Industrial Bank exists because banks in Washington, DC simply wouldn’t serve Black people. It was originally founded in 1913 but closed in 1932. In 1934 it was reopened by Howard alumnus, Jesse Mitchell. For over 80 years the company has made it their priority to serve the community and provide capital to Black homeowners and entrepreneurs, when others wouldn’t. Industrial Bank has five banking centers in Washington and two in the immediate Maryland suburbs. With its recent acquisition of City National Bank of New Jersey, Industrial Bank is on the move — it has added two new locations in Newark and one in Harlem.
Newark and Harlem can expect a true partner in Industrial Bank. Washington has a rich history of vibrant Black business and home ownership and Industrial Bank has played no small role, historically. The bank’s business model is one that is sharply focused on investing in the community. In fact, the company reinvests more than 60 percent of its assets back into the community every year. Through the company’s sound financial practices and commitment to community, Industrial Bank has managed to survive lean economic times and while other banks folded during the financial crisis, they remain strong. With this latest acquisition it is clear that now is the time for growth.
Black owned banks are beyond necessary. Banks are an anchor to prosperous neighborhoods. Homeownership is, by and large, made possible by banks. The success of small and large businesses alike are tied to lines of credit from banks. When we make deposits in banks, we expect them to then invest in our community and provide opportunities locally. The problem with multinational banks is that while they may take your deposits in Ferguson, Missouri, for example, they will often invest in Dubai or use your cash to play in the Wall Street casino. That doesn’t help our community. Black banks, however, are local and as such their primary business is to invest in the communities they serve. Further, because the bulk of their clientele is also Black, these institutions play a critical role in providing capital to Black entrepreneurs and homeowners. As we deposit our dollars, they make it possible for Black entrepreneurs to access capital and for renters to begin building wealth through homeownership.
Where do you bank and what community benefits from your deposits? We need strong Black financial institutions, if we are to have strong Black communities. Industrial Bank is truly an institution worth investing in and this latest acquisition is a clear indication of the bank’s vibrancy. Washington has benefited from Industrial Bank’s presence for over 80 years and now Newark and Harlem will have the same opportunity to prosper, as the community banks with a true community partner.
Full disclosure: the author is a customer of Industrial Bank
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Awesome
How do I open a Account?
I need to know how to open an account. Can I use it in Michigan?
Hello, I would like to support this black owned bank, can I send a check to open an account or do I need to come in person. I’m in Willingboro NJ.
I wood love to support dis bank what to do
So very proud of them ❤️.. Hey industrial bank we need you in Detroit,mi..
First Independence Bank is in Detroit and other locations in Michigan.
Locations https://www.firstindependence.com/about/convenient-locations/
and they offer online banking as well
Where is the branch located at in Harlem New York and what is the adress and telephone number to the branch?
Come to the Midwest…We need you!✊🏾
Good afternoon, my name is LaMonte, and I live in North Texas, I would like to get some more information about our black banks, especially here in Texas
God bless LaMonte
Unity Bank of Houston has two branches in Texas and one in Atlanta, GA. (http://www.unitybanktexas.com/Locations.aspx)
They not only offer online banking but they also offer mobile banking through their app which you can download for free.ave an app .
How do i open a account?
The online application is at https://accountcreate.fiservapps.com/App/AC_8302/App.aspx?AppID=31001
Are your services available to state non-residents?
I live in Converse Texas and I would like to know how would I be able to get a bank account with this banking
When are they coming to Chicago ?
Industrial Bank is already in Chicago (http://www.industrial-bank.com/) along with
ILLINOIS SERVICE FEDERAL SAVINGS & LOAN (http://www.isfbank.com/) and
SEAWAY BANK AND TRUST COMPANY (http://www.seawaybank.us/)
ISF is now GN Bank, this company is headquartered on the continent (Africa) but are now doing business in the states. Seaway is no longer Black owned.
Please come to California. We need your help in our black communities. I will help you campaign to get you here. Let’s make our communities great!!
PLEASE LOS ANGELES.CA ILL JOIN
Unfortunately, there are no Black owned banks within a thousand miles of California.
Almost all banks offer online or mobile banking in one form or another, and in my pinion, if enough Californians open enough accounts online, sooner or later one or more of them will expand their business to California.
NOTE: It is just an opinion, but I think the highly taxed and restrictive business atmosphere in California is the main reason for the lack of Black participation not only in banking but business in general.
I have not done the research (Black business owners generally do not respond to surveys), so this is just a SWAG on my part.
It’s great to see black owned Banks again. I grow up on the South Side of Chicago where we had Seaway and Independence national banks, and let’s not forget about Freedom National Bank in Harlem New York. Keep up the great work.
Seaway (http://www.seawaybank.us/) is still in Chicago.
Black Chicago is in desperate need of their services. I hope they continue expanding to more Black communities.
when do we tackle the black megachurches/pastors giving away millions of conttracts to nonblack firms to build these 50/80 million dollar preaching boxes! creating income inequality and undermining communities!
Thank God
We need a bank like this here in Chicago IL, to help build back our community, and help give those that have leadership and business interests a chance to pursue small businesses to open up jobs for our youth. The whites already see the rising of our city, and the potential of it in the future, so while our blacks our still scrambling for crumbs and killing one another for it the whites are taking over and buying up everything, running up the cost making it harder for the blacks to survive in our city. Chicago will always be a popular place for visitors, which is why our city would be the perfect place for a black owned bank, who are willing to invest into black entrepreneurs, that’ll change the game for Chicago IL, while its still time….
CONGRATULATIONS….
We need this NATIONWIDE.
HOW WE BUY BLACK ✊🏿
Answer Prayer!
Please come to Las Vegas NV! We have zero Black owned banks or credit unions. Thank you!
Brooklyn next acquisition plzzzzx!!! Thnk u
Greetings..does one have to live in either state to open an account? Thank you.
Do they have an online component? If not are they planning one?
[…] (WeBuyBlack.com – WASHINGTON, DC – November 14, 2019) – Industrial Bank exists because banks in Washington, DC simply wouldn’t serve Black people. It was originally founded in 1913 but closed in 1932. In 1934 it was reopened by a Howard alumnus, Jesse Mitchell. For over 80 years, the company has made it their priority to serve the community and provide capital to Black homeowners and entrepreneurs, when others wouldn’t. Industrial Bank has five banking centers in Washington and two in the immediate Maryland suburbs. With its recent acquisition of City National Bank of New Jersey, Industrial Bank is on the move — it has added two new locations in Newark and one in Harlem. READ IN FULL […]
I do a lot of marketing/promotion for various companies and I would love to sign up some customers. For every customer I sign up, I want $100. Call or text me at 347-261-6683 anytime.
Congratulation on working on bringing back black wealth for our selves but are you Carver bank who didn’t lend to black construction company in New York City and was in Harlem and Brooklyn .
It unbelievable how you can have money in a bank as a black business owner and put funds up hard cash 10,000.00 as collateral for a small 10,000.00 line of credit and be deny CHASE and ask for SBA backing working in the hardest construction market New York State after paying back a line credit over 1000,000 please dont over look capacity building god bless this bank
How can i open an Account
Amen!!! The southern states are eagerly waitning.
OUTSTANDING……We’re hoping your bank expands to Houston. Millions of Black people down here want desperately to jettison white owned Banks. Come see us………………Please.
Awesome job! We need this in Florida and advertise. This should not be so complicated for black business owner to survive. Right too much red tape.
With the Internet, this company can be nationwide in 6 months.
How do I open an account?
INDUSTRIAL BANK http://www.industrial-bank.com/ Chicago, IL 60653
Dayton, Ohio is on standby. 😀
I’m waiting for you in Florida. Meanwhile, how do I open an account?
OK, great news… but it seems like somewhere in the article you would mention how interested readers can open an account with the bank. At least include a hyperlink or a phone number for more info. Sure, there’s Google, but the questions in the comments show that the article is incomplete. Friendly feedback from Journalism 101…Thanks!
Where are the black owned banks in Los Angeles CA.
I’ll like to have more info about the ba nk I would like to expand my business in the import and export industry specialising with farming in our African continent
When we’ll one be in California?
Kloving32158@yahoo.com. would like to known more about your banking services
Wonderful to see …Awesome
How can I open up an account
While in the Washington DC Area I had a great opportunity to do so business with this great bank. I’m from the Kansas City area. I wish it was more Black Owned Banks in our region.
Is Cnnecticut next on your list?
How do I get my home loan transferred over to them and how can I open up a checking and savings account?
UR Is Connecticut Next Or Do I Need To Go To Harlem To Open And Account ?
Ohio needs branches here so people will feel more secure doing business! Especially older retirees!! There’s a lot of business to be done here!, more properties to be owned by black families!, more businesses to be owned by black families
What’s the address for the bank that’s in Newark nj so I can go open a account plz
Would like to start a account
I wood love to support dis bank what to do
Salute to Industrial Bank, that was an excellent move.
Are you publicly traded. How can we buy shares/stocks.
We need an Industrial Bank here in Marlboro County, Bennettsville, South Carolina. We have a large black population and we are in need of a bank that supports our communities.