Industrial Bank (Washington D.C.)
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Industrial Bank is a historic African American owned bank established in Washington D.C.[1] It was established as the Industrial Savings Bank by John Whitelaw Lewis and originally operated out of the Laborers' Building and Loan Association building designed by William Sidney Pittman. An Industrial Bank building was on U street was designed by Isaiah Hatton a few years later.
The bank closed in 1932 but was reorganized and reopened by a Howard University alumnus Jesse Mitchell a couple years later in 1934.[2]
In 2013 the Congressional Black Caucus Foundation invested $1 million in Certificates of Deposit at the bank to spur lending to the African American community. The number of African American Banks fell during the Great Recession and Industrial Bank was the last African American owned bank in Washington D.C.[3]
Industrial Bank has locations on U Street, Georgia Avenue, J.H. Mitchell, F Street, Anacostia Gateway, Oxon Hill, and Forestville.[4]
References
- ^ "A black bank witnessed devastation after the 1968 riots. Now 'the future is bright.'". www.washingtonpost.com.
- ^ "Industrial Bank of Washington, African American Heritage Trail - www.culturaltourism.org". www.culturaltourismdc.org.
- ^ "Industrial Bank, D.C.'s last African American-owned bank, receives $1M investment". Washington Post.
- ^ Industrial Bank website
=Website
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