Categories: commentary,
Industrial Bank,
founded in 1934 in Washington, DC by Jesse H Mitchell, is an African American and family-owned bank with branches in Washington, DC and Prince Georges County, MD. In 2019, Industrial Bank acquired City National Bank of Newark with two branches in Newark, NJ and one branch located in Harlem, NY at 382 West 125th Street between St Nicholas and Morningside Avenues. The Bank operates nine branches with total assets over $700million.
Industrial Bank was established in 1913[3] as the Industrial Savings Bank by John Whitelaw Lewis and originally operated out of the Laborers’ Building and Loan Association building designed by William Sidney Pittman. An Industrial Bank building on U Street in Washington, DC was designed by Isaiah Hatton a few years later.
The Industrial Savings Bank closed in 1932 but was reorganized and reopened by Howard University alumnus Jesse Mitchell in 1934 as the Industrial Bank of Washington. The Bank opened on August 20, 1934, with 6 employees and $192,000 in assets. It was the only Black bank in the nation that opened during the Great Depression.
Industrial celebrated its 90th years of service in Washington DC earlier this year. Jesse Mitchell served as the president in 1934 and stepped aside in 1954 for his son B. Doyle Mitchell, Sr. Upon the passing of his father in 1993, B. Doyle Mitchell Jr. assumed the helm and is currently president and CEO. Mitchell is optimistic about the future of Industrial Bank. “Next steps, Mitchell said, includes “more digitization, which will continue to keep pace with the ever-evolving consumer’s desire to access financial services the way they choose>”
Harlem Community Newspapers, Inc. is a strong supporter and customer of the bank since they moved to Harlem in 2019. “I believe it is important to support the institutions in the community who are “good corporate citizens.” Many of Industrial Bank customers are churches, non-profit organizations, businesses and residents of the Harlem Community. It is a pleasure to do business with a bank where the staff actually knows who you are and greet you when you walk in the door, as family,” said Pat Stevenson.
Vice President, Harlem Branch Center Manager, Sabrina Brice said, “Our mission is to make a difference in your life and to impact economic development in our communities.”
