Banks or the banking industry have been around for centuries, with their variety of financial products and services, they have grown from an aristocratic institution to an essential commodity. Loans are often a Bank’s biggest financial product and every day millions of people apply for loans across the world.
However, In recent years, banks have come under fire for a lot of reasons, leading to millions of dollars worth of fines and lawsuits. Some of the reasons why banks are being scrutinized are on the grounds of breach of code of conduct, illicit and deceptive practices, debit resequencing, etc.
The majority of American wealth is handled by a few of the biggest banks in America and these very own pillars of the economy are guilty of causing financial instability like none other.
Some of the biggest banks have been accused of effectively contributing to the growing wealth gap, rather than working on reducing it.
Increasing fees and charges, the difference in minimum balance requirements, and money gaps blatantly portray the prioritization of funds over customers.
Wage inequalities, the absence of a robust set of regulations, increased living standards, and the unfair practices meted out by banks make up a very disastrous concoction for the masses. And the worst part is that the middle-class American households are at the receiving end of this brunt.
A financial system of the highest quality, regulated and governed by an independent entity, serving the best interest of customers is the need of the hour. Is there anyone that can respond to the people’s desperate cry for help?
Luckily, there are still a lot of banks in the United States that are willing to support the pleas of these underserved sections of society. These banks go beyond just providing financial services to their customers, and in fact, do more for the community than expected.
Given below are some of the best US banks for the underserved sections of society. This list contains a comprehensive set of banks, covering Black-owned banks, Asian-American owned banks, and immigrant-friendly banks.
Top US Banks for the underserved
- East-West Bank-
East-West Bank, a subsidiary of East Bancorp Inc, is one of the largest Asian-American banks in the United States, with its Headquarters in California.
The Bank was established in 1973 and has over 220 branches, with a workforce of over 3000 employees. The Bank has a very long track record of establishing partnerships with non-profit organizations to aid and serve the underserved communities.
The bank offers a wide range of retail and commercial financial services coupled with wealth management services.
- Cathay Bank-
Cathay Bank, a subsidiary of Cathay General Bancorp, is a Sino-American bank based out of California. The bank was founded in 1962 and is easily one of the oldest financial institutions in existence. The bank has over 60 branches spanning across the United States and has over 1129 employees. Cathay Bank has been named one of the top 20 Best Banks in America by Forbes and has a very good track record of serving the community.
Cathay Bank offers a wide range of retail and commercial banking services such as personal accounts, checking accounts, insurance, etc.
- Bank of Hope-
Bank of Hope, a subsidiary of Hope Bancorp Inc., is one of the largest Korean-American banks
based out of California. The bank was established in 2000 and is one of the newer set of banks in existence. The bank has close to 58 branches across the United States and has a strong workforce of over 1441 employees. The bank has also helped students through its Hope Scholarship Foundation by distributing millions of dollars. The bank offers a wide range of retail and commercial banking services such as Personal (savings accounts, and money market accounts), wealth management services (financial planning and retirement planning), etc.
- Liberty Bank-
Liberty bank is the third largest Black-owned bank in the United States, based out of New Orleans. The bank has close to 17 branches across cities like Louisiana, Mississippi, Missouri, Kansas, and Texas. The bank was founded in 1972 and has assets totaling close to $2 million under its belt. Liberty Bank has physical bank branches as well as an online presence. The bank offers a wide range of retail and commercial services such as personal banking, business and institutional banking.
- North Loop Bank-
North Loop bank is one of the more recent Neobanks in existence and was established in 2019. North Loop has managed to successfully cater to a wide spectrum of Indians and NRIs, offering various retail products and services such as checking accounts, NRE/NRO accounts, loans, insurance, investments, and a whole lot more.
North Loop also helps students through its range of fintech solutions such as student accounts, education loans, etc.
- OneUnited Bank
OneUnited bank is one of the oldest Black-owned banks in the United States, with its headquarters in Boston, Massachusetts. OneUnited Bank was the first online-only Black-owned bank. The bank has various branches across the length and breadth of the United States and has an employee fleet of 120 employees.
- Hanmi Bank-
Hanmi Bank is an American community bank that focuses on the Korean-American community, established in 1982. The bank has its headquarters in California and has over 36 branches in the united states, hiring close to 600 employees. The bank offers scholarship programs to students in an initiative to provide educational support to students in need. Moreover, the bank also fosters many at-risk children. The bank offers a variety of retail and commercial banking services.
- Preferred Bank-
Preferred Bank is one of the largest Asian-American banks in the United States, with its headquarters in California, The Bank was established in 1991 and is a public sector company. The bank has close to 120 employees across 13 branches in the United States, offering a variety of retail and commercial banking services in the United States.