Since 1934, Industrial Bank has delivered essential banking and financial services that have contributed greatly to the growth and development of the Washington, D.C. community. From that first day, when Industrial Bank had just six employees and $192,000 in assets, Industrial has grown to over 150 employees and over $333 million in assets. In addition to providing a full range of banking services, Industrial Bank works to create a vibrant local economy through public/private partnerships, banking education seminars and sponsorships.
Morgan Stanley announced $14.6 million to support long-time partner Carver Bancorp, Inc., one of the nation's largest Minority Depository Institutions (MDI). Morgan Stanley's grant enabled Carver to buy back shares and bolster its capital position to help weather the economic impact of COVID-19 in the wake of the pandemic. In addition, the grant will help the bank assist small businesses and customers that were affected by COVID-19, particularly those that did not receive federal relief loans. Previous commitments Morgan Stanley has made include $10 million in grants to support Minority Depository Institutions (MDIs) including Industrial Bank of Washington, D.C.
Expanding its presence into New Jersey and New York, Washington, D.C.-based Industrial Bank has acquired City National Bank of New Jersey, based in Newark. The deal means Industrial Bank will pick up two City National branches in Newark and one in Harlem, New York. The transaction came after City National Bank failed and was shut down on Nov. 1 by the Office of the Comptroller of the Currency (OCC). The regulator appointed the Federal Deposit Insurance Corp. as a receiver. City National’s operations were sold to Industrial Bank, which acquired City National’s deposits along with essentially all of its assets.
The recent #BankBlack social media campaign has brought black banking back into the national consciousness. The movement has inspired thousands of people across the country to transfer or deposit millions of dollars into black-owned banks for the first time. With this support, black-owned banks invest in urban communities, employ African Americans, and inspire black home ownership. For those considering making the change, here is a list of 13 banks to consider, including CDBA members United Bank, Industrial Bank, Harbor Bank of Maryland, Broadway Federal Bank, OneUnited Bank, Carver State Bank, First Independence Bank, GN Bank, and Metro Bank.