Industrial Bank Celebrates its 85th Anniversary
WASHINGTON, Aug. 20, 2019 /PRNewswire/ -- Industrial Bank was founded in 1934 by Jesse H. Mitchell with the help of nine initial investors, and has grown significantly since its humble though confident beginnings. Opening with one location and six employees, the Bank has seen adversity and triumph over the years, amidst the Great Depression, the 1960s riots, and ever-changing political and cultural climates. Historically, Industrial Bank has made loans and opened accounts for countless individuals, aspiring entrepreneurs, and major businesses and corporations. Currently, the only African-American family owned bank in the Washington D.C., area Industrial Bank is among the top five largest black-owned banks in the United States.
Industrial Bank remains impactful and needed in the community. According to a 2018 Federal Deposit Insurance Corporation (FDIC) study, 67% of black-owned banks' mortgage loans went to black borrowers, compared with fewer than 1% of community banks' mortgage loans. On top of loan awards and financial services, Industrial Bank reinvests over 60% of its assets back into the community every year and continues to activate and support community programs such as their D.C. Jail Financial Literacy Program. Bank President B. Doyle Mitchell, Jr., as did his father and grandfather before him, still believes in the importance and power of financial education, entrepreneurship and homeownership.
Recent movements, characterized by hashtags #BankBlack, #MoveYourMoney, and Washington D.C.'s #DivestToInvest, have helped drive belief and advocacy of black ownership. Since 1934, Industrial Bank has depended on the support of individuals, organizations, churches and their investment in both the start and growth of the Bank. Ever since, Industrial Bank and its community have been inseparable, and their relationship continues to be based on mutual need, respect, and appreciation. As the District of Columbia and surrounding areas have undergone another demographic shift, Industrial Bank remains strong as a bank that supports and services all people. Today, the bank operates seven branches, and will soon open a new branch in Largo, Maryland. Clearly, the Bank's 85th anniversary is an attention-worthy milestone, but what remains since the doors first opened on August 20, 1934 is that Industrial Bank is a bank that gives back to any community that it calls home.
About Industrial Bank Industrial Bank is one of the largest African American-owned banks in the United States. Since 1934, Industrial Bank has been a vital partner for small and large businesses, homeowners, and personal banking account customers in the Washington, D.C. and surrounding metropolitan areas.
Contact: Melanee Woodard
[email protected]
202-722-2000
SOURCE Industrial Bank
Related Links
http://www.industrial-bank.com
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