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OneUnited Bank's offices in Los Angeles. Photo courtesy of Google Maps
Cambridge-based biotech Biogen Inc. has made a $10 million deposit at OneUnited Bank to support the Boston-based bank’s focus on Black economic empowerment.
The largest Black-owned bank in U.S., OneUnited said in a statement that Biogen’s deposit “signals an increase in corporate support for Black businesses.”
“OneUnited Bank, the nation’s first Black internet bank, has long understood that the future of banking belongs to technology, and has focused on building a state-of-the-art online and mobile banking platform,” the bank said in a statement. “With this sizable deposit and support, Biogen leads by example, understanding that national corporate support for Black-owned businesses is good for America.”
Kevin Cohee, chairman and CEO of OneUnited Bank, said the bank encourages “the Black community to use its considerable financial might more purposefully to send a message that is part protest, part progress.”
OneUnited Bank, which had almost $685 million in total assets as of June 30, has been active in the BankBlack movement, which since 2016 has seen the Black community move money from traditional banks to Black-owned banks. Since May, when protests began following the death of George Floyd while in Minneapolis police custody, the bank said it has added more than 50,000 new customers and over $50 million in deposits.
“OneUnited has the important role of helping finance growth,” Mike Dambach, vice president of treasury at Biogen, said in the statement. “We are proud to do our part to support families and businesses on their financial journey, especially during these difficult economic times.”
In addition to its internet bank and an office in Downtown Boston, OneUnited has branches in Dorchester, Roxbury, Florida and California.
“Economic empowerment is critical if we want to actually address systemic racism and inequity,” said Chirfi Guindo, executive vice president of global product strategy and commercialization at Biogen. “For Biogen, this deposit is one of many ways we are delivering on our enhanced diversity, equity and inclusion strategy. But for OneUnited’s customers, this deposit could mean allowing them to pursue their dreams or strengthening underrepresented minority businesses.”
