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Sun, 02.23.1902

The Mechanics Savings Bank Opens

*On this date in 1902, we celebrate the founding of 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 building 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.  

To become a Financial Management Analyst

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New Poem Each Day

Poetry Corner

The sale began-young girls were there, Defenseless in their wretchedness, Whose stifled sobs of deep despair Revealed their anguish and distress. And Mothers stood with streaming eyes, And saw their dearest children... THE SLAVE AUCTION by Frances E. W. Harper.
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