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Martin Lewis Chivas
Asst. Vice President

Joined the Staff of the Industrial Bank of Washington in June 1977. Graduate American Institute of Banking. Promoted from Management trainee, to Asst. Accountant, to General Ledger, Supervisor, to Accounting and Funds Management, Supervisor, to Asst. Vice President in charge of Account General Ledger, and Funds Management. Honor Graduate--Roosevelt High--Wash., D.C. Dean's List Graduate, Drexel Univ., Phila., Pa.

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Mrs. Charlotte Orr Corbin has recently joined the staff of the Industrial Bank of Washington as community relations representative. 

Mrs. Corbin has extensive experience as a teacher, lecturer, social consultant and as an organizer of investment clubs for professional women. She holds degrees from Howard University and the University of Boston. In addition, she has earned diplomas from the Academy of Finance, VanNuye, California and Christine Valmy Academy of Aesthetics, New York, New York. 

In California, Mrs. Corbin was registered representative for California Investors, Inc. and for Julius L. Hibler & Co., Stock-brokers.

In Washington, she was associated with Robert Lewis Hair Concepts, Silver Spring, Md., and has conducted seminars both at Howard University and the University of the District of Columbia. 

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B. Doyle Mitchell

A 50-Year Success Story
Jesse Mitchell
Founder and President

By Charlotte O. Corbin

In 1934, Washington was a city that took great pride in its southern tradition. The emancipation of Black people from slavery was just a few years past the half century mark, and the old wounds of Civil War conflicts were not quite healed.

Washington was bloated with severe racial prejudices and discriminatory practices, and Black people and their meager savings were not welcomed in white banks. There was a critical need for a separate Black financial institution--a need to put the Black citizens' small savings in a safe place; a need to put their money to work, and a need for them to experience financial growth and participation in the nation's free enterprise system, of which banking is an integral part.

Prior to the founding of the Industrial Bank of Washington, four Black banks had folded: They were: The Freedman's Bank founded in 1864, chartered by Congress; the Capitol Savings, founded in 1923; and the Industrial Savings, Founded in 1913.

A fifth, the Union Laborers, was proclaimed as a Trust institution.

In the 1930s, the money system in the nation was somewhat awkward, and it was quite challenging to be a banker during these times of a severe depression. The weaknesses in the Federal Reserve System had yet to be strengthened and broadened. The government had to learn a great deal more about the use of its fiscal power. 

Within this socio-economic environment, the founding idea of the Industrial Bank of Washington germinated within the keen mind of a distinguished and courageous gentleman of innate business talents. Mr. Jesse H. Mitchell, the founder of the bank, was a teacher, clerk, attorney, and real estate broker who knew how to build a viable tradition and how to make it work despite insurmountable odds.

Mr. Mitchell convinced seven of his close friends and his son, B. Doyle Mitchell, to join him in the establishment of the Industrial Bank of Washington. They took over the previous site of the old Industrial Savings Bank, located at 11th and You Streets, N.W., opening on August 20, 1934, with five employees, one of whom was B. Doyle. Mitchell. They began with a paid-in capital of $50,000.00 and $14,000.00 surplus. On the opening day the deposits amounted to almost $200,000.00.

The success of the Industrial Bank of Washington's 50 years was, first, based on the citizens trust and confidence in Mr. Jesse H. Mitchell and, second, in his unusual blend of the business mind with the powerful emotion of caring, especially for the progress of his race.

Oftimes he would personally assume a customer's mortgage loand rather than have them lose their home when they were experiencing adverse conditions beyond their control. His keen judgement of character afforded Mr. Mitchell a 99% return of payment on these personal loans. He did not, however, allow sheer sentiment to sway him from the realistic codes of practical banking at any rate. 

In 1954, the legacy of this success story was assumed by Mr. B. Doyle Mitchell, who, in assuming the presidency of the bank at this time, retained the traditions established by his father and in addition sought to broaden the scope of the bank's services, making use of the most recent development in banking while retaining the warmth of a family atmosphere.

The business of Black churches was aggressively pursued and they, in return, were counted among the bank's most faithful customers. Today, the greater percentage of Black churches deal, in one way or the other, with the Industrial Bank. These successes are evident in the establishment of the first branch at 4812 Georgia Avenue in 1962, which is now the main branch, and in 1966, the opening a second branch at 125-45th Street, N.E. with resources of over $70 million dollars. 

W.E.B. DuBois wrote, "Throughout history, the powers of single Black men flash here and there like falling stars, and die sometimes before the world has rightly gauged their brightness."

The economic impact that Mr. Jesse H. Mitchell's dreams and that of his seven close friends and his son, B. Doyle Mitchell, had had on the Washington community is still a brilliant star high in the sky of Black Achievement. 

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Transcription Notes:
Everything's correct -- I just fixed one small typo.