April 17th 2024.
OneUnited Bank, the largest Black-owned bank in the United States, recently made a big announcement. In April, they revealed their plans to relocate their national headquarters from Boston to Roxbury. This move, which is set to be completed in 2025, is not only a strategic business decision but also a powerful symbol for the Black community in Roxbury.
As reported by the Boston Globe, this move is a full-circle moment for the bank. It first started in Roxbury back in 1968 as the Unity Bank and Trust Company. Roxbury has always been a hub of Black culture in the Greater Boston area, and OneUnited Bank's CEO and owner, Kevin Cohee, hopes that this relocation will bring the bank closer to its customer base and the heart of the community.
Cohee explained to the Globe that this move is about more than just geographic proximity. It represents the bank's commitment to investing in low to moderate-income communities and creating new products and services to meet their needs. Not only that, but the move will also provide more space for employee growth and align the executive office with the local branch.
In an email statement to the Boston Business Journal, Cohee emphasized the practical and symbolic significance of this move. He stated, "It's not that we don't understand the importance of having facilities in places like downtown Boston, but we also think it's crucial to have the leading Black-owned bank in the country come straight out of Roxbury."
The specific area where the bank is relocating is known as "Nubian Square" and has been the focus of significant investment efforts. In fact, in 2023, the Globe declared it could be this generation's Black Wall Street with the right investments. Nicole Obi, president of the Black Economic Council of Massachusetts, shared her belief in the area's potential with WGBH in November. She stated that the necessary investment is all about making Nubian Square a place to live, work, and play.
Obi even mentioned Boston Celtics star Jaylen Brown's desire to create a Black Wall Street in Boston before highlighting other organizations in the community, such as the Roxbury Community College and the Urban League, that are already committed to this work.
According to Boston Plans, the investment in Nubian Square is well underway. In September 2023, the Boston Planning & Development Agency approved the Nubian Square Ascends Project, which aims to make the area the center of Roxbury. This mixed-use project, developed by an all-minority team, will include retail, entertainment, artist housing, and a parking garage. The project is also expected to create job and contract opportunities for minority and women-owned businesses, furthering the bank's commitment to economic empowerment within the community.
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