About Us
Commonwealth opened its doors in 1976. We are a full-service nationally-chartered commercial bank. We are one of only 15 black-owned banks remaining in the country, and one of only 5 black-owned banks regulated by the Office of the Comptroller of Currency. Moreover, out of the 45 banks doing business in the City of Mobile, we are the only one headquartered here.
Commonwealth is one of only 144 Minority Depository Institutions (“MDIs”) in the country, as defined in Section 308 of the Financial Institutions Reform, Recovery and Enforcement Act of 1989. We are the only MDI headquartered in the City of Mobile and one of only two headquartered in the State of Alabama. MDIs play a unique role in promoting the economic viability of underserved communities.
Commonwealth has met the requirements for classification as a Community Development Financial Institution (“CDFI”). CDFIs share a common goal of expanding economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses. To support emerging CDFIs, the Community Development Financial Institutions Funder (“CDFI Fund”) was established by the Riegle Community Development and Regulatory Improvement Act of 1994. The CDFI Fund’s purpose is to promote economic revitalization and community development in low-income communities through investment in and assistance to CDFIs. As a CDFI, Commonwealth is eligible to apply for awards from the Bank Enterprise Award Program of the United States Department of Treasury.
Commonwealth is a member of the National Bankers Association (“NBA”), the trade organization founded in 1927 as a voice for black-owned banks in the United States. Chairman Patrick Cooper is a member of the NBA’s board of directors.
Commonwealth’s asset size is roughly $60 million. We are well-capitalized satisfying our Tier I requirement. We currently employ about 20 persons. We have two branches, one in Toulminville, the other in Crichton, each with an ATM. In addition, PNC graciously allows our customers to use its ATMs without any service charge. All depositors of Commonwealth are insured by the FDIC up to $250,000.
Commonwealth In The Community
In 2019, Commonwealth National Bank created an Emerging Leaders Advisory Board, which meets monthly, to empower the leaders of tomorrow by exposing them to corporate engagement and leadership development. The Advisory Board includes nine Metro Mobile leaders selected from a long list of candidates representing diverse industries. The Board helps Commonwealth understand the unique needs of Millennials and Generation Z. Commonwealth will look toward the Advisory Board members when opportunities become available to join the Bank in different endeavors.
Commonwealth National Bank has a long history of supporting charitable organizations in the Mobile Metro community. Below is a list of some of the organizations that the Bank has supported:
- Twin Oaks Rehabilitation and Healthcare Center
- Mobile Chapter of the NAACP
- Delta Sigma Theta Sorority, Inc.’s Delta Academy
- Boys & Girls Clubs of South Alabama
- Mobile Police Department
- Omega Psi Phi Fraternity, Inc.
- New Shiloh Missionary Baptist Church
- Revelation Christian School
- Bethel AME Episcopal Church
- Franklin Primary Health Center, Inc.
- Dearborn YMCA
- 100 Black Men – Mobile Chapter
- Mobile Area Chamber of Commerce Eagle Awards
- Greater Mobile Chapter of the Buffalo Soldiers
- James Major
A recent example is Commonwealth’s partnership with The Port City Secondliners and JA Group, Inc. to provide scholarships for students who participated in the All-Star Academic Awards Program held at the Bill Clark Center in Prichard, Alabama. Commonwealth scholarships were awarded to over 10 students.
Commonwealth National Bank is a member of both the Mobile Chamber of Commerce and the Mobile Black Chamber of Commerce.
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May, 2024
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