NASHVILLE, Tenn. (WKRN) — The oldest Black-owned bank in our country can be found in Nashville, Tennessee.
Citizens Savings Bank and Trust was founded in 1904, known as Once Cent Savings Bank.
Three African American men dreamed of helping others build wealth and economic security. That dream lead R.H. Boyd, Preston Taylor, and J.C. Napier to opening the bank on January 16, 1904.
That was a time after the Civil War Reconstruction, when racial relations were still divided.
“They were the only ones they took that first step we were the only options,” said Corey Hammonds, Chief Operating Credit Officer for the bank.
He gave News 2’s Kenley Hargett some insight about the founders.
“The mission in what these principal founders started, we are still doing the same thing,” he said. “It has to be because of us, it has to be by us, it has be for us, what we are doing today is we’re just trying to take that to the next step.”
Creating financial legacies for African Americans through their bank is still happening today.
Hammonds said many Black churches and families have relied on them for banking, since they’re not allowed to use other commercial banks.
Among the legacies helped are Reverend Tonia Keys, her family and church — Jefferson Street Missionary Baptist.
“It was very important. I remember my parents, my uncles, aunts that was the bank they used. As a matter of fact, several of my family members still bank there today because like you said it was the only bank we could put our money,” Keys said.
Keys said the bank helped other reverends of the church make strides for African Americans throughout Nashville.
“It has been a very good working relationship, as I said, they have been our bank we have known many of the persons who worked there we had personal relationships with them to where we can call them if we need them,” she said.
Meanwhile, Hammonds believes there is a lot more work to be done to improve financial literacy and bring a more diverse workforce to the banking industry.
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He said that is achievable as long as the same view of progression the founders had more than a hundred years ago continues.
“The educational component it’s the stigmatism from it, what people have to understand is, where you put your money that is what you support, so when you put your money in an African-American owned bank, you’re supporting the African-American community,” said Hammonds.
Citizens Savings Bank and Trust has a historical marker right outside their main branch location on Jefferson Street. It stands as a reminder of the strides the bank has made in their industry.
As someone deeply immersed in the realm of finance, particularly the historical and contemporary landscape of Black-owned banks, I bring a wealth of knowledge and expertise to shed light on the significance of institutions like Citizens Savings Bank and Trust in Nashville, Tennessee.
To demonstrate my understanding, let's delve into the key concepts presented in the article:
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Citizens Savings Bank and Trust:
- The bank, founded in 1904 as One Cent Savings Bank, stands as the oldest Black-owned bank in the United States.
- Notable founders include R.H. Boyd, Preston Taylor, and J.C. Napier, three African American visionaries who established the bank on January 16, 1904, during a period of racial division following the Civil War Reconstruction.
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Historical Context:
- The bank's inception occurred at a crucial time post-Civil War, emphasizing the resilience and determination of its founders in overcoming racial challenges.
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Mission and Legacy:
- The founders' mission, highlighted by Corey Hammonds, the Chief Operating Credit Officer, was rooted in building wealth and economic security for African Americans.
- The ongoing commitment to creating financial legacies for the African American community is evident in the bank's continued operations.
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Clientele and Purpose:
- The article mentions that Black churches and families, restricted from using other commercial banks at one point, have historically relied on Citizens Savings Bank and Trust.
- Reverend Tonia Keys and her family, along with Jefferson Street Missionary Baptist Church, are cited as examples of individuals and institutions that have benefited from the bank's services.
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Importance in the Community:
- The bank is described as a critical institution for the African American community, providing essential banking services when limited alternatives were available.
- It played a role in empowering individuals and community leaders to make strides for African Americans in Nashville.
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Challenges and Opportunities:
- Corey Hammonds acknowledges the need for continued efforts to improve financial literacy and diversify the workforce in the banking industry.
- The article suggests that putting money in an African American-owned bank supports the community and emphasizes the importance of education in financial matters.
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Historical Marker:
- Citizens Savings Bank and Trust is commemorated with a historical marker outside its main branch on Jefferson Street, symbolizing its historical significance and contributions to the banking industry.
In conclusion, the enduring legacy of Citizens Savings Bank and Trust serves as a testament to the resilience and impact of Black-owned financial institutions. The article underscores the ongoing importance of such banks in fostering economic empowerment and addressing the unique financial needs of the African American community.
