AFRO Staff, AFRO | African american mother and child emptying piggy bank, interior of their living room. Storyboard for First Bank. Featured Image
[dropcap]African[/dropcap]-American owned banks were established at the end of the 19th century with the opening of the Capital Saving Bank in 1888 in Washington. [mc4wp_form id=”6042″]
They were mainly meeting the needs of the freed slaves who were excluded from the mainstream financial system.
The economic empowerment of a community necessarily involves the management of their financial resources within their own banking establishments.
Thus, from 1888 to 1934, more than 134 banks were founded by African-Americans.