24 February 2024
Industrial Bank: A Review of a Black-Owned Bank with a Strong Community Focus

Industrial Bank is a Black-owned bank that has been serving the Washington, D.C. metropolitan area since 1934. With branches in Maryland, New Jersey, and New York, Industrial Bank has established itself as a reliable and trustworthy financial institution that is committed to providing innovative financial services to its customers [3]. This article will provide an in-depth review of Industrial Bank, including its history, products and services, and community involvement.

History of Industrial Bank

Industrial Bank was founded in 1934 by Jesse H. Mitchell, a prominent African American businessman who saw the need for a financial institution that would serve the needs of the Black community in Washington, D.C. During the Great Depression, many banks were failing, and access to credit was limited for African Americans. Mitchell saw an opportunity to create a bank that would provide financial services to the Black community and help them build wealth [2].

Over the years, Industrial Bank has grown and expanded its services beyond Washington, D.C. Today, the bank has branches in Maryland, New Jersey, and New York and offers a range of financial products and services to its customers.

Products and Services

Industrial Bank offers a variety of financial products and services to its customers, including checking and savings accounts, certificates of deposit (CDs), personal loans, and mortgages. The bank also offers online banking services, which allow customers to manage their accounts from anywhere [1].

One of the bank’s strongest products is its Kasasa accounts, which offer high interest rates and other benefits to customers who meet certain requirements. For example, the Kasasa Cash account offers a high interest rate on balances up to a certain amount, while the Kasasa Saver account allows customers to save automatically by transferring funds from their Kasasa Cash account [2].

Industrial Bank also offers business banking services, including checking and savings accounts, loans, and lines of credit. The bank’s business loans are designed to help small businesses grow and succeed, and the bank has a strong track record of supporting minority-owned businesses [4].

Community Involvement

Industrial Bank is committed to giving back to the communities it serves. The bank reinvests over 60% of its assets annually back into the community through loans, donations, and other investments [4]. The bank also partners with local organizations to provide financial education and other resources to underserved communities.

In addition, Industrial Bank is a certified community financial development institution (CDFI), which means that it is committed to serving low-income and underserved communities. As a CDFI, Industrial Bank has access to funding and other resources that allow it to provide financial services to people who might not otherwise have access to them [3].

Conclusion

Industrial Bank is a Black-owned bank that has been serving the Washington, D.C. metropolitan area for over 85 years. With branches in Maryland, New Jersey, and New York, the bank offers a range of financial products and services to its customers, including checking and savings accounts, personal loans, and mortgages. The bank is also committed to giving back to the community and supporting underserved populations through partnerships with local organizations and its status as a certified community financial development institution.

Sources:

1. https://www.industrial-bank.com/

2. https://www.businessinsider.com/personal-finance/industrial-bank-review

3. https://www.industrialbankers.org/about

4. https://www.nerdwallet.com/reviews/banking/industrial-bank

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