Solvent Savings Bank and Trust was an African American-owned bank in Memphis, Tennessee, founded in 1906 by Robert Reed Church. It was the first African American-owned bank to achieve $1 million in assets. [1] It merged with Fraternal Savings Bank and Trust in 1927, which failed in 1929.
Church, inspired to open the bank by Booker T. Washington's National Negro Business League, [2] was the bank's president. [3] M. L. Clay helped found the bank and served as its vice president. [4] Other officers included: Josiah T. Settle, Bert Roddy, T. H. Hayes, and J. W. Sanford. Church's son, Robert Church Jr. succeeded his father as president after his father resigned in 1912. [5]
Solvent merged with Fraternal Savings Bank and Trust in October 1927. [5] They merged because they were in debt having invested heavily in various business endeavors. The bank's cash reserves were depleted two months later when customers withdrew monies for Christmas. There was then a run on the bank, which caused it to become bankrupt and close, and 28,000 depositors to lose 90% of their savings. [6] Bank president Alfred F. Ward was arrested after an at least $500,000 shortage was identified by bank examiners in 1928. [5] Five officers were also involved. [6]
Luke Lea was an American attorney, politician and newspaper publisher. A Democrat, he was most notable for his service as a United States Senator from Tennessee from 1911 to 1917. Lea was the longtime publisher of The Tennessean newspaper in Nashville, and a United States Army veteran of World War I. In 1919 he led an unauthorized and unsuccessful attempt to kidnap the recently exiled German Kaiser Wilhelm II.
SunTrust Banks, Inc. was an American bank holding company with SunTrust Bank as its largest subsidiary and assets of US$199 billion as of March 31, 2018. The bank's most direct corporate parent was established in 1891 in Atlanta, where it was headquartered.
The Knickerbocker Trust was a bank based in New York City that was, at one time, among the largest banks in the United States. It was a central player in the Panic of 1907.
The National Negro Business League (NNBL) was an American organization founded in Boston in 1900 by Booker T. Washington to promote the interests of African-American businesses. The mission and main goal of the National Negro Business League was "to promote the commercial and financial development of the Negro." It was recognized as "composed of negro men and women who have achieved success along business lines". It grew rapidly with 320 chapters in 1905 and more than 600 chapters in 34 states in 1915.
Joseph Edison Walker was a leading African American physician, businessman and religious leader. After graduating from college and medical school, he practiced as a doctor in Mississippi, where he was born and reared. He also became president of a bank and an insurance company serving blacks. In 1920 he moved with his family to Memphis, Tennessee for more opportunities.
Zions Bancorporation is a national bank headquartered in Salt Lake City, Utah. It operates as a national bank rather than as a bank holding company and does business under the following seven brands: Zions Bank, Amegy Bank of Texas, California Bank and Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and the Commerce Bank of Washington. It has 416 branches and over 1 million customers. It was founded by the Church of Jesus Christ of Latter-day Saints in 1873, although the church divested its interest in the bank in 1960.
The history of Memphis, Tennessee and its area began many thousands of years ago with succeeding cultures of indigenous peoples. In the first millennium, it was settled by the Mississippian culture. The Chickasaw Indian tribe emerged about the 17th century, or migrated into the area. The earliest European exploration may have encountered remnants of the Mississippian culture by Spanish explorer Hernando de Soto. Later French explorers led by René-Robert Cavelier, Sieur de La Salle likely encountered the Chickasaw. The city of Memphis was not founded until 1819. The city was named after the ancient capital of Egypt on the Nile River in North Africa.
Union Planters Bank was a United States financial institution and multi-state bank holding corporation headquartered in Memphis, Tennessee prior to being acquired by Regions Financial Corporation. With over $34 billion in assets, Union Planters Bank was the largest bank in Tennessee and among the 30 largest bank holding companies in the United States. Union Planters operated over 760 banking centers in the states of Alabama, Arkansas, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, Tennessee, and Texas.
Robert Reed Church Sr. was an American entrepreneur, businessman and landowner in Memphis, Tennessee, who began his rise during the American Civil War. He was the first African-American "millionaire" in the South. Church built a reputation for great wealth and influence in the business community. He founded Solvent Savings Bank, the first black-owned bank in the city, which extended credit to blacks so they could buy homes and develop businesses. As a philanthropist, Church used his wealth to develop a park, playground, auditorium and other facilities for the black community, who were excluded by state-enacted racial segregation from most such amenities in the city.
Richard Henry Boyd was an African-American minister and businessman who was the founder and head of the National Baptist Publishing Board and a founder of the National Baptist Convention of America, Inc.
Central Carolina Bank and Trust (CCB) was a bank headquartered in Durham, North Carolina. It began in 1961 with the merger of Durham Bank & Trust and University National Bank of Chapel Hill, North Carolina. Central Carolina Bank and Trust merged with SunTrust Banks of Atlanta, Georgia in 2005, which in turn merged with BB&T to form Truist Financial. Its headquarters was the historic 17-story Hill Building in North Carolina.
National Bank of Commerce was an American bank headquartered in Memphis, Tennessee until it was taken over by SunTrust Banks in 2005.
IBERIABANK Corporation, stylized as IBERIABANK, was an American financial holding company headquartered in Lafayette, Louisiana, and the largest bank based in the state. Founded in 1887, it had 325 combined locations, including 190 bank branches and three loan production offices in 12 states primarily throughout the South. The company had 16 wealth management locations in five states, and one Iberia Capital Partners office in New Orleans.
The following is a timeline of the history of the city of Memphis, Tennessee, US.
Robert Fulton Boyd was an African-American medical doctor, professor, politician, and one of the co-founders of the National Medical Association, serving as its first president between 1895-1898. He also researched the effects of racial segregation in healthcare.
James Erwin Caldwell was an American businessman and banker from Tennessee. He served as the President of the Cumberland Telephone & Telegraph Company, later taken over by Southern Bell Telephone and Telegraph Company, which installed telephones across the Southern United States.
James Carroll Napier was an American businessman, lawyer, politician, and civil rights leader from Nashville, Tennessee, who served as Register of the Treasury from 1911 to 1913. He is one of only five African Americans with their signatures on American currency. He was one of four African-American politicians appointed to a government positions under President William Howard Taft, sometimes referred to as Taft's "Black Cabinet." He was instrumental in founding civic institutions in Nashville to benefit the African-American business community and residents including educational opportunities.
Josiah "Joe" Thomas Settle was a lawyer in Washington, D.C., Sardis, Mississippi, and Memphis, Tennessee. He was a part of Howard University's first graduating class in 1872. In 1875, he moved to Mississippi and was elected a member of the Mississippi House of Representatives in 1883. In 1885 he moved to Memphis where he was appointed Assistant Attorney-General in Shelby County. He held that position for two years before turning to private practice.
Robert Reed Church Jr. was a prominent businessman and Republican Party organizer in Memphis, Tennessee. His father was the successful businessman Robert Reed Church, and Church Jr. succeeded his father as president of the Solvent Savings Bank and Trust Company after his father's death. An African American, he organized the first NAACP branch in Tennessee and was a member of the NAACP national board of directors. From the 1910s to 1940s, he was one of the most powerful political figures in his hometown of Memphis. Forced to leave Memphis because of harassment by Democratic boss E. H. Crump, Church moved to Washington, D.C., in 1940.
Charles Oscar Pfeil was an American architect and golfer, primarily based in Memphis, Tennessee (USA), during the first third of the twentieth century. He formed the prominent Memphis architectural firm Pfeil and Awsumb with his colleague George Awsumb between 1919 and his death.
m.l. clay memphis.