Black-owned Adelphi Bank files for licence in the US

A new Black-owned bank named Adelphi Bank, based in Columbus, Ohio, has filed paperwork with US regulator the Federal Deposit Insurance Corporation (FDIC) and intends to raise $20 million in equity capital if approved to open.

New bank aims to provide African Americans with better access to financial services

It is headed by a group of Columbus professionals and, according to The Columbus Dispatch, will be based in the King-Lincoln/Bronzeville neighbourhood.

One of the proposed incorporators, former Fifth Third Central Ohio president and CEO Jordan Miller, told The Columbus Dispatch: “We know that African Americans typically don’t have access to financial institutions to the degree that the majority community has.

“We know that our financial situations are not as strong in most cases. And so we want to make a difference in the community across Franklin County, to give those underserved a voice and financial services.”

According to the FDIC, in 2020, there were only 20 Black-owned depository institutions in the US. If approved, Adelphi Bank will be the first based in Ohio.

The Columbus Dispatch reports the proposed bank will be part of a $25 million development known as the Adelphi Quarter that will include housing and ground-floor businesses.