House Minority Leader Hakeem Jeffries has accused congressional Republicans of “covering up for pedophiles,” as the party continues to block a measure forcing the...

By Lauren Burke Carolyn Jean Cheeks Kilpatrick, an assertive advocate for Detroit and Black owned businesses, died on October 7 in Atlanta. She was 80. The...

(Black PR Wire) Bernadette Morris is the President/CEO of Black PR Wire, Inc., a nationwide news distribution company serving the Black media throughout the...

People in the News

Thursday, October 16, 2025

People in the News

Thursday, October 16, 2025

Black history spotlight for Oct. 17, 2012: Capital Savings Bank of Washington, D.C.

After the demise of Freedman’s Savings and Trust Company, it would take 14 years for African Americans to rally behind another bank. The first bank organized on Oct. 17, 1888 and operated by African Americans as Capital Savings Bank in Washington, D.C. Just four years after it opened, its deposits had grown to over $300,000.

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 public’s confidence in Capital was rock solid in the early days, enabling the bank to exert a strong, positive economic impact on the community it served. During the Panic of 1893, the bank rode out the tide and was able to honor every obligation on demand. Capital Savings Bank helped many African-American businesses and property owners until it closed in 1902.