Can the largest Black-owned bank in America undo years of economic inequality? OneUnited Bank uses innovative technology to help close the racial wealth gap.
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OneUnited Bank, recognized as the largest Black-owned bank in the United States, has reaffirmed its dedication to the Compton community with the opening of its new, state-of-the-art branch in 2022.
Background
In March 2020, OneUnited Bank was compelled to close its longstanding Compton branch after the landlord declined to renew the lease, opting instead to lease the space to a national chain sneaker store. This decision mirrored a broader trend of gentrification, leading to the displacement of numerous Black-owned businesses. Despite the increasing shift towards digital banking, OneUnited Bank chose to maintain its physical presence in Compton, underscoring its commitment to the local community.
New Branch Details
Location: The new branch is situated at 1495 N. Wilmington Avenue, Compton, CA 90222, approximately two miles from the previous location.
Services Offered: The branch provides a comprehensive suite of financial services, including:
Unapologetically Black Visa Cards: Designed to reflect and support issues pertinent to the Black community.
BankBlack Early Pay: Allows customers to receive paychecks up to two days early.
AutoSave Program: A "keep the change" initiative to promote savings.
Community Engagement
In alignment with its mission to close the racial wealth gap, OneUnited Bank continues to support local organizations such as the Compton Jr. Equestrians. This group, founded by Compton natives Jamie Vance and Randall Hook, aims to serve inner-city youth by fostering community engagement and providing enriching experiences.
Operational Hours
The Compton branch operates during the following hours:
Monday to Thursday: 9:00 AM – 5:00 PM
Friday: 9:00 AM – 6:00 PM
Saturday and Sunday: Closed
For more information, current and future customers can visit OneUnited Bank's locations page.
Through this new branch, OneUnited Bank aims to enhance financial literacy and provide accessible banking services, reinforcing its longstanding commitment to the Compton community.
Website: www.oneunited.com
Compton location address: 1495 N. Wilmington Ave., Compton, CA
Phone: (310) 537-5791
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