*OneUnited Bank, the largest Black-owned bank, has re-opened its branch in Compton, California after it was forced to close in early 2020.
“As the largest Black owned bank in America, we are proud to announce the opening of our new state-of-the-art branch in Compton, California on February 28, 2022. We are excited to honor our roots and renew our long-term commitment to the City of Compton,” said the bank in a statement on its website.
The statement continues, “We were forced to close our Compton branch in March 2020 after our landlord refused to renew our 20-year-old lease to replace our branch with a national chain sneaker store. Like many Black owned businesses that are displaced due to gentrification, the Bank was forced to either permanently close or relocate. Although we considered permanently closing our branch as more customers move to digital banking, our commitment to our Compton customers and the Compton community resulted in our decision to relocate.”
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Straight outta Compton, once again! ????????
We’re so proud to be back and representing this historically Black community!
???????? Don’t worry, Crenshaw- we still got you!#BankBlack #SupportBlackBusinesses https://t.co/qdlWFZevax— OneUnited Bank (@oneunited) February 28, 2022
The new branch is located at 1495 N. Wilmington Avenue, Compton CA 90022, which is less than 2 miles from the previous branch location.
OneUnited Bank looks forward to “offering affordable financial services to the Compton community including our unapologetically Black Visa Cards that represent the issues in the Black community, BankBlack 2 Day Early Pay to receive your paycheck up to 2 days early and AutoSave, our keep the change program,” the statement continues.
“We are committing to closing the racial wealth gap in the City of Compton in our community’s long tradition of each one, teach one,” says Teri Williams, President & Chief Operating Officer. “We believe in defining our community by our assets, rather than our challenges, which is called Asset Framing. The City of Compton has many assets.”
Per the website, “OneUnited Bank is working to make financial literacy a core value of the Black community through the #BankBlack and #BuyBlack Movement.”
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