"Captain Savings Bank of Washington D.C."

The beginning of African-American capitalism in America have a strong history.In spite of brutal racial segregation during the first 30 years of the 20th century,.African American capitalism began to thrive.Because economic empowerment was another vehicle for equality,a great

entrepreneurial spirit showed in the escalation of the founding of African American banks,insurance companies,newspapers,and other enterprises that served the African American community.The African American church and fraternal organizations raised and channeled that economic spirit into empowerment.At first,African American community churches didn't have businesses in the traditional sense,but they owned buildings and real estate,the only major assets owned by African Americans.These institutions collected large sums of contributions and soon went on to establish the first African American banks.Because of their enormous growth,African American businesses began to grow strongly,with receipts in the millions of dollars from products sold primarily to an African American consumer market.This couldn't have materialized without the capital and credit that African American banks provided and white owned financial institutions were unwilling to give.For example,Richard Wright established Citizens and Southern Bank and Trust Company and played a vital role in launching many small small enterprises that included groceries,bakeries,cleaning establishments,and caterers.Between 1888 & 1934,134 African American banks were established,while from 1867-1917,the number of African American businesses increased from 4,000 to 50,000.Captain Savings Bank helped many businesses and property owners until it closed in 1902.The site which it stood,609 F Street NW,Washington D.C.,was designated a DC Historic Landmark.