Teri Williams has financed nearly $1 billion in loans for low- to moderate-income communities across America. As president and chief operating officer of OneUnited Bank, she leads the nation’s largest Black-owned bank. Her work focuses on empowering communities in Los Angeles’ South Central, Compton, and Miami’s Liberty City.
Williams’s journey began in 1995 when she acquired her first bank alongside partner Kevin Cohee. This marked the start of a powerful mission to build wealth in Black communities. Today, her institution serves approximately 100,000 customers, with 80% being Black Americans.
From Corporate Success to Community Banking
Williams left a thriving career at American Express in the mid-1990s to pursue her vision. She had been the youngest-ever vice president at the financial giant. However, a family friend told her about Boston Bank of Commerce’s need for new leadership.
She saw an opportunity to use her corporate experience differently. Over several years, she and her partner purchased three more Black-owned banks. They eventually consolidated these institutions into the unified national brand known today as OneUnited.
Building on a Legacy of Financial Inclusion
The Boston Bank of Commerce, founded in 1962, served a critical purpose in its community. The institution provided a vital haven for Black individuals turned away from other financial institutions. This history of exclusion drove Williams’s mission forward.
By consolidating multiple banks, Williams created a strong entity with a $700 million valuation. The bank’s mission directly addresses the racial wealth gap. A 2024 Federal Reserve study estimated this disparity at $240,000 between median Black and white households.
Innovative Banking Products for Underserved Communities
OneUnited has pioneered innovative products designed to provide financial access where others have failed. The “Second Chance” checking account serves individuals shut out of other institutions due to negative banking history. Meanwhile, a secured credit card helps customers rebuild their credit scores.
The “Cash, Please” short-term loan program offers a safer alternative to predatory check-cashing stores. These stores can charge interest rates as high as 400%. The bank has also adopted technology, launching an AI tool to help customers make smarter financial decisions.
Personal Mission Rooted in Family History
Williams’s work is deeply personal, stemming from her belief in economic empowerment. Her great-grandmother, an entrepreneur who owned several businesses in a segregated Florida town, inspired her lifelong mission. This family legacy drives her commitment to financial literacy today.
“The work I do now is meaningful to me,” she told Brown University earlier this year. She explained that the bank helps make financial literacy a core value, particularly in Black communities. This personal connection fuels her dedication to closing the wealth gap.
Teri Talks: Making Financial Education Accessible
Williams created “Teri Talks” on OneUnited’s official Instagram account to reach customers directly. These sessions provide up-close and personal access to financial information and tools. The format helps followers enhance their financial health through practical advice.
The social media initiative demonstrates Williams’s commitment to modern communication methods. She meets customers where they are, making banking less intimidating. This approach has helped build trust and engagement with the bank’s community.
Beyond Banking: Broader Community Impact
Williams’s influence extends far beyond OneUnited’s daily operations. She founded the Black Economic Council of Massachusetts to address systemic economic issues. Additionally, she serves on the board of CCC Intelligent Solutions and the Boston Foundation Racial Wealth Gap Partnership.
She is also the author of “I Got Bank! What My Granddad Taught Me About Money,” a financial literacy book for young people. Through multiple channels, Williams works tirelessly to transform how Black communities build and maintain wealth. Her comprehensive approach addresses both immediate needs and long-term generational change.
