People's Savings Bank of Philadelphia
Peoples’ Savings Bank of Philadelphia
The Peoples' Savings Bank of Philadelphia, located on 1508 Lombard Street, was the first bank managed by blacks. It was organized in Philadelphia by Congressman George H. White, of North Carolina, who served in the House of Representatives from 1897 to 1901. White helped to expedite the progress of blacks in the North in the late 19th century. He acquired 2,000 acres of land in Cape May County, New Jersey which eventually became named Whitesboro, in his honor. Prior to the Peoples' Savings Bank, blacks in Philadelphia stored their money in savings or loan associations. The bank closed after a few years when patrons stopped depositing their assets long enough for them to be invested. White lost about $10,000 to the collapse of the bank.
by Aslaku Berhanu
Saunders, John A. 100 Years After Emancipation; history of the Philadelphia Negro, 1787 to 1963. Philadelphia, PA: Free African Society, (1964?)
“Dissolution Of Peoples’ Savings Bank of Philadelphia, Pa.” Afro-American (1892-1988) 22 Feb. 1918, ProQuest Historical Newspapers Baltimore Afro-American (1893-1988), Proquest. Web. 14 May. 2012.