Industrial Bank

The nation was mired in the Great Depression in 1933 when Jesse Mitchell and his friends and business associates came together to do what only a few black entrepreneurs before them had done: establish a new bank to serve their community. Their ambitious plan required an act of Congress, but by the end of the year, the federal government had approved the group’s plan to sell $50,000 in stock to finance the Bank. By April 1, 1934, more than 95 percent of the stock had been sold. The new bank – to be called Industrial Bank of Washington-received its certificate of incorporation from the US Treasury Department on August 13, 1934. The Bank opened on August 20, 1934, with 6 employees and $192,000 in assets. Jesse Mitchell served as President until his passing in 1955. Multiple Locations

4812 Georgia Avenue., N.W., Washington, DC, 20011

202-722-2000 · customerservice@industrial-bank.com