*On this date in 1902, we celebrate the founding of the Black-owned Mechanics Savings Bank.
This was a depository institution in the Jackson Ward neighborhood of Richmond, Virginia. Its founder was John Mitchell, Jr., an African American who also owned and edited the Richmond Planet. In 1905, the bank bought a three-story brick building at No. 310 East Broad Street. The bank's Clay Street and Third buildings were designed by architect Carl Ruehrmund and constructed in 1910.
The bank was the chief depository of the Knights of Pythias. At the time of its failure in 1922, it had deposits totaling approximately $500,000. In 1930, the Southern Aid and Insurance Company purchased the Clay Street Building.
