Since 1934, Industrial Bank has delivered essential banking and financial services that have contributed greatly to the growth and development of the Washington, D.C. community. From that first day, when Industrial Bank had just six employees and $192,000 in assets, Industrial has grown to over 150 employees and over $333 million in assets. In addition to providing a full range of banking services, Industrial Bank works to create a vibrant local economy through public/private partnerships, banking education seminars and sponsorships.
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."