By Global African Times
William Washington Browne, founder of the first black-owned bank in the United States of America USA.
The history of The Savings Bank of the Grand Fountain United Order of True Reformers tells a fascinating story about the struggles and triumphs of Rev. William Washington Browne, a former Georgia slave who founded the first ever Black-owned bank in America. Founded in 1888, the bank opened with deposits on the first day of more than $1,269.
From slave to bank owner
Reverend William Washington Browne established the bank to serve the financial interests of Black depositors. He wanted a bank that would serve to protect the finances of Black clients to ensure their finances could not be monitored by whites.
The name of the bank came from the Grand Fountain United Order of True Reformers, a Black fraternal organization established by Browne in 1849. Racial tension remained high after the Civil War, so Browne established the first Black-owned bank in Richmond, Virginia, which initially operated out of his home. Two years later, the bank moved to its location several blocks away at 604-608 North Second Street.
Thrived despite the economic depression
The bank did very well. When the U.S. economic depression of 1893 hit and people were panicking and rushing to the banks to withdraw their money, Browne’s bank was one of the few that survived. In fact, it was the only bank in Richmond that was able to pay out the full value of its customers’ accounts and remain in full operation.
Speak of Africans who have been touted as not being able to manage their affairs.
After Browne’s death in 1897, the bank continued in operation. It also expanded into other areas, such as newspaper, real estate, a retirement home, and a building and loan association. Its growth included operations in 24 states.
This shows the versatility of this black executive and business owner.
The downfall
However, under the subsequent president, Reverend William Lee Taylor, the bank was mismanaged, often making unsecured loans that defaulted. The straw that broke the camel’s back was a bank embezzlement of $50,000 by the bank’s cashier. By 1910, the State Corporation Commission ordered the bank to close. However, it remains in history as the first bank owned by African Americans in the United States.
About William Washington Browne
Rev. William Washington Browne (October 20, 1849 – December 21, 1897) was an American Union Army soldier and the founder of the Grand Fountain of the United Order of True Reformers. Browne was also a former slave, minister, and teacher.
His Early life
Ben Browne was born on October 20, 1849, into slavery on a Georgia plantation in Habersham County, owned by Benjamin Pryor. His parents were Joseph Browne and Mariah Browne, both of whom were enslaved. He was sold to a horse trader around the age of eight and after this sale, Browne changed his name to William Washington. Browne escaped his owners during the Civil War and joined the Union Army, where he remained until he was discharged from service in 1862. After his discharge from the army, Browne attended school in Wisconsin and began a teaching position in the South. He met and married Mary A. Graham.
He was an outspoken proponent of the temperance movement and against the Ku Klux Klan. Brown initially sought to join the Independent Order of Good Templars but was denied membership because the society was traditionally white. The society did offer Browne the option of opening a sponsored charter named the Grand United Order of True Reformers, which he accepted.
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Source: Black News , www.wikipedia.com , www.blackpast.org ,
