Minneapolis spokesman. [volume] (Minneapolis, Minn.) 1934-2000, 1948-11-05
U. 8. NEGROES CONTROL & OPERATE
IA BANKS IN NINE STATES;
1A7 BUSINESS LARGEST EVER

h SsaNAA NNPott OF BANKING
institutions owned and operated
~ Negroes released by the de-
paFtment OF commerce reveals
that . total Of ~ banks are now
domiciled In nine states and the
District Of columbIa, II OF which
are members OF the Federal De-
poait Insurance corporation.
An analysis Of their Io47 state
Ensnts Of conditions. prepared BY
EEnmef Martin Lancaster, adviser
on Negro affairs 10 the secretary
OF commerce, indicates that peak
records were attained In several
Of their operations.
Their total assets Of 93I, 30T, 34s
are tho highest Of record, exceed
Ing the preceding years total by
t2,l6o,oss. Although government
obligations direct and guaranteed
Of si4,s5I,s b7. declined S.SI psr.
cent during the year. other secur-
ltiea, including obligations Of
states, political Subdivisions. cor.
porats stocks, and bonds amount
lng 10 S7,75s. s7e. surpassed The
1919 total By si.ies,77i. All &C.
curily holdings Cor the year Ip47
aggregated 1le.oIs.431 and con
Hsituied s4o3 percent Of com.
binsd bank assets.
Cash and balances with other
banks OF tt,STe.T S0 decreased s.as
percent since December, tpae;
loans and discounts Of te,B3s, BTS
registered an increase during the
year Of t2,s30. 3ss---47Ii percent.
n h considered Retsworthy
that II Negro banks have been
selected a. dspe1ItSgles for
publle funds u the federal Eov.
eminent and Of the various
eltiea. counties and states
wherein they operate.
These banks are the Mechanics
and Farmers bank which serves
~ . depository for the state Of
North Carolina, the cities Of Dur
ham and Raleigh, the counties Of
Wake and Durham and postal
savings funds IT the federal gov
eminent. In the approximate sum
Of $4,000.
The Crown Savings bank which
acts ~ q depository for the city
Of Newport News, state Of Vir.
Einia. Newport News RedVvelop.
ment and Housing authority war
loan account Of the federal gov
esument and q. s, Postal Savings
funds. aGEreKatinR 100000,
Danvlile savings Rank and
Trust company contains public
funds Of The Stale oi virginia,
city Of DahVllls. war loan de-
posit account and postal saw.
lngs Of the federal government.
t0tallnG sl1e.0Oe. -
Tho Douglas State bank rep& -
deposits Of state and political
amounting 10 $4,000,
The Farmers state bank
holds deposits Of sas.l0S Tor the
various political Subdivisions Of
Oklahomal and the Industrial
bank Of Washington and the
fFi.stAte bahk Sf Memphis are
dspositoEles Of federal govern.
meat iunds.
During the year Of lp2s. the
National Bankers association,
comprised Of banking institutions
owned and operated by Negroes,
was formed by The late Mai,
Richard r. Wright. ST.. past pres.
ident and founder Of the Citizens
and Southern Bank and Trust
company, The 2ist annual con,
VentIon Of the association was
held In Philadelphia Sept, TO
Douglas State bank Of Kansas
city, Kan, will be host TO the
1910 convention,
Citizens and southern Bank
and Trust company's doposi,ors
include the state Of Pennsylvania,
city 81 Philadelphia. school dis
uict OF PhilAdslphia, and federal
government In sums Of so, 900.
Cillssns and Savings Esanh
and Trust company holds de-.
poaltS of the state si rpanensee
and political Subdivisions
amounting 10 Sts.eoo,
Tho Consolidated Bank and
Trust company Of Virginia has
deposits Of tho Federal Reserve
bank, war loan account and the
city Of Richmond, amounting 10
sSi.spS.
The Citizens Trust company 10
= depository for the state u
Georgia and the u s govern
msnt for the following accounts:
u, = War loan. board Of postal
savings and withheld taxes,
subdivisions amount to SISI 500.