BANKS ONCE OWNED BY AFRICAN AMERICANS IN THE US

Around 1890, Africans owned Banks in America. A typical example was the bank built by William Pettiford, the Alabama Penny Savings Bank. This was the first black-owned, self-built bank in Alabama, USA. The bank helped Africans in America in raising funds, access to loans, construction of homes at the time many Africans in America could not afford a roof over their heads, and churches for thousands of local black citizens. Penny bank was financially secured to the extent that when Banks in America crashed in 1893, Penny Bank was one of the few banks still standing like a Oak.

Until the death of Peterford, Penny bank stood out as one of tbe best bank in Alabama.

THE CAPITAL SAVINGS BANK

Situated in Washington Dc, around 1888, the Capital savings Bank also called Freedmen bank was established by the Freed slaves in a collaborative support form the Norther AMERICANS to help Africans in America have access to loans, savings and other required support.

The difference between both banks, which was once managed, and owned by Africans in America was, the former was primarily built by Enslaved Africans in America, while the later was built by Africans with the support of White Americans from the North.