The history of The Savings Bank says a lot about the triumphs of William Washington Browne who was a former slave. He is also the first Black Owned bank in America. This bank was founded in 1888 and it’s first day had more than $1,200 deposits.
Browne opened this bank to serve the financial interests of Black People. He had the goal to protect and serve the Black Community and their finances to not be monitored by White People.
This Bank was named The Grand Fountain United Order of True Reformers, it was from a Black fraternal organization also created by Browne years earlier.
This bank did very well despite the U.S. economic crisis of late 1800’. His bank was one of the few that survived this crisis.
After his death, the bank expanded into different businesses such as real estate, retirement homes, buildings, loan associations, and more. It was expanded in 24 states.