COLUMBUS, Ohio (WSYX) — Positively impacting families and growing prosperous communities is the mission behind a new bank making history here in Columbus.
Adelphi Bank is the only black-owned bank in the state of Ohio and, according to the FDIC, one of 21 Black-owned banks in the country.
From Adelphi Bank‘s location in the King-Lincoln Bronzeville community to the root of its name, the focus is to uplift central Ohio’s communities of color through access.
The African-American community in Columbus has a rich history from faith to the arts, sports and politics, but many may not be aware of the community’s history in finance.
Adelphi Loan and Savings Company was central Ohio’s first Black-owned bank in the 1920s. It folded during the Great Depression.
Franklin County Commissioner Kevin Boyce is part of the team spearheading a rebirth of sorts with the opening ofAdelphi Bank It’s a massive undertaking that requires millions in funding.
The bank’s CEO, Jordan Miller, formerly served as president of Fifth-Third Central Ohio.
A big part of the effort is to boost access to capital for black families, from those looking to purchase a home, to entrepreneurs in need of business loans.
A recent report from the Federal Reserve indicates that black adults are the most underbanked demographic in the country, but Adelphi is working to improve the numbers.
The team is confident the bank can be the start of a change in Central Ohio helping African American families create generational wealth.
