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business look and insight into Black Washington over the past seven decades. The book is a worthwhile look into the Black banking world, people and events. Since slavery, Africans in America realized the necessity of accumulating wealth and the subsequent benefits of collective financial security. The Free African Society, the Free Labor Bank, and the Freedman’s Savings and Trust Company laid the groundwork for Black capitalism in America. Black banks gave African By William Reed Americans a venue in which to learn about and participate in the business of banking. They helped Blacks learn The Ellingtons and Mitchells are valuable economic lessons about beevidence of the evolution of the na- ing industrious and saving money. tion’s Black middle class. The families African-American churches and fragrew up in Le Droit Park, an area of ternal organizations served as poolurban, narrow row houses anchored ing places for capital needed to open by Howard University. The bank of banks sensitive to the needs of AfriLe Droit Park residents, Industrial Bank of Washington, grew to be one can Americans. In “Images of America: Industrial of America’s oldest Black-owned banks. The bank and Mitchell fam- Bank” the authors tell the story of the ily are testaments to the Washington institution in 130-pages and through Black business movement. When it more than 200 vintage images that opened, Industrial Bank was Wash- brings to the fore the people, places, ington’s only Black-owned bank. and events that shaped the characJesse Mitchell, a 1907 Howard Uniter of Washington until today. The versity Law School grad started Industrial Bank of Washington in 1934. bank held accounts for the National A range of Black investors, from Business League, the National Bankindividuals, churches, and service-ori- ers Association, the Black Press of ented organizations rallied around the America and most national fraternal effort. The bank has had a national and sorority organizations. In “Imagimpact through three generations: es of America” the Mitchells have deMitchell’s son B. Doyle Mitchell Sr. fined a community as the bank’s story succeeded him as president in 1953, is illustrated through images from the who was then succeeded in 1993 by his grandson B. Doyle Mitchell Jr. as Industrial Bank archives and the Scurpresident and CEO and his grand- lock Studio Records, Archives Center, daughter Patricia A. Mitchell as ex- National Museum of American Hisecutive vice president. Under their tory, Behring Center and Smithsonian guidance, Industrial Bank remains a Institution. The foreword was comfamily-owned business that has 150 posed by Edward Ellington Jr. and employees and $350 million in assets. April Ellington, son and daughter of The story of Industrial Bank of “The Duke.” Washington is of importance to “Images of America: Industrial Black Americans because as Black Bank” is recommended as a “must wealth has evolved, Industrial Bank has, over generations, delivered bank- read” for Blacks. The book is pubing and financial services toward the lished by Arcadia Publishing – www. growth and development of the na- arcadiapublishing.com. Learning tion’s largest and longest enduring about what has become a mainstay Black middle class. Both the bank and for Black Washingtonians will be a lesEdward Kennedy “Duke” Ellington are Washington legends. The “Duke” son well learned. Industrial Bank has and other Black music legends helped received wide acclaim for its commuestablish the U Street entertainment nity reinvestments and performances. corridor. On February 26, 2009, In- B. Doyle Mitchell Jr. says, they produstrial Bank led the way when the vide “services to create a vibrant lojazz musician became the first Black cal community based on encouraging American to be prominently featured thriving businesses.” wi on a U.S. coin in circulation with the release of a quarter honoring the DisWilliam Reed is publisher of “Who’s trict of Columbia. Who in Black Corporate America” and In “Images of America: Indusavailable for projects via the BaileyGroup. trial Bank” B. Doyle Jr. and Patricia A. Mitchell have produced a good org)
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Starting during the 1930s, the Mitchells of Washington were close friends with Edward Kennedy Ellington’s family. So, in 2009 when the Duke Ellington Commemorative Quarter was to be distributed, the Ellington family selected the Mitchell’s- 9:45:49 IndustrialAM Bank on310503.8632 the historic U Tue - 12/18/2012 Street corridor to begin distributing the quarter.
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The Washington Informer
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