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First Black-Owned Bank

March 2, 2014

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Profile America — Sunday, March 2nd. The capital of the vanquished Confederacy was the site of the first chartered black-owned bank in the U.S., founded on this date in 1888 by former slave and Union Army veteran William Washington Browne. It was known as the Savings Bank of the Grand Fountain, United Order of True Reformers. The bank provided mortgage loans and other banking services that were difficult for African-Americans to obtain in the segregated climate after reconstruction. When the bank opened, Richmond had a population of just over 81,000 people, 32,000 of them African-American. Today, Richmond is home to over 210,000 people, just over half of them African-Americans. You can find more statistics on communities across the country by downloading the Census Bureau's "dwellr" mobile application at <www.census.gov/mobile>.

Sources: Kane's Famous First Facts, 842

Historical Statistics of the United States: Colonial Times to 1970, p. 483

http://www.blackpast.org/?q=aah/true-reformers-bank-1888-1910

http://www2.census.gov/prod2/decennial/documents/1890a_v1-13.pdf

http://quickfacts.census.gov/qfd/states/51/51760.html

http://www.vahistorical.org/tah/truereformers.htm


Source: U.S. Census Bureau | Public Information Office | Last Revised: February 21, 2014