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Concept
OneUnited Bank
Résumé
OneUnited Bank is an African-American-owned and managed Massachusetts-chartered trust company headquartered in Boston, Massachusetts. It is also registered by the Federal Deposit Insurance Corporation (FDIC), and certified as a community development financial institution (CDFI) by the United States Department of Treasury. As of April 30, 2018, OneUnited Bank maintained 661.2 million in total assets.
The bank was founded in 1968 as Unity Bank & Trust Company with 1.2 million in capital in the then-Dudley Square (now Nubian Square) neighborhood of Boston, aiming to revitalize the area by lending exclusively to local businesses and homeowners. Unity Bank failed after nine years of operations, and a newly organized bank, Bank of Boston Commerce, was formed.
Boston Bank of Commerce expanded the model of community development to include partnerships with large corporations and government agencies. Its chairmen included United States Senator Edward Brooke. With total assets of 125,216,000 as of 31 December 2000, Boston Bank of Commerce filed for application to merge with Founders National Bank of Los Angeles, California, its four offices in operation and total resources of 98,659,000 as of December 31, 2000. "Favorable" statutory factors, other relevant information and Comptroller of Currency reports led to the approval of the merger transaction application from Boston Bank of Commerce, by the Board of Governors of the Federal Reserve System, the Director of the Office of Thrift Supervision, and the Attorney General of the United States.
In the mid-1990s, following the economic downturn that adversely affected other northeast-based regional banks, Boston Bank of Commerce was placed under a cease-and-desist order by the FDIC and charged to increase capital and improve the quality of its loan portfolio. In 1995 a significant capital infusion was made under the current Chairman and CEO Kevin Cohee and President and COO Teri Williams, along with a new strategy of acquiring African American-owned banks and thrift institutions in major metropolitan markets.
Source officielle
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