20-02-2025
Adelphi offers "mission-driven" banking in King-Lincoln Bronzeville
Adelphi Bank launched in 2023 as the only active Black-owned bank in Ohio, headquartered at 800 E. Long St. in the heart of King-Lincoln Bronzeville.
Why it matters: The bank is a symbol of financial independence, a "mission-driven" organization aiming to close financial gaps not just for the Black community, but for all underserved people, co-founder and Franklin County Commissioner Kevin Boyce tells us.
Both its name and location honor Adelphi Loan & Savings Co., Columbus' first Black-owned bank formed just down the street in 1921.
Flashback: The modern Adelphi's story began May 30, 2020, when Franklin County Commissioner Boyce, U.S. Rep. Joyce Beatty and Columbus City Council President Shannon Hardin were pepper-sprayed while protesting the death of George Floyd.
Later that day, a friend mused to Boyce about the impact of starting a bank.
"I took that challenge and began to build the institution we have today," he tells Axios.
The intrigue: Boyce began with a simple Google search: "How do you start a bank?"
From there, he compiled research, gathered investors, built a leadership team and learned about the lengthy bank charter application process.
Boyce, now vice chairman, partnered with two co-founders: retired Fifth Third Bank regional executive Jordan Miller, who would become chairman and CEO, and ER physician Kamran Haydar.
The big picture: Only 150 of the more than 4,500 American banks were minority-owned as of Q3 2024, per the Federal Deposit Insurance Corporation.
Of those, just 23 banks were Black-owned.
"That's what makes this conversation around wealth-building and access to banking so important for certain communities," Boyce says.
Zoom out: Months after Adelphi's launch, Cincinnati's Warsaw Federal Savings & Loan reorganized to become the state's second Ohio majority-Black-owned bank.
Last year, the pair of institutions partnered to secure a loan for House of Joy Christian Ministries, a Black church in Cincinnati.
"We have a legal lending limit that can sometimes prohibit us from doing certain types of loans," Boyce says. "So it's important to have partnerships with like-minded institutions that allow us to address community needs."
What's next: After nearly two years, Boyce is happy with the trajectory of Adelphi's growth and the relationships its officers have forged, and he says the current political climate makes the bank's mission even more important.
Staying stable regardless of external factors is one of Adelphi's biggest future goals.
"We're really working hard to be stable as the winds of politics and the economy change, and making sure we're able to meet the needs of our customers and continue to grow."
Go deeper: The story of Bronzeville, a hub of local Black history
The "King" and "Lincoln" behind King Lincoln-Bronzeville
