Black-Owned Bank Adelphi Opens in Ohio, Will Focus on Developing Black Generational Wealth

Black-Owned Bank Adelphi Opens in Ohio, Will Focus on Developing Black Generational Wealth

February 6, 2023 0

Earlier this month, a new Black-owned bank has opened in Columbus, Ohio, making history as the only one in the state. Adelphi Bank, the name which pays homage to “Adelphi Loan and Savings Company”, the only Black-owned bank in the 1920s, aims to help Black families build generational wealth by removing common barriers.

According to its website, Adelphi’s goal “is to improve the lives of our customers by removing the barriers to financial equity.” It also says it’s on a “mission to ​boost financial equity and build meaningful wealth for seamless and straightforward banking without inherent bias” for Black families.

Jordan Miller is one of Adelphi’s co-founders who also serves as chairman and CEO. Miller once served as president of Fifth-Third Central Ohio. The other co-founders are Franklin County Commissioner Kevin Boyce, and doctor and investor Kamran Haydar.

Left to right: Adelphi Co-founders Jordan Miller, Kamran Haydar and Kevin Boyce. (Courtesy of AdelphiBank.com)

He told The Black Wall Street Times the Federal Depository Insurance Corporation (FDIC) approved Adelphi to open for business on Jan. 18. Ninety-five percent of the Adelphi’s staff and board are Black. They said they want to uplift the Black community by giving them something that is not always easy to attain: access.

“We looked at all the options from fintechs, to neo-banks, to credit unions and even community development financial institutions,” Boyce said. “We zeroed in on the banking platform because we felt [we should] build that as the base and we could branch out and do all of those other things as we grow.”

Kevin Boyce, Co-founder, Adelphi Bank

“At traditional institutions, who they are lending money to for mortgages and the underwriting process, generally speaking about 1% are for African-Americans. What that means is that the wealth gap is not growing at the pace that we need it to grow at to keep up with the growth of society,”

Kevin Boyce, Co-founder, Adelphi Bank

Adelphi seeks to change that. He told the Times the bank’s unofficial motto is “Not what, but how?”

Located in the historically Black King-Lincoln Bronzeville neighborhood, Adelphi exceeded its fundraising goal by raising $25 million dollars to launch the institution, beyond their original goal of $20 million as reported by Columbus Business First.

Learn more about Adelphi Bank Here

BMI Staff
BMI Staff