please help improve it or discuss these issues on the talk page . learn how and when to remove these template messages this article contains content that is written like an advertisement . please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view . august 2009 learn how and when to remove this template message this article needs additional citations for verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . august 2009 learn how and when to remove this template message learn how and when to remove this template message oneunited bank type community development bank green bank industry banking founded 1968 headquarters boston massachusetts area served boston ma miami fl los angeles ca key people kevin cohee products financial services mortgages website www.oneunited.com oneunited bank in dorchester massachusetts oneunited bank is an african american owned and managed massachusetts chartered trust company headquartered in boston massachusetts . the federal deposit insurance corporation fdic 1 bank is also a community development financial institution cdfi as certified by the united states department of treasury . as of december 31 2013 oneunited bank maintained 616.4 million in total assets . 2 oneunited bank provides affordable and innovative financial products and services to fulfill its community development mission in the urban communities of boston massachusetts miami florida and los angeles california . oneunited bank services not for profits small business affordable housing churches and others . contents 1 history 1.1 1968 1.2 1982 1.3 1990s 1.4 1995 1.5 1999 1.6 2001 1.7 2002 1.8 2008 2009 1.9 2014 2 unity visa 2.1 card highlights 2.1.1 rebuilding credit 2.1.2 how to rebuild credit program 2.1.3 financing and fees 2.1.4 enrollment 2.1.5 marketing 2.2 controversy 3 awards 4 see also 5 references 6 external links history edit 1968 edit the vision for oneunited bank began with the formation of unity bank & trust company . armed with 1.2 million in capital and located in boston s dudley dudley square neighborhood where over 30 percent of the community lives below the poverty line and nearly 20 percent of the land lies vacant unity bank & trust company sought to revitalize the area by lending exclusively to local businesses and homeowners . this ambitious goal proved insurmountable given the bank s limited resources . 1982 edit although unity bank failed after less than a decade of operations a newly organized bank bank of boston commerce continued the legacy of african american ownership and community re investment . boston bank of commerce expanded the model of community development to include partnerships with large corporations and government agencies . over the ensuing years a succession of chairmen including united states senator edward brooke guided the bank to a measure of prosperity and stability . with total assets of 157 183 000 and total deposits of 125 216 000 as of 31 december 2000 boston bank of commerce filed for application to conduct a merger transaction with founders national bank los angeles los angeles county california its four offices in operation and total resources of 107 009 000 and total deposits of 98 659 000 as of december 31 2000 . favorable statutory factors other relevant information and comptroller of currency reports led to the approval of the merger transaction application from boston bank of commerce by the board of governors of the federal reserve system the director of the office of thrift supervision and the attorney general of the united states . 3 1990s edit in the mid 1990s following the economic downturn that adversely affected other northeast based regional banks boston bank of commerce was placed under a cease & desist order by the fdic and charged to increase capital and improve the quality of its loan portfolio . its partnerships with corporations and government agencies and the loyalty of its customer base left an important legacy . 1995 edit a significant capital infusion by the now current chairman & ceo kevin cohee and president & coo teri williams 4 along with a new strategy of acquiring african american owned banks and thrifts in major metropolitan markets ushered in a new era of prosperity for the institution . 5 when the bank s current senior management team assumed control of boston bank of commerce the institution experienced negative equity and significant asset problems . as a result the bank became increasingly unprofitable pushing the institution to the brink of failure . the team turned boston bank of commerce around and subsequently acquired three 3 african american owned banks over several years that were troubled or on the verge of failure . 1999 edit boston bank of commerce became the first interstate african american owned bank in the country through its acquisition of peoples national bank of commerce south florida s only african american owned bank . 2001 edit the institution merged with founders national bank of los angeles bringing the largest banking market in the country along with star power in the form of founders majority owners former los angeles lakers superstar nba hall of famer and successful businessman earvin magic johnson grammy award winning songstress janet jackson and former motown records president jheryl busby . 2002 edit the application approval for the merger transaction made by boston bank of commerce for los angeles based family savings bank the largest african american owned thrift in california further added to its scale and efficiency and brought a legacy of successful experience lending to urban communities . boston bank of commerce launched its new name oneunited bank on record with the fdic as of 16 december 2002 6 to better reflect the bank s mission strategy and national brand . oneunited implemented a plan that focused on its core strengths . it is the only african american owned bank with significant acquisition and integration experience and is one of a small pool of banks that is cdfi . the bank s fully operational on line banking capability performance has transformed the institution and strengthened its financial position . in sum oneunited has succeeded principally by fulfilling its community development mission through sound banking practices state of the art technology strong financial performance and effective marketing campaigns to establish and develop its brand . oneunited has built a national brand through many innovative initiatives including lending nearly 1 billion over the past decade with the majority to low to moderate income communities while sustaining very low losses . the bank has received the maximum bank enterprise award from the u.s. department of treasury for ten years for its community development lending . providing extensive financial literacy training to low to moderate income communities including offering money smart workshops on budgeting credit and promoting the importance of savings to the african american community both locally and nationwide . oneunited bank offers an annual financial literacy essay contest for youth and president teri williams wrote a children s book i got bank what my granddad taught me about money to teach financial literacy to urban youth . 7 launching the first black owned internet bank in an effort to build wealth and encourage savings within the greater african american community by collectively shifting resources to online savings programs as a step to becoming more financially literate . expanding the bank s multi family loan programs to finance affordable housing in low to moderate income communities and encourage entrepreneurship . supporting many grassroots and national community organizations and national trade groups to promote the concerns of minority communities and minority banks . for example robert patrick cooper oneunited bank s general counsel has long been involved with and is the immediate past chairman of the national bankers association the nation s oldest and largest trade association representing minority and women owned financial institutions . cooper testified at a hearing on preserving and expanding minority banks before the subcommittee on oversight and investigations of the u.s. house of representatives financial services committee where he was singled out among the panelists as having particularly valuable expertise in helping congress to address the issues faced by minority depository institutions around the country . oneunited has succeeded because it has managed to create a brand that symbolizes success among african americans thereby attracting customers to the bank and reinforcing its position of community leadership . the brilliance of the strategy under the leadership of the bank s chairman and chief executive officer kevin cohee and its president & chief operating officer teri williams is one in which the bank has been able to build a preeminent national brand at a fraction of the cost typically associated with such an endeavor . branding has totally reshaped the image of oneunited and the financially weak institutions it acquired . the bank has now been re positioned as a successful bank with national operations . oneunited bank looks forward to entering new markets and working with strategic partners to continue making socially responsible investments that foster sustained economic development within urban communities . 2008 2009 edit in the latter part of 2008 and the beginning of 2009 oneunited experienced financial challenges as their equity investment in freddie mac and fannie mae became worthless . in order to stabilize the institution the bank applied for and received 12 million from the troubled asset relief program tarp . 8 since 2009 the bank has demonstrated sustained profitability and is emerging as a source of financial strength and catalyst for wealth creation within the communities it serves . 2014 edit in january 2014 oneunited introduced the unity visa secured credit card . the card is called the comeback card and targets individuals who are looking to rebuild their credit and their lives . the card includes a how to rebuild credit program to educate cardholders on ways to improve their credit score . oneunited bank received recognition as a notable it initiative from community banks by american banker for the unity visa card me app that allows consumers to apply for the card and if they are approved it allows them to open a deposit account to fund it . oneunited bank partnered with salesforce.com to provide a customer relationship management crm solution for its branch staff on ipads . under the leadership of oneunited bank chief information officer james slocum the bank is using salesforce1 to support service delivery and sales in each of its branches located in boston los angeles and miami . 9 unity visa edit the unity visa card is a secured credit card issued by oneunited bank that debuted on january 15 2014 . 10 the card is nicknamed the comeback card and targets individuals who are looking to rebuild their credit . 11 the card includes a how to rebuild credit program to educate cardholders on ways to improve their credit score . card highlights edit rebuilding credit edit in an interview with rodney baltimore of hot 105 fm in miami teri williams president and cofounder of oneunited bank spoke of how the card was designed to help people who have struggled with credit in the past rebuild their credit as the credit card does report to the three major credit bureaus . 12 williams also said that oneunited bank has constructed a how to rebuild credit program for cardholders to learn the basics of credit . in addition williams noted that the bank hopes to have financial workshops in individual branches in the future . how to rebuild credit program edit the unity visa card provides a step by step guide to help cardholders rebuild their credit . the information is presenting on oneunited s website 13 and is also mailed and emailed to cardholders to prompt their participation in the how to rebuild credit program . financing and fees edit because it s a secured credit card cardholders must make an initial security deposit to establish their credit . the