OneUnited Bank
A Massachusetts-chartered, African American-owned community bank serving consumers, businesses, and historically underserved communities in the United States.
Last updated November 4, 2026
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Overview
OneUnited Bank is a privately held, African American-owned and managed bank headquartered in Boston, Massachusetts. It is chartered by Massachusetts, insured by the Federal Deposit Insurance Corporation, and certified by the U.S. Department of the Treasury as a community development financial institution. The bank operates as a community-oriented financial institution with offices and customers in Boston, Los Angeles, and Miami, while also providing services through digital and other remote channels. The institution traces its origins to 1968, when Unity Bank & Trust Company was established in Boston's Dudley Square neighborhood, now known as Nubian Square. Its original purpose was closely tied to local economic development: the bank sought to provide financing to neighborhood businesses and homeowners and to help strengthen an African American commercial community that had historically received limited access to conventional credit. Unity Bank later failed after approximately nine years. A successor institution, Bank of Boston Commerce, was subsequently organized and continued the community-development model with broader partnerships involving corporations and public agencies. During the 1990s, Bank of Boston Commerce experienced financial and regulatory pressure. The institution was placed under a cease-and-desist order by the FDIC and was directed to improve capitalization and the quality of its loan portfolio. Kevin Cohee and Teri Williams made a substantial capital investment in 1995 and assumed senior leadership roles. Under their direction, the bank pursued a consolidation strategy involving African American-owned banks and thrift institutions in other metropolitan areas. This approach expanded its geographic reach and contributed to its becoming an interstate African American-owned bank through the acquisition of Peoples National Bank of Commerce in South Florida and other transactions. In 2001, the institution merged with Founders National Bank of Los Angeles. The combined organization was rebranded as OneUnited Bank, creating the current national identity. Its business includes deposit accounts, consumer and commercial lending, mortgage and real-estate financing, secured credit products, and financial-literacy initiatives. OneUnited has also positioned itself as a provider of community-development banking, with an emphasis on African American consumers, entrepreneurs, homeowners, and neighborhoods that may be underserved by larger mainstream institutions. The bank encountered serious balance-sheet stress during the 2008–09 financial crisis after investments connected to Freddie Mac and Fannie Mae lost value. It received $12 million through the Troubled Asset Relief Program to help stabilize the institution. Subsequent reporting described the bank as profitable after 2009, although the TARP investment and unpaid dividends remained subjects of public discussion for years. Regulators also criticized the level and geographic distribution of its lending activity, particularly in Boston and Miami, during the early 2010s. OneUnited has supplemented traditional branch banking with technology-enabled services. Its branches have used customer-relationship-management tools on tablet computers, and its UNITY Visa secured credit card, introduced in 2014 and marketed as the Comeback Card, was designed for customers seeking to build or rebuild credit. The card was paired with credit-improvement education and an application and account-funding experience supported by a mobile application. The bank also sponsors youth financial-literacy activities, including an annual essay contest. In the 2020s, OneUnited continued to use culturally specific branding and products, including a widely discussed Visa design depicting Harriet Tubman. The bank announced plans in 2024 to move its downtown Boston headquarters to Roxbury, close to the institution's historic community base, but withdrew that application later in the year. A separate application to move the head office to 185 Devonshire Street in Boston's Financial District was approved in January 2026, according to the supplied reference material. OneUnited remains active as a private, FDIC-insured community bank and is commonly described as the largest Black-owned bank in the United States, although asset rankings can vary by date and methodology.
History
OneUnited Bank's institutional history begins in Boston in 1968 with the creation of Unity Bank & Trust Company in the Dudley Square neighborhood, now called Nubian Square. The bank was established to support local economic renewal through lending to neighborhood homeowners and businesses. Its mission reflected the limited access to mainstream credit experienced by many African American communities and entrepreneurs at the time. Unity Bank operated for roughly nine years before failing. A successor, Bank of Boston Commerce, was then organized. It retained a community-development orientation but broadened the model by working with large corporations and government agencies. The bank's later leadership included Edward Brooke, the former United States senator. By the end of 2000, the institution had grown substantially and sought to merge with Founders National Bank of Los Angeles. That transaction was reviewed and approved by the relevant federal authorities, including the Federal Reserve, the Office of Thrift Supervision, and the U.S. attorney general. The institution faced a difficult period in the 1990s. Following a downturn affecting northeastern regional banks, Boston Bank of Commerce was subject to an FDIC cease-and-desist order requiring stronger capitalization and improvements in its loan portfolio. In 1995, Kevin Cohee and Teri Williams invested in the bank and became its principal operating leaders, with Cohee serving as chairman and chief executive and Williams as president and chief operating officer. They pursued a strategy of acquiring African American-owned financial institutions, including troubled or financially weakened banks and thrifts in Miami and Los Angeles. A significant step in this expansion was the acquisition of Peoples National Bank of Commerce, described as South Florida's only African American-owned bank at the time. The transaction helped make Boston Bank of Commerce the first interstate African American-owned bank in the United States. In 2001, the bank merged with Founders National Bank of Los Angeles. Founders' ownership group included former professional basketball player and businessman Earvin “Magic” Johnson, musician Janet Jackson, and former Motown Records president Jheryl Busby. Following the merger, Cohee and Williams adopted the OneUnited Bank name. The renamed bank developed a broader retail and commercial banking platform. It offered deposits, loans, mortgages, and real-estate finance while maintaining an emphasis on community development. It also invested in financial education, including an annual youth essay contest. Teri Williams authored a children's financial-literacy book, “I Got Bank! What My Granddad Taught Me About Money,” aimed at helping urban youth learn basic money concepts. The global financial crisis created another major challenge. In late 2008 and early 2009, investments linked to Freddie Mac and Fannie Mae became effectively worthless, damaging the bank's capital position. OneUnited applied for and received $12 million in TARP assistance. Later reporting stated that the bank had remained profitable since 2009, but had not paid dividends on the government investment and still owed accumulated dividends in addition to the principal as of 2019. Regulatory scrutiny continued into the early 2010s. A 2013 review by Massachusetts banking regulators and the FDIC criticized the bank's lending volume and distribution. The review described minimal lending in Boston, substantial noncompliance in Miami, and greater lending activity in Los Angeles, particularly for multifamily properties. It also reported relatively few loans to low- and moderate-income borrowers nationally. These findings highlighted the tension between OneUnited's community-development mission and the geographic and portfolio constraints of a small, specialized bank. OneUnited responded in part through product and technology initiatives. In January 2014 it launched the UNITY Visa secured credit card, branded the Comeback Card, for consumers with weak credit histories. The product included credit-improvement education and a digital application and funding experience. Its associated “Me” application was recognized by American Banker as a notable information-technology initiative among community banks. The bank also used Salesforce customer-relationship-management software on iPads in branches in Boston, Los Angeles, and Miami. Beginning in November 2014, it discontinued online and telephone credit-card balance payments; customers outside its principal branch markets generally had to mail checks. During the 2020s, OneUnited continued to use cultural representation as part of its product identity. A Visa card featuring Harriet Tubman received media attention because the depicted gesture resembled the Wakanda Forever salute from the film Black Panther. The card's artist, Addonis Parker, said the gesture was meant to be the American Sign Language sign for love. The bank also revisited its Boston headquarters location. In 2024 it announced a proposed move to 54 John Eliot Square in Roxbury, placing its head office near the city's historic African American community and the institution's original Nubian Square roots. The bank withdrew that application in December 2024. A later application to move the headquarters to 185 Devonshire Street in Boston's Financial District was approved in January 2026. OneUnited remains a private, FDIC-insured, Treasury-certified CDFI and continues to present itself as the largest Black-owned bank in the United States.
- 2026
Devonshire Street headquarters relocation approved
[1]A later application to move the head office to 185 Devonshire Street in Boston's Financial District is approved.
- 2024
Roxbury headquarters move proposed
[1]OneUnited announces a plan to relocate its Boston head office to 54 John Eliot Square in Roxbury.
- 2020
Harriet Tubman card design attracts attention
[1]A Visa card featuring Harriet Tubman becomes a subject of media discussion because of the gesture used in the artwork.
- 2014
UNITY Visa secured card launches
[1]The bank introduces the UNITY Visa secured credit card, marketed as the Comeback Card, for customers rebuilding their credit.
- 2013
Regulators review lending activity
[1]Massachusetts banking regulators and the FDIC criticize lending levels and distribution in Boston and Miami while identifying stronger activity in Los Angeles.
- 2009
TARP assistance received
[1]OneUnited receives $12 million in Troubled Asset Relief Program support to help stabilize the institution.
- 2008
Financial crisis losses affect capital
[1]Investments connected to Freddie Mac and Fannie Mae lose value, contributing to financial stress at the bank.
- 2004
First Bank Enterprise Award
[1]OneUnited receives the U.S. Treasury Department's Bank Enterprise Award, the first of five consecutive awards listed for 2004 through 2008.
- 2001
Merger with Founders National Bank and OneUnited rebrand
[1]Boston Bank of Commerce merges with Founders National Bank of Los Angeles and adopts the OneUnited Bank name.
- 1995
Cohee and Williams invest and take leadership roles
[1]Kevin Cohee and Teri Williams provide a major capital infusion to Boston Bank of Commerce and become its principal senior executives.
Products and positioning
An African American-owned community development bank focused on expanding access to banking, credit, homeownership, and business finance in underserved communities.
Retail banking
Deposit accounts
OneUnited provides consumer deposit services, including transaction and savings-oriented accounts. These accounts form the foundation of its retail banking relationship and support customers using the bank for everyday payments, saving, and access to other financial products.
Lending
Consumer, commercial, and mortgage loans
The bank offers lending to consumers, businesses, homeowners, and real-estate borrowers. Its lending history includes residential mortgages, commercial credit, and multifamily-property financing, with community development and underserved-market lending forming part of its institutional positioning.
Credit card · 2014
UNITY Visa secured credit card
Introduced in 2014 and promoted as the Comeback Card, the UNITY Visa is a secured credit product aimed at customers with low or damaged credit scores. The offering paired card access with educational support intended to help users improve their credit profiles. Its application and deposit-funding process also incorporated a mobile application.
Community banking
Community development financial services
As a Treasury-certified CDFI, OneUnited presents its banking and lending activities as tools for community development. This includes serving African American communities, supporting local businesses and homeowners, and providing financial education alongside conventional banking products.
Marketing campaigns
- 2014Comeback Card credit-rebuilding initiative
United States
The UNITY Visa secured card was promoted to customers with low credit scores and combined a secured credit facility with credit-improvement training.
Outcome. The associated application was recognized by American Banker as a notable community-bank technology initiative.
- Youth financial-literacy essay contest
United States
OneUnited sponsors an annual essay contest intended to encourage financial literacy among young people.
Outcome. The contest forms part of the bank's continuing financial-education and community-engagement activities.
Brand decisions
2026
Move head office to 185 Devonshire StreetStrategyBackground
After withdrawing the Roxbury proposal, the bank pursued a different Boston headquarters location.
Action taken
An application to relocate the head office to 185 Devonshire Street in Boston's Financial District was approved in January 2026.
2024
Propose relocation of Boston headquarters to RoxburyStrategyBackground
The proposed move was intended to place the head office near Boston's historic African American community and the bank's origins around Nubian Square.
Action taken
OneUnited announced a planned relocation to 54 John Eliot Square in Roxbury, then withdrew the application in December 2024.
Aftermath
The Roxbury relocation did not proceed. A subsequent application for 185 Devonshire Street was approved in January 2026.
2014
Launch UNITY Visa secured credit cardProduct launchBackground
The bank sought to serve consumers with low credit scores and connect credit access with financial education.
Action taken
OneUnited introduced the UNITY Visa secured card, marketed as the Comeback Card, with credit-improvement training and a digitally supported application process.
Aftermath
The card's associated mobile application received recognition as a notable community-bank information-technology initiative.
2009
Accept TARP stabilization supportStrategyBackground
Losses on investments associated with Freddie Mac and Fannie Mae weakened the bank during the financial crisis.
Action taken
OneUnited obtained $12 million through the Troubled Asset Relief Program.
Aftermath
The support helped stabilize the institution. Later reporting stated that the bank remained profitable after 2009, while the TARP principal and unpaid dividends remained outstanding for years.
TARP assistance. $12 million received (2009)
2001
Merge with Founders National Bank and rebrandM&ABackground
Boston Bank of Commerce sought to expand its community-banking model beyond Massachusetts through a combination with Founders National Bank of Los Angeles.
Action taken
The institutions merged, and the combined bank adopted the OneUnited Bank name.
Aftermath
The transaction created the current OneUnited identity and expanded the bank's geographic footprint.
Recent events
OneUnited Bank announces Tiffany Haddish as conference presenter[3]
Reported:
OneUnited Bank announced that Tiffany Haddish had joined the presenters for its free OneTransaction Virtual Financial Conference, which is co-sponsored by Visa.
OneUnited Bank and Visa announce OneTransaction campaign partnership[4]
Reported:
OneUnited Bank announced a partnership with Visa for its OneTransaction campaign during Black History Month. The campaign focuses on closing the racial wealth gap in the Black community.
OneUnited Bank announced Sirius XM town hall collaboration[5]
OneUnited Bank said it would partner with Sirius XM to produce a town hall scheduled for November 5 about the 1619 Project and the history of Black wealth. The article describes the collaboration as planned, not completed.
OneUnited Bank announces BankBlack X campaign[6]
Reported:
OneUnited Bank announced BankBlack X, a nationwide campaign intended to galvanize the community around sharing information about Black people and money and making financial literacy a core value of the Black community.
Sources8 sources
- 1OneUnited Banken.wikipedia.org
- 2OneUnited Bank official websiteoneunited.com
- 3OneUnited Bank宣布Tiffany Haddish担任会议演讲嘉宾prnewswire.com
- 4OneUnited Bank与Visa宣布OneTransaction活动合作blackenterprise.com
- 5OneUnited Bank宣布与Sirius XM合作举办市民论坛theroot.com
- 6OneUnited Bank宣布推出BankBlack X活动prnewswire.com
- 7OneUnited Bank Announces 10th Anniversary "I Got Bank" National Financial Literacy Contest For Youthprnewswire.com
- 8OneUnited Bank Announces 11th Anniversary "I Got Bank" National Financial Literacy Contest For Youthprnewswire.com
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