OneUnited Bank, recognized as the largest Black-owned bank in the nation, is preparing to relocate its headquarters from downtown Boston to the Roxbury neighborhood. This strategic move aims to enhance proximity to its client base and serve as a beacon for the Black community, according to Kevin Cohee, the bank's CEO and owner.

Currently located at 100 Franklin St., the headquarters will shift to 54 John Eliot Square after receiving the necessary city permit. Cohee elaborated on the benefits of the relocation, noting, "This move will not only bring us geographically closer to our customers but also better align our executive offices with our local branch. This alignment is crucial as it will aid in the development of new products and services tailored to meet the needs of communities with low to moderate incomes, and also accommodate our growing employee base."

The bank's journey to this decision reflects a return to its roots. Established in 1968 as Unity Bank and Trust Company, the bank originated in what is now known as Roxbury's Nubian Square. With a growing network that includes six locations across the country and over 100,000 customers as of 2020, OneUnited has solidified its status as a significant player in the financial sector.

Roxbury, celebrated as one of Boston's most diverse neighborhoods and a hub of the city's Black culture, is currently experiencing various revitalization efforts, particularly in areas like Nubian Square. These efforts aim to bolster economic growth and investment in the area.

Cohee emphasized the symbolic importance of the move, stating, "Relocating our headquarters to Roxbury symbolizes both our growth as a company and our evolution as a community. OneUnited Bank strives to exemplify the potential within the Black community in Boston and nationwide, and we are excited to contribute to the ongoing economic transformation in Roxbury."

The bank acquired the building in Roxbury in 2022, viewing the relocation as an opportunity to position itself at the core of Boston's Black community. The commencement of construction on the new site is pending the acquisition of the necessary permits and regulatory approvals from the City of Boston.

This planned relocation of OneUnited Bank's headquarters marks a significant milestone in the bank's history, promising to influence positively the economic landscape of Roxbury and serve as an inspirational model for community-focused business practices.

https://www.boston.com/news/neighborhoods/2024/04/15/nations-largest-black-owned-bank-plans-to-move-headquarters-to-roxbury/?utm_campaign=BDC_Facebook&s_campaign=bcom%3Asocialflow%3Afacebook

Original article on Boston.com