St. Paul recorder. [volume] (St. Paul, Minn.) 1934-2000, 1948-11-05
U. s. NEGROES CONTROL & OPERATE
Ia BANKS IN NINE STATES;
1917 BUSINESS LARGEST EVER

sixth annual report of banking
institutions owned and operated
by Negroes released by the de-
partment Of commerce reveals
that a total Of IA banks are now
domiciled in nine states and the
District Of Columbia, II Of which
are members Of the Federal De-
post Insurance corporation.
An analysis OF their l947 state
ments of conditions, prepared by
Emmer Martin Lancaster, adviser
on Negro affairs TO the secretary
of commerce, indicates that peak
records were attained in several
Of their operations.
Their total assets Of $3l, 307, 345
are the highest Of record, exceed
ing the preceding years total by
$2,l50, 658. Although government
obligations direct and guaranteed
Of $l4,53l,557, declined 9.9l per-
cent during the year, other secur-
tiles, including obligations Of
states, political subdivisions, cor
porate stocks, and bonds amount
ing TO $2,23s, 876, surpassed the
1915 total by $l,l6S,22l. All Sc
curity holdings for the year l947
aggregated $l6,9l5,433 and con-
stituted 5403 percent Of COM
bined bank assets.
Cash and balances with other
banks Of $4,976, 73o decreased 8.25
percent since December, 1916;
loans and discounts Of $8,838,573
registered an increase during the
year Of $2,S3O, 386-47.ll percent.
II Is considered noteworthy
that IL Negro banks have been
selected as repositories for
public funds Of the federal gov
eminent and Of the various
cities, counties and states
wherein they operate.
These banks are the Mechanics
and Farmers bank which serves
as a depository for the state of
North Carolina, the cities of Dur
ham and Raleigh, the counties of
Wake and Durham and postal
savings funds Of the federal gov
eminent, in the approximate sum
of 100000.
The Crown Savings bank which
acts as a depository for the city
Of Newport News, state Of Vir-
ginia, Newport News Redevelop-
ment and Housing authority war
loan account of the federal gov
eminent and U. S. Postal Savings
funds, aggregating $l94,000.
DanVilIe Savings Bank and
Trust company contains public
funds Of the State Of Virginia,
city Of DanViIle, war loan de-
pOsit account and postal saw
tngs Of the federal government,
tOtalinE $4,000.
The Douglas State bank reports
deposits of state and political
amounting to $4,000.
The Farmers State bank
holds deposits Of $33,7S5 for the
various political subdivisions Of
Oklahoma; and the Industrial
bank Of Washington and the
Tri-State bank Of Memphis are
repositories Of federal govern
ment funds.
During the year of 1925, the
National Bankers association
comprised Of banking institutions
owned and operated by Negroes
was formed by the late Mai
Richard R. Wright, Sr., past pres
ident and founder of the Citizens
and Southern Bank and Trust
company. The 2lst annual con.
vention of the association was
held in Philadelphia Sept. 10.
Douglas State bank of Kansa.
City, Kan, will be host to the
l949 convention.
Citizens and Southern Bank
and Trust company's depositors
include the state of Pennsylvania
city of Philadelphia, school dis,
trict Of Philadelphia, and fedora
government in sums Of $50, 900.
Citizens and Savings Bank
and Trust company holds de-
posts Of the state OF Tennessee
and political subdivisions
amounting TO $4,000.
The Consolidated Bank anc
Trust company of Virginia ha!
deposits Of the Federal Reserv,
bank, war loan account and tn,
city of Richmond, amounting t,
$3l,695.
The Citizens Trust company il
a depository for the state o
Georgia and the U. S. govern
ment for the following accounts
u. S. War loan, board of posta
savings and withheld taxes
subdivisions amount to $l37. 800.
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