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Home Black Finance Black Owned Bank Expands To Two More States

Black Owned Bank Expands To Two More States

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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.

B. Doyle Mitchell, CEO of Industrial Bank

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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D'Juan Hopewell
I care about Black Power. Period. Currently working on creating jobs and funding new startups on the South Side of Chicago and writing here and there at HopewellThought.com. Follow me @HopewellThought.
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63 COMMENTS

  1. 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.

  2. 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

  3. 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!!

    • 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.

  4. 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.

  5. 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!

  6. 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….

  7. […] (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  […]

  8. 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.

  9. 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

  10. 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.

  11. 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.

  12. 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!

  13. 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

  14. 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.

  15. 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

  16. 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.

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