Celebrating Black History Month: North Carolina’s Mechanics and Farmers Bank

Image: NCpedia

The Mechanics and Farmers Bank, North Carolina’s oldest African American-owned bank, was established in 1908 in Durham under the auspices of the North Carolina Mutual and Provident Association (renamed the North Carolina Mutual Life Insurance Company in 1919). The original charter members included Richard Fitzgerald, John Merrick, Aaron M. Moore, William G. Pearson, J. C. Scarborough, Charles C. Spaulding, J. A. Dodson, and Stanford L. Warren. The bank first operated from space in the building of the North Carolina Mutual and Provident Association, later moving to a building on West Parrish Street.

Mechanics and Farmers became an important source of financing in the 1920s, saving more than 500 African American farms and residences, when its loan department provided $200,000 in individual loans.

Read more at NCpedia

Posted by Libergirl

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