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.
Expanding its presence into New Jersey and New York, Washington, D.C.-based Industrial Bank has acquired City National Bank of New Jersey, based in Newark. The deal means Industrial Bank will pick up two City National branches in Newark and one in Harlem, New York. The transaction came after City National Bank failed and was shut down on Nov. 1 by the Office of the Comptroller of the Currency (OCC). The regulator appointed the Federal Deposit Insurance Corp. as a receiver. City National’s operations were sold to Industrial Bank, which acquired City National’s deposits along with essentially all of its assets.
The recent #BankBlack social media campaign has brought black banking back into the national consciousness. The movement has inspired thousands of people across the country to transfer or deposit millions of dollars into black-owned banks for the first time. With this support, black-owned banks invest in urban communities, employ African Americans, and inspire black home ownership. For those considering making the change, here is a list of 13 banks to consider, including CDBA members United Bank, Industrial Bank, Harbor Bank of Maryland, Broadway Federal Bank, OneUnited Bank, Carver State Bank, First Independence Bank, GN Bank, and Metro Bank.
Washington, DC's historic U Street has served a long tenure as the vibrant heart of African American culture and entrepreneurship in the city. And after countless historical turning points and ensuing riots, three black-owned businesses have weathered decades-long hurdles to offer a glimpse into the tight-knit community and bustling neighborhood as it once stood. Ben's Chili Bowl, Lee's Flower Shop and CDBA member Industrial Bank all opened their doors in the mid-1900s and are still run by the second, third, and fourth generations of the same families. They maintain tight, intertwining bonds as they've grown and endured challenges on U Street over the years.