Black in the Day…Black Capital

October 18, 1888:   On this date the first bank organized and operated by African Americans was Capital Savings Bank in Washington, D.C. Just four years after it opened, its deposits had grown to over $300,000. It opened shop at a time when the mere notion of offering financial services to the African American community was a novel idea. Capital Savings Bank provided the capital essential to the growth of black businesses, capital that white-owned banks were unwilling to lend. The community proudly deposited its money in Capital Savings Bank. The…