Black-owned bank formally opens new location in Compton

COMPTON, Calif. (KABC) -- OneUnited Bank formally opened its new branch in Compton Monday morning.

"We're really looking forward to helping people buy homes, helping people start businesses, and really helping our community build wealth," said Terri Williams, President and COO of OneUnited Bank.

The bank had a branch in Compton previously and executives said they had been in the Compton community for over 20 years. Williams said they lost their lease in Compton and had been looking for a new home and some are happy for the change.

"I'm just four steps away. Praise God!" said Dorothy Mae Bullock, a Compton resident. "It's closer for me."

"We're just so happy to open. This is a wonderful neighborhood," Williams said. "The city of Compton has just been really good to us and we're here to serve."

A sneaker chain now stands where OneUnited Bank used to be located in Compton. Williams blames gentrification and adds it's something a lot of Black businesses have to deal with.

"It is a theme in our community," Williams said. "What we're hoping is to set an example and to try to identify ways in which we can help our businesses continue to grow by finding new locations."

As one of the largest Black-owned banks, executives said they're excited to honor their roots and renew its long-term commitment to the Compton community. During the opening of the new branch, OneUnited Bank presented the Compton Junior Equestrians, an inner-city youth organization, with a $5,000 donation.

"The Compton Jr. Equestrian Association is one that teaches our kids how to not only ride but also their history," Williams said.

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