Retrospect: A look at the history of the Alabama Penny Savings Bank

Birmingham-based bank was state's first Black-owned financial institution

The Penny Savings Bank of Birmingham was the first Black-owned banking institution in Alabama, operating from 1890 until 1915. Courtesy of the Birmingham Public Library Archives. Founded in Birmingham in 1890, the Alabama Penny Savings Bank was the first financial institution in the state owned-and-operated by African Americans. It served as a vital component in…

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