bank in Los Angeles, California,
Boston Bank of Commerce in Boston, Massachusetts and
Peoples National Bank of Commerce in Miami, Florida,
that share its mission. OneUnited Bank is a certified
Community Development Financial Institution that has
received the highest award by the U.S. Department of
Treasury for its community development lending for two
consecutive years.
CONTACT:
Robert Patrick Cooper
OneUnited Bank
617-457-4415
bcooper@oneunited.com
Lynn Jeter
Lynn Allen Jeter and Associates
323-933-8007
lajass@comcast.net
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