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Celebrating United Bank of Philadelphia on Occasion of the 25th Anniversary of Its Founding.
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WHEREAS, United Bank of Philadelphia (“United Bank”) is an African American controlled and managed bank holding company. It serves the citizens and businesses of the Philadelphia Region with three branches located in the Center City, North Philadelphia and Mount Airy Neighborhoods of the City; and
WHEREAS, United Bank was chartered in 1992 by the Commonwealth of Pennsylvania’s Department of Banking. With receipt of its Charter, United Bank made history as the first commercial bank established in Pennsylvania and the only commercial bank headquartered in the City of Philadelphia; and
WHEREAS, The number of Black Owned Banks (“BOBs”) in the United States has declined by 54 percent since the year 2000. While minority-owned banks as a whole control over $208 billion in assets, BOBs control just over $5 billion. As of 2017, there are only 23 African American-owned banks in the United States insured by the Federal Deposit Insurance Corporation (FDIC), and United Bank is the only bank in this category in Philadelphia; and
WHEREAS, BOBs like United Bank tend to serve low-income customers with limited assets. Research has indicated that BOBs are more likely to serve communities that are deprived of mainstream banking services, and are therefore able to provide safe and affordable bank accounts, mortgages and loans to communities that had previously been excluded from the market; and
WHEREAS, Community-based banks like United Bank constitute over 99 percent of all banks in the United States. Community banks’ boards of directors are typically made up of local citizens, and are more empowered to fund local business loans based on the borrower’s character rather than their credit history; and
WHEREAS, The priority of United Bank is to improve the local communities it serves through strategies that empower marginalized peoples. United Bank has maintained this objective as a for-profit entity throughout its tenure in the City of Philadelphia; and
WHEREAS, United Bank conducts a “cycle of progress” in which it continually reinvests resources back into the communities they serve, encouraging business and contributing to the overall betterment of the neighborhood; and
WHEREAS, United Bank contributions to Philadelphia communities caused it to gain national recognition. The U.S. Treasury designates United Bank as a community development financial institution. United Bank’s success also led to its certification as a Community Development Entity, which allows their investors to receive federal tax credits for qualified investments; and
WHEREAS, Over the last 25 years, United Bank has built a legacy in Philadelphia by demonstrating corporate responsibility and persistently serving the City of Philadelphia; now, therefore, be it
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That we hereby celebrate United Bank of Philadelphia on occasion of the 25th Anniversary of its founding.
FURTHER RESOLVED, That an Engrossed copy of this resolution be presented to United Bank of Philadelphia as evidence of the sincere sentiments of this legislative body.
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