Kevin Cohee: biography of the head of OneUnited Bank
Kevin Cohee is an American multimillionaire, investor and chairman of OneUnited Bank. This bank is the first wholly African-American financial institution in the United States. It is also believed to be the first African-American-owned online bank. In 2016, Cohee launched the Bank Black movement in response to protests against police brutality. This led to a massive transfer of funds from the black population in the US to banks owned by members of their community.
OneUnited Bank was formed by the merger of several community financial institutions, including:
– Founders National and Family Savings, which were based in Los Angeles;
– People National out of Miami;
– Boston Bank of Commerce, based in Boston.
Initially, these financial institutions worked with black communities. However, their capacity was severely limited, limiting access to capital for low-income people. OneUnited Bank helped solve this problem by tailoring a wide range of financial services to meet the community’s needs. This approach allowed the business to grow with a long-term focus. In addition, the entrepreneur and his business have helped improve financial literacy in African-American communities.
Since its inception in 1996, the bank’s assets have grown from US$56 million to US$650 million. OneUnited Bank has maintained a high profitability rate throughout its existence, which has resulted in a total capital growth rate of 35%.
Early years and education
Kevin Cohee was born in 1957. He lost his mother at the age of six and his uncle took custody of him. Kevin received a good education. He defended his doctorate in law at Harvard University. The businessman also holds a Master of Business Administration and a Bachelor of Arts. The latter he obtained at the University of Wisconsin, where he was a member of the student football team for 4 years.
Professional career path
After graduating in 1985, Cohee worked as a banker with Salomon Smith Barney. Four years later, he and a colleague bought MPS, a credit card company. The partners made the company profitable, increasing its capital to US$40 million and its customer base to 20,000. The company was sold in 1991.
In 1995, Cohee acquired a controlling interest in a Boston-based bank. It later merged with other institutions to form OneUnited Bank. In addition to standard services, the company offers a digital banking platform.
In 2019, Kevin spearheaded the BankBlack X initiative, which aims to improve the well-being of the black community.