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.
This past week, CDBA was proud to host its first ever congressional staffer bus tour. On the morning of October 12th, CDBA's Public Policy Director Samantha Booth and CEO Jeannine Jacokes boarded a full bus to take a tour of CDFI impact sites in Washington, D.C. The tour, co-led by City First Bank and Industrial Bank, stopped by many of the banks' success stories, including the Elaine Ellis Health Center, Trinity Plaza Day Care, and THEARC.
Recently, several large banks have been called out for discriminatory lending practices, including not serving low income areas. For many of those residents, banking services offering personal bank accounts and loans for homes and small businesses, can be difficult to access. But some banks, like Industrial Bank, have made their focus serving those communities. This radio segment explores what it means to live in a "banking desert." Jacquie Boles, Senior Vice President at Industrial Bank, contributes.
Fifty years after the riots that followed the April 4, 1968 assassination of Martin Luther King, Jr., the Washington Post tells the story of Industrial Bank, a black-owned bank in Washington, DC that was founded during the Great Depression and survived the riots. Doyle Mitchell Jr., President and CEO, and his sister, Patricia Mitchell, are interviewed about the bank's history, mission, and survival. Before the riots, the bank cultivated a large and dedicated customer base. In the 50 years of operation since the riots, the bank has continued to grow, benefiting from a resergence along the U Street corridor that was once devastated by the unrest. "The city's population is increasing by almost 1,000 people a month. There is new development and housing going up," Doyle Mitchell said. "For our bank, the future is very bright."