How We Became a Leading Black-Owned Bank
February is Black History Month. It is a time dedicated to celebrating the accomplishments of the Black community and continuing to promote racial justice. During this month, Citizens Bank wants to reflect on our history as a Black-owned bank and how it has shaped how we conduct business today.
Since our founding in 1904, we have supported efforts around racial equality and economic development across the state of Tennessee. Below, we share our story along with ways we continue to be a pillar in our community to this day as the oldest continually operating minority-owned bank in the United States.
The History of Citizens Bank
Our story began on January 16, 1904, with the founding of The One Cent Savings Bank, now known as Citizens Bank. Based in Nashville, we were the first Black-owned bank in Tennessee. Today, we still follow our founding principles, which center around creating opportunities for all community members, regardless of race, to build wealth and economic security.
This commitment to the community helped the bank survive the Great Depression when many banks faced failures. In 1946, we reached one million dollars in capital and deposits, which would be around $16.8 million in today’s money. This allowed us to become a leader in investing in the growth of historically Black faith-based and nonprofit organizations in the state of Tennessee.
Our support of such organizations allowed us to be a central presence in the neighborhood of North Nashville during the Civil Rights Movement of the 1960s and increased urban development. As the area faced blight from contentious interstate development, we continued to invest in the redevelopment of the Black communities affected by these events.
Over the decades, we continued to grow, opening our Memphis branch in 2006. This development was a timely one as it allowed us to support the Black community, which lost half of its wealth during the 2008 financial crisis. Since then, our primary focus has been to increase our presence and impact in the communities we serve through various partnerships with local nonprofits.
Despite the challenges presented by the COVID-19 pandemic, we reached $100 million in assets in 2020. At the same time, we began partnering with Operation Hope, a nationally recognized nonprofit organization, to deliver financial education and resources. This partnership helped us to empower individuals in our community to attain financial stability and self-reliance.
Life at Citizens Bank Today
As of today, Citizens Bank is a privately owned company with over $175 million in assets. We have earned the Certified Development Financial Institution (CDFI) designation. It is given to financial institutions, like ours, that are focused on expanding economic opportunities to underserved communities and individuals.
Recently, we partnered with The Housing Fund to help prospective homebuyers in Tennessee secure the down payments and equity they need to make homeownership more attainable. We hope these partnerships will enable us to grow and serve more members of our community in years to come.
How Our Core Values Have Shaped Us
Much has changed since our founding over 120 years ago, but what hasn’t is our commitment to our core values. These include:
- Integrity – We base our decisions on the highest moral and ethical standards.
- Respect – We treat everyone we interact with as we would like to be treated.
- Service – We strive to provide exceptional service to all of our members.
- Accountability – We accept full responsibility for our actions, regardless of consequences.
- Profitability – By generating a profit, we can fulfill our mission and build a strong foundation for future growth.
To see our core values in action, consider becoming a member of our bank. To get started, contact us or visit one of our two branches today.
Support Racial Equality in Tennessee With Citizens Bank
If you’re looking for ways to support racial equality this Black History Month, consider joining a Black-owned bank like Citizens. Along with providing comprehensive banking services, we support initiatives related to racial justice and economic development in the communities we serve. To join us, contact us online, call (615) 327-9787, or visit one of our branches in either Nashville or Memphis. We would be happy to walk you through the process of becoming a member.
Join Citizens, Tennessee’s First Black-Owned Bank, Today
With so many options for banking available, you may not know which is right for you. Consider joining Citizens Bank. We offer a variety of financial products and services to local residents and businesses. Beyond our service offerings, as a Black-owned bank, we support initiatives dedicated to racial equality and economic development. Contact us online, call us at (615) 327-9787, or visit one of our branches in Nashville or Memphis today to learn more about our commitment to the communities we serve.