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.
Grace Pace, senior vice president of digital banking at Quontic Bank, says banks with rewards checking accounts will often require customers to fulfill specific activities to earn rewards. "With a rewards checking account, the most common activity would be swiping your debit card," explains Pace. "However, some will also encourage behavior, like enrolling in direct deposit or signing up for e-statements." Numerous financial institutions let you earn rewards solely through the rewards checking account. As a result, you won't need to own another bank account or apply for other bank services. First Independence Bank, Industrial Bank, and M&F Bank are also mentioned.
A stretch of Frelinghuysen Avenue in Newark's South Ward will soon have a bank branch again. Industrial Bank is planning to open a location at 550 Frelinghuysen Avenue near Haynes and Meeker Avenues. The company submitted an application to the Federal Deposit Insurance Corporation in order to proceed with the proposal, according to a branch establishment notice. Industrial Bank is based in Washington, DC. and most of its locations can be found in the district or its Maryland suburbs. The company expanded to Newark just over two years after the Treasury Department’s Office of the Comptroller of the Currency shut City National Bank down.
In the wake of George Floyd's murder, JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co. and other large U.S. lenders began investing hundreds of millions of dollars in Black-owned banks -- an attempt to help meet the needs of underserved borrowers as systemic racism became part of the national conversation. More than a year later, executives at the Black-owned banks say the cash infusions have allowed them to increase lending and expand their staffs, giving support to the African-American community amid pandemic-era uncertainty. Still, while the funding has been useful, the lenders say they need additional investment to shrink racial inequality in financial services and ensure their longterm survival. The number of Black-owned banks has been cut in half over the past 20 years. CDBA members Industrial Bank and Optus Bank are mentioned.