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Black Wall Street’s M & F Bank in Durham, N.C. and a List of 19 Other Black Owned Banks Blacks Should Know

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For years, Black Wall Street’s Mechanics and Farmers Bank (M&F Bank) positioned itself as a cornerstone of Durham’s Parrish Street commercial and financial district. M&F Bank, has branches located in Durham, Charlotte, Raleigh, Winston-Salem, and Greensboro. According to the M&F Bank’s website, M&F Bank is the 2nd oldest minority owned bank in the United States – 109 years old. It is a state-chartered commercial bank, organized in 1907 under the authority of a charter issued by the Legislature of the State of North Carolina .

The bank was founded and incorporated by a group of nine prominent businessmen, headed by R. B. Fitzgerald, J. A. Dodson, J. R. Hawkins, John Merrick, Aaron M. Moore, W.G. Pearson, James E. Shepard, G. W. Stephens, and Stanford L. Warren.

"Portrait of some of the Founders of Mechanics & Farmers Bank, Durham, NC." Courtesy of from LearnNC. Available from http://www.learnnc.org/lp/multimedia/13112

“Portrait of some of the Founders of Mechanics & Farmers Bank, Durham, NC.” Courtesy of from LearnNC. Available from http://www.learnnc.org/lp/multimedia/13112

For years, Mechanics and Farmers Bank (M&F Bank) served as a cornerstone of Durham’s Parrish Street commercial and financial district.

As of 2015, Black Enterprise reports that M&F Bank is the 8th largest financial institution in the United States with nearly $300M in total assets.

Many people today lack appreciation of the origin of the Bank’s name. The founders and original customers represented various trades, crafts and professions in which the African American community had achieved success and prominence, so “Mechanics” likely was derived from the legal term “mechanics lien” that grouped such occupations together. Additionally, most of North Carolina ‘s wealth at the turn of the 20 th century was based on the ownership of real property, especially farmland, hence the term “Farmers.” That means the name “Mechanics and Farmers” denotes that this Bank is an institution dedicated to serving all facets of the community.

M&F Bank recently announced the hiring of Travis Rouse and Cristina-Velasquez.

trouse

Travis C. Rouse as Chief Sales Officer. In this role, Rouse will provide leadership and coaching for M&F Bank’s lenders in commercial credit decisions, planning and implementing effective loan growth strategies, ensuring compliance with risk controls and policies. Rouse joins the Bank with 17 years of business banking, credit analysis, coaching and development with several North Carolina regional banks. He has an impressive record of client acquisition, customer retention, and revenue growth accomplishments, TRousewhich he plans to replicate in pursuit of his new objectives with M&F Bank.

cristina-velasquez

Ms. Velasquez is a certified Human Resources Professional, and received a B.A. in Economics from the University of North Carolina at Chapel Hill. She previously had served as M&F’s Assistant Controller/HR Manager. Prior to joining M&F Bank, she held positions of increasing responsibility at Harrington Bank and the Latino Community Credit Union.

Below is a list of 19 Black owned banks that you should know about.

ALAMERICA BANK
Location: Birmingham, Alabama
Founded: January 28, 2000
FDIC Region: Atlanta
Assets: $35 404 000

BROADWAY FEDERAL BANK FSB
Location: Los Angeles, California
Founded: February 26, 1947
FDIC Region: San Francisco
Assets: $385 055 000

CAPITAL CITY BANK & TRUST COMPANY
Location: Atlanta, Georgia
Founded: October 3, 1994
FDIC Region: Atlanta
Assets: $294 572 000

CARVER STATE BANK
Location: Savannah, Georgia
Founded: January 1, 1927
FDIC Region: Atlanta
Assets: $41 573 000

CITIZENS TRUST BANK
Location: Atlanta, Georgia
Founded: June 18, 1921
FDIC Region: Atlanta
Assets: $392 286 000

CITY NB OF NEW JERSEY
Location: Newark, New Jersey
Founded: June 11, 1973
FDIC Region: New York
Assets: $340 301 000

COMMONWEALTH NATIONAL BANK
Location: Mobile, Alabama
Founded: February 19, 1976
FDIC Region: Atlanta
Assets: $63 244 000

FIRST INDEPENDENCE BANK
Location: Detroit, Michigan
Founded: May 14, 1970
FDIC Region: Chicago
Assets: $215 924 000

FIRST STATE BANK
Location: Danville, Virginia
Founded: September 08, 1919
FDIC Region: Atlanta
Assets: $38 882 000

FIRST TUSKEGEE BANK
Location:Tuskegee, Alabama
Founded: October 11, 1991
FDIC Region: Atlanta
Assets: $63 127 000

ILLINOIS SERVICE FEDERAL SAVINGS & LOAN
Location: Chicago, Illinois
Founded: January 01, 1934
FDIC Region: Chicago
Assets: $140 148 000

INDUSTRIAL BANK
Location: Washington, DC
Founded: August 18, 1934
FDIC Region: New York
Assets: $342 524 000

LIBERTY BANK & TRUST COMPANY
Location: New Orleans, Louisiana
Founded: November 16, 1972
FDIC Region: Dallas
Assets: $545 019 000

MECHANICS & FARMERS BANK
Location: Durham, North Carolina
Founded: 1907
FDIC Region: Atlanta
Assets: $304 809 000

NORTH MILWAUKEE STATE BANK
Location: Milwaukee, Wisconsin
Founded: February 12, 1971
FDIC Region: Chicago
Assets: $91 490 000

ONEUNITED BANK
Location: Boston, Massachusetts
Founded: August 02, 1982
FDIC Region: New York
Assets: $590 624 000

SEAWAY BANK & TRUST COMPANY
Location: Chicago, Illinois
Founded: January 02, 1965
FDIC Region: Chicago
Assets: $573 168 000

UNITED BANK OF PHILADELPHIA
Location: Philadelphia, Pennsylvania
Founded: March 23, 1992
FDIC Region: New York
Assets: $67 930 000

UNITY NB OF HOUSTON
Location: Houston, Texas
Founded: August 01, 1985
FDIC Region: Dallas
Assets: $68 125 000
Source: FDIC

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