#AceFinanceNews says `First Black Owned Bank’ was opened in the `US‘ back in 1888 and was on the site of the `Vanquished Confederacy‘
FIRST BLACK-OWNED BANK
Profile America — Sunday, March 2nd.
The capital of the vanquished Confederacy was the site of the first chartered black-owned bank in the U.S., founded on this date in 1888 by former slave and Union Army veteran William Washington Browne.
It was known as the Savings Bank of the Grand Fountain, United Order of True Reformers.
The bank provided mortgage loans and other banking services that were difficult for African-Americans to obtain in the segregated climate after reconstruction. When the bank opened, Richmond had a population of just over 81,000 people, 32,000 of them African-American. Today, Richmond is home to over 210,000 people, just over half of them African-Americans. You can find more statistics on communities across the country by downloading the Census Bureau’s “dwellr” mobile application at www.census.gov/mobile.
Kane’s Famous First Facts, 842
Historical Statistics of the United States: Colonial Times to 1970, p. 483
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SOURCE U.S. Census Bureau