Asheboro Magazine Issue 121

Movement Bank A Purpose Bigger Than Banking Movement Bank was born in 1919 as the Savings Bank of Danville, located in Virginia, and founded by Samuel Moses and a group of black pastors, doctors, teachers, and farmers in the basement of a church. With $20,000, Samuel and his team formed a bank to serve the underserved community that had been shut out of the banking system in the era of Jim Crow-enforced segregation. By 1920, the bank had nearly $1 million in total assets. In 1953, the Savings Bank of Danville changed its name to First State Bank, which continued to maintain strong capital ratios, keeping bank expenditures low.

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