ESTABLISHED TO SERVE GROWING NUMBER OF AFRICAN AMERICANS DEDICATED TO BUILDING WEALTH BankBlackwell Becomes First Federally Chartered African-American Savings Bank in More than 10 Years
Boston, Mass., (March 28, 2005) — BankBlackwell (in organization), the first-ever AfricanAmerican Direct Community bank, announced today that the Office of Thrift Supervision has approved its application to organize a federal savings bank. BankBlackwell is the first AfricanAmerican bank to obtain a federal banking charter in more than 10 years. BankBlackwell’s consumer product offerings, to launch summer of 2005, will include savings accounts, CDs, mortgages and home equity loans, primarily targeting the rapidly growing number of AfricanAmerican households earning $50,000 or more. The Bank will employ a Direct Banking business model to reduce its overhead costs and will conduct business online, by phone and by mail. This strategy is designed to enable BankBlackwell to provide its customers with deposit rates among the top 5% nationally, with no fees or minimum balances.
Founded by James Mundy, a former executive with OneUnited Bank, the nation’s second largest African American-owned bank, BankBlackwell aims to deliver value, convenience and community to its customers. The Bank’s products are designed to maximize personal financial advantage by offering competitive rates, easy 24-hour access to funds, and the opportunity to support the African-American community. The Bank will principally serve African-American consumers and faith-based organizations, as well as a wide variety of customers who seek value and convenience.
Key BankBlackwell product features include:
• Deposit rates among the top 5% nationwide with no fees, service charges or minimum balances
• Ability to bank online, by phone or by mail
• Quick, easy and secure online account openings
• Linked accounts to make deposits and withdrawals quick and easy
• Convenient 24-hour access to accounts
• Automated savings plans
• A hassle-free mortgage loan process with no “junk fees”
• Online loan applications and decisions — get approved in minutes
• Savings products, loan products and electronic tithing services for faith-based organizations