Solvent Savings Bank and Trust was an African American-owned bank in

Memphis Memphis most commonly refers to: * Memphis, Egypt, a former capital of ancient Egypt * Memphis, Tennessee, a major American city Memphis may also refer to: Places United States * Memphis, Alabama * Memphis, Florida * Memphis, Indiana * Mem ...

Tennessee Tennessee (, ), officially the State of Tennessee, is a landlocked U.S. state, state in the Southeastern United States, Southeastern region of the United States. It borders Kentucky to the north, Virginia to the northeast, North Carolina t ...

, founded in 1906 by

Robert Reed Church Robert Reed Church Sr. (June 18, 1839 – August 29, 1912) was an American entrepreneur, businessman and landowner in Memphis, Tennessee, who began his rise during the American Civil War. He was the first African-American "millionaire" in the Sout ...

. It was the first African American-owned bank to achieve $1 million in assets. It merged with Fraternal Savings Bank and Trust in 1927, which failed in 1929.

History

Church, inspired to open the bank by

Booker T. Washington Booker Taliaferro Washington (April 5, 1856November 14, 1915) was an American educator, author, and orator. Between 1890 and 1915, Washington was the primary leader in the African-American community and of the contemporary Black elite#United S ...

National Negro Business League The National Negro Business League (NNBL) was an American organization founded in Boston in 1900 by Booker T. Washington to promote the interests of African-American businesses. The mission and main goal of the National Negro Business League w ...

, was the bank's president. M. L. Clay helped found the bank and served as its vice president. Other officers included: Josiah T. Settle, Bert Roddy, T. H. Hayes, and J. W. Sanford. Church's son, Robert Church Jr. succeeded his father as president after his father resigned in 1912. Solvent merged with Fraternal Savings Bank and Trust in October 1927. They merged because they were in debt having invested heavily in various business endeavors. The bank's cash reserves were depleted two months later when customers withdrew monies for Christmas. There was then a run on the bank, which caused it to become bankrupt and close, and 28,000 depositors to lose 90% of their savings. Bank president Alfred F. Ward was arrested after an at least $500,000 shortage was identified by bank examiners in 1928. Five officers were also involved.

References

Banks based in Tennessee Banks established in 1906 Bank failures in the United States Companies based in Memphis, Tennessee 1906 establishments in Tennessee Defunct banks of the United States 1929 disestablishments in Tennessee Banks disestablished in 1929 American companies disestablished in 1929 American companies established in 1906 Black-owned companies of the United States {{US-bank-stub

History

See also

References