The Mechanics Savings Bank was the third bank chartered by black businessmen in Richmond, Virginia. Founded in 1902 by John Mitchell, Jr., a journalist and newspaper owner, the bank opened at another location before moving in 1910 to a new building at the corner of East Clay and 3rd Streets. The bank went out of business in 1922. In 1902 Mitchell opened the Mechanics’ Savings Bank in Richmond. Its deposits hit an all-time high of over half a million dollars in 1919. Three years after that, the bank failed.
The Southern Aid Insurance Company purchased the building in 1930, and later added a west and north wing. Founded in 1893, it was the oldest black-owned insurance company until it and the building were bought by the Atlanta Life Insurance Company in the 1980s.
Today the building is home to numerous businesses.
Haki Kweli Shakur 7-11-52ADM ATC-NAPLA NAIM