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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."
Last week, the CDFI Fund awarded 40 organizations $120 million in Capital Magnet Fund Awards for the development of affordable housing and related economic development activities in low-income communities. Five CDBA member banks received CMF Awards: BankPlus in Ridgeland, MS: $700,000; MS; Beneficial State Bank in Oakland, CA: $3 MM; Legacy Bank and Trust in Rogersville, MO: $2.4 MM; United Bank of Alabama in Atmore, AL: $4 MM; and Virginia Community Capital in Christiansburg, VA: $4MM. In total, 7 CDFI banks and 2 CDFI bank holding companies applied, with 55% receiving awards. Congratulations to the winners!
Sunrise Banks CEO David Reiling has been named by Trust Across America as a 2018 Lifetime Achievement Award Honoree. Reiling is joined by seven other Lifetime Achievement Honorees this year and is the first CEO in the financial industry to receive this award. Honorees stand out as individuals who have been named a Top Thought Leader 5 times and continue to instill the values, principles, and beliefs essential to building a foundation of trust. "I am humbled to be recognized by Trust for a lifetime of achievement and it is an honor to be recognized among such great leaders," said Reiling. "Trust is a two-way street. Leaders must earn the trust of the people that support them. In turn, people must trust their leader and share their vision and drive for success. Shared trust is what makes positive change possible."