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Sun, 02.23.1902

The Mechanics Savings Bank Opens

*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.  John Mitchell, Jr. African American, was its founder.  He 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 Ruehrmundand constructed in 1910. 

The bank was the chief depository of the Knights of Pythias. At the time of its failure in 1922, the bank had deposits totaling approximately $500,000. In 1930, the Clay Street Building was purchased by the Southern Aid and Insurance Company.  

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