Mechanics Savings Bank Explained

Founded in 1902 by John Mitchell, Jr., Mechanics Savings Bank was a bank in the Jackson Ward neighborhood of Richmond, Virginia. Mitchell, who was an African American, also owned and edited the Richmond Planet. In 1905 the bank bought a three-story brick building at No. 310 East Broad Street.[1] The bank's Clay Street and Third building was designed by architect Carl Ruehrmund[2] and constructed in 1910.[3] The bank was the chief depository of the Knights of Pythias. At the time of its failure in 1922, the bank had deposits totaling approximately $500,000.[4] In 1930, the Clay Street Building was purchased by the Southern Aid and Insurance Company.[2]

Notes and References

  1. Web site: Mechanics Savings Bank Buys More Broad Street Property ยท Black Virginia: The Richmond Planet, 1894-1909. Blackvirginia.richmond.edu. 14 January 2018.
  2. Web site: Jackson Ward Podcast . National Park Service . 2022-10-08 . PDF.
  3. Web site: Mechanics Savings Bank. Lva.virginia.gov. 14 January 2018.
  4. Book: Hoffman, Steven . 2017 . Race, Class and Power in the Building of Richmond, 1870-1920 . 156.