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 US$661.2 million in total assets.[1]
History
Beginnings
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 $257.183 million and total deposits of $125.216 million as of 31 December 2000, Boston Bank of Commerce filed for application to merge with Founders National Bank of