1 2 ___________________________ ______________________________ 3 Councilmember Brianne K. Nadeau C ouncilmember Kenyan R. McDuffie 4 5 6 ___________________________ ______________________________ 7 Councilmember Robert C. White Jr. Councilmember Charles Allen 8 9 10 ___________________________ ___________________________ 11 Councilmember Vincent C. Gray Councilmember Matthew Frumin 12 13 14 A CEREMONIAL RESOLUTION 15 __________ 16 17 18 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA 19 20 ____________________ 21 22 To recognize and celebrate Industrial Bank , which started in Northwest DC, on its 90 th year 23 of exceptional dedication and service to both its members and community. 24 WHEREAS, The Industrial Bank of Washington received its certificate of incorporation 25 from the US Treasury Department on August 13, 1934; 26 WHEREAS, Industrial Bank opened on August 20, 1934, with 6 employees and $192,000 27 in assets. Jesse Mitchell served as President until his passing in 1954; 28 WHEREAS, Industrial Bank contributed to the growth of Washington’s Black population 29 by offering mortgages and business loans, as well as by hiring African Americans when white 30 banks refused to do so; 31 WHEREAS, In December 1954, Jesse Mitchell’s son, Benson Doyle Mitchell, became 32 President of the bank, the same year it became the largest black-owned bank in the country; 33 WHEREAS, Industrial Bank survived the three days of riots that followed the assassination 34 of Martin Luther King Jr. on April 4, 1968; 35 WHEREAS, In 1992, Industrial Bank was named the financial institution of the year by 36 Black Enterprise magazine; 37 WHEREAS, Industrial Bank has been committed to the Community Reinvestment Act and 38 offers free development services, including financial literacy and homeownership programs ; 39 WHEREAS, In 2018, Industrial Bank partnered with the DC Department of Corrections to 40 provide financial empowerment sessions to over 80 incarcerated men and women; 41 WHEREAS, Industrial Bank has had over 200 Justice Exposed men and women complete 42 their financial literacy sessions; 43 WHEREAS, The Industrial Bank has locations in Washington, D.C., Prince George's 44 County, MD, Newark, NJ, Harlem, NY, and an Innovation Campus in Largo, MD; 45 WHEREAS, Industrial Bank has actively invested in affordable housing projects, 46 community and health centers, and other initiatives aimed at improving the quality of life in 47 underserved communities; 48 WHEREAS, Under the leadership of the current President and CEO, B. Doyle Mitchell Jr., 49 Industrial Bank now boasts over half a billion in assets and employs over 140 people; 50 WHEREAS, Industrial Bank annually reinvests over 60% of its assets back into the 51 communities it serves, and its team of experienced bankers provides hundreds of hours of financial 52 education sessions; 53 WHEREAS, Industrial Bank provides a full range of banking services from ten banking 54 centers. These services include a host of checking, savings, and investment accounts for retail and 55 commercial customers, cash management, corporate online banking, electronic banking services, 56 debit cards, and a variety of consumer and commercial loans and lines of credit; 57 IT IS HEREBY RESOLVED, BY THE COUNCIL OF THE DISTRICT OF 58 COLUMBIA, that this resolution may be cited as the “Industrial Bank Recognition Resolution of 59 2024”. 60 Sec. 2. The Council of the District of Columbia recognizes and honors Industrial Bank 61 for 90 years of dedication and service to the community in the District. 62 Sec. 3. This resolution shall take effect immediately upon the first date of publication in 63 the District of Columbia Register. 64