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District Of Columbia Council Bill CER25-0273

District Of Columbia 2023-2024 Regular Session

District Of Columbia Council Bill CER25-0273 Compare Versions

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1- ENROLLED ORIGINAL
21 1
3-
4-
5-
6-A CEREMONIAL RESOLUTION
7-
8-25-273
9-
10-IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
11-
12-October 1, 2024
2+ 2
3+___________________________ ______________________________ 3
4+Councilmember Brianne K. Nadeau C ouncilmember Kenyan R. McDuffie 4
5+ 5
6+ 6
7+___________________________ ______________________________ 7
8+Councilmember Robert C. White Jr. Councilmember Charles Allen 8
9+ 9
10+ 10
11+___________________________ ___________________________ 11
12+Councilmember Vincent C. Gray Councilmember Matthew Frumin 12
13+ 13
14+ 14
15+A CEREMONIAL RESOLUTION 15
16+__________ 16
17+ 17
18+ 18
19+IN THE COUNCIL OF THE DISTRICT OF COLUMBIA 19
20+ 20
21+____________________ 21
22+ 22
1323 To recognize and celebrate Industrial Bank , which started in Northwest DC, on its 90
1424 th
15- year of
16-exceptional dedication and service to both its members and community.
17- WHEREAS, The Industrial Bank of Washington received its certificate of incorporation
18-from the US Treasury Department on August 13, 1934;
19-
20-WHEREAS, Industrial Bank opened on August 20, 1934, with 6 employees and $192,000
21-in assets. Jesse Mitchell served as President until his passing in 1954;
22-
23-WHEREAS, Industrial Bank contributed to the growth of Washington’s Black population
24-by offering mortgages and business loans, as well as by hiring African Americans when white
25-banks refused to do so;
26-
27-WHEREAS, In December 1954, Jesse Mitchell’s son, Benson Doyle Mitchell, became
28-President of the bank, the same year it became the largest black-owned bank in the country;
29-
30-WHEREAS, Industrial Bank survived the 3 days of riots that followed the assassination of
31-Martin Luther King Jr. on April 4, 1968;
32-
33-WHEREAS, In 1992, Industrial Bank was named the financial institution of the year by
34-Black Enterprise magazine;
35-
36-WHEREAS, Industrial Bank has been committed to the Community Reinvestment Act and
37-offers free development services, including financial literacy and homeownership programs ;
38-
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-
42-WHEREAS, Industrial Bank has had over 200 Justice Exposed men and women complete
43-their financial literacy sessions;
44-
45-WHEREAS, The Industrial Bank has locations in Washington, D.C., Prince George's
46-County, MD, Newark, NJ, Harlem, NY, and an Innovation Campus in Largo, MD; ENROLLED ORIGINAL
47-2
48-
49-
50-
51-WHEREAS, Industrial Bank has actively invested in affordable housing projects,
52-community and health centers, and other initiatives aimed at improving the quality of life in
53-underserved communities;
54-
55-WHEREAS, Under the leadership of the current President and CEO, B. Doyle Mitchell Jr.,
56-Industrial Bank now boasts over half a billion in assets and employs over 140 people;
57-
58-WHEREAS, Industrial Bank annually reinvests over 60% of its assets back into the
59-communities it serves, and its team of experienced bankers provides hundreds of hours of financial
60-education sessions;
61-
62-WHEREAS, Industrial Bank provides a full range of banking services from ten banking
63-centers. These services include a host of checking, savings, and investment accounts for retail and
64-commercial customers, cash management, corporate online banking, electronic banking services,
65-debit cards, and a variety of consumer and commercial loans and lines of credit.
66-
67-IT IS HEREBY RESOLVED, BY THE COUNCIL OF THE DISTRICT OF
68-COLUMBIA, T hat this resolution may be cited as the “Industrial Bank Recognition Resolution
69-of 2024”.
70-
71-Sec. 2. The Council of the District of Columbia recognizes and honors Industrial Bank
72-for 90 years of dedication and service to the community in the District.
73-
74-Sec. 3. This resolution shall take effect immediately.
25+ year 23
26+of exceptional dedication and service to both its members and community. 24
27+WHEREAS, The Industrial Bank of Washington received its certificate of incorporation 25
28+from the US Treasury Department on August 13, 1934; 26
29+WHEREAS, Industrial Bank opened on August 20, 1934, with 6 employees and $192,000 27
30+in assets. Jesse Mitchell served as President until his passing in 1954; 28
31+WHEREAS, Industrial Bank contributed to the growth of Washington’s Black population 29
32+by offering mortgages and business loans, as well as by hiring African Americans when white 30
33+banks refused to do so; 31
34+WHEREAS, In December 1954, Jesse Mitchell’s son, Benson Doyle Mitchell, became 32
35+President of the bank, the same year it became the largest black-owned bank in the country; 33
36+WHEREAS, Industrial Bank survived the three days of riots that followed the assassination 34
37+of Martin Luther King Jr. on April 4, 1968; 35
38+WHEREAS, In 1992, Industrial Bank was named the financial institution of the year by 36
39+Black Enterprise magazine; 37 WHEREAS, Industrial Bank has been committed to the Community Reinvestment Act and 38
40+offers free development services, including financial literacy and homeownership programs ; 39
41+WHEREAS, In 2018, Industrial Bank partnered with the DC Department of Corrections to 40
42+provide financial empowerment sessions to over 80 incarcerated men and women; 41
43+WHEREAS, Industrial Bank has had over 200 Justice Exposed men and women complete 42
44+their financial literacy sessions; 43
45+WHEREAS, The Industrial Bank has locations in Washington, D.C., Prince George's 44
46+County, MD, Newark, NJ, Harlem, NY, and an Innovation Campus in Largo, MD; 45
47+WHEREAS, Industrial Bank has actively invested in affordable housing projects, 46
48+community and health centers, and other initiatives aimed at improving the quality of life in 47
49+underserved communities; 48
50+WHEREAS, Under the leadership of the current President and CEO, B. Doyle Mitchell Jr., 49
51+Industrial Bank now boasts over half a billion in assets and employs over 140 people; 50
52+WHEREAS, Industrial Bank annually reinvests over 60% of its assets back into the 51
53+communities it serves, and its team of experienced bankers provides hundreds of hours of financial 52
54+education sessions; 53
55+WHEREAS, Industrial Bank provides a full range of banking services from ten banking 54
56+centers. These services include a host of checking, savings, and investment accounts for retail and 55
57+commercial customers, cash management, corporate online banking, electronic banking services, 56
58+debit cards, and a variety of consumer and commercial loans and lines of credit; 57
59+IT IS HEREBY RESOLVED, BY THE COUNCIL OF THE DISTRICT OF 58
60+COLUMBIA, that this resolution may be cited as the “Industrial Bank Recognition Resolution of 59
61+2024”. 60
62+Sec. 2. The Council of the District of Columbia recognizes and honors Industrial Bank 61
63+for 90 years of dedication and service to the community in the District. 62
64+Sec. 3. This resolution shall take effect immediately upon the first date of publication in 63
65+the District of Columbia Register. 64