Founded in 1902 by

John Mitchell, Jr. John Mitchell Jr. (July 11, 1863 – December 3, 1929) was an American businessman, newspaper editor, African American civil rights activist, and politician in Richmond, Virginia, particularly in Richmond's Jackson Ward, which became known as ...

, Mechanics Savings Bank was a bank in the

Jackson Ward Jackson Ward is a historically African-American district in Richmond, Virginia with a long tradition of African-American businesses. It is located less than a mile from the Virginia State Capitol, sitting to the west of Court End and north of Broa ...

neighborhood of

Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...

. Mitchell, who was an African American, also owned and edited the ''

Richmond Planet ''Richmond Planet'' was an African-American newspaper in Richmond, Virginia. The paper was founded in 1882 gathering in an upper room of a building located near the corner of Third and Broad streets thirteen former slaves (James H. Hayes, James ...

''. In 1905 the bank bought a three-story brick building at No. 310 East Broad Street. The bank's Clay Street and Third building was designed by architect Carl Ruehrmund and constructed in 1910. The bank was the chief depository of the

Knights of Pythias The Knights of Pythias is a fraternal organization and secret society founded in Washington, D.C., on . The Knights of Pythias is the first fraternal organization to receive a charter under an act of the United States Congress. It was founded ...

. At the time of its failure in 1922, the bank had deposits totaling approximately $500,000. In 1930, the Clay Street Building was purchased by the Southern Aid and Insurance Company.

References

Banks based in Virginia Banks established in 1902 1902 establishments in Virginia 1922 disestablishments in Virginia Companies based in Richmond, Virginia {{US-bank-stub