The Story of Solvent Savings Bank and Trust

Solvent Savings Bank and Trust was a bank that was established in the early 20th century.

It was founded in 1920 in the United States.

The bank's early years were marked by steady growth and expansion.

It quickly gained a reputation for being a reliable and trustworthy financial institution.

Solvent Savings Bank and Trust was known for its commitment to community development.

It invested heavily in local infrastructure and economic projects.

The bank's focus on community development helped to foster a sense of trust and loyalty among its customers.

This, in turn, contributed to its long-term success and stability.

Solvent Savings Bank was founded in 1906 by Robert R. Church Sr., who had become the wealthiest African American in Tennessee through real estate and other interests.

Church's vision for the bank was to provide financial services to the African American community, and he succeeded in making it the largest bank in the world owned and operated by blacks by 1921, with resources over one million dollars.

The bank's early success was due in part to its strong leadership, with Church serving as president and his son Robert R. Church Jr. succeeding him after he resigned in 1912.

Other notable officers included Bert Roddy as cashier, undertaker T. H. Hayes, J. W. Sanford, and attorney J. T. Settle.

The bank's board of directors included respected members of the African American community, such as the Reverend Thomas O. Fuller and Bishop N. C. Cleaves.

Solvent Savings Bank was known for its community involvement, such as saving the neighboring Beale Street Baptist Church from foreclosure in 1908.

Unfortunately, the bank's success was short-lived, and it merged with the Fraternal Savings Bank and Trust in 1927 due to financial difficulties.

The merger was an attempt to resolve the bank's debt, but it ultimately led to the bank's failure and bankruptcy in 1928.

Twenty-eight thousand depositors lost nearly 90% of their savings, and numerous African American businesses and organizations sustained severe losses.

Here are some key dates in the history of Solvent Savings Bank:

The Solvent Savings Bank and Trust Company started as a single institution, founded by Robert Reed Church Sr. in 1906. It was a black-owned and operated bank that catered to entrepreneurial businessmen.

The bank grew rapidly and by 1920, it had become the nation's fourth largest African American bank. This success was due in part to the bank's ability to provide financial services to the growing Memphis population during the World War I economy.

In 1910, the Fraternal Savings Bank and Trust Company was established, following a similar course to the Solvent Savings Bank. The two banks merged in 1927, forming the Fraternal and Solvent Savings Bank and Trust Company.

The Fraternal and Solvent Savings Bank and Trust Company was born out of the 1927 merger of two black-owned banks in Memphis.

The two banks that merged were the Fraternal Savings Bank and Trust Company and the Solvent Savings Bank and Trust Company.

The Solvent Savings Bank and Trust Company was founded by Robert Reed Church Sr. in 1906 and became the nation's fourth largest African American bank by 1920.

The bank catered to entrepreneurial businessmen, offering stock for ten dollars a share and a minimum deposit of one dollar.

The Fraternal Savings Bank and Trust Company was established in 1910 and followed a similar course, expanding rapidly and investing heavily in various business endeavors.

The bank's growth was fueled by the positive World War I economy and the growing Memphis population.

The merged bank, Fraternal and Solvent Savings Bank and Trust Company, eventually failed due to risky investments and poor management, causing widespread devastation to the local African American community.

The Fraternal Savings Bank and Trust Company was established in 1910, successfully following a similar course to the Solvent Savings Bank and Trust Company.

It was a black-owned and -operated bank that played a crucial role in launching and supporting African American businesses in the 1910s and 1920s.

The bank expanded rapidly with the growing Memphis population and the positive World War I economy, investing heavily in various business endeavors.

In 1927, the bank merged with the Solvent Savings Bank and Trust Company to form the Fraternal and Solvent Savings Bank and Trust Company.

However, the merger was short-lived, as the bank's cash reserves were depleted due to Christmas Fund withdrawals in December 1927, leading to a run on the bank and its eventual closure due to bankruptcy.

A. F. Ward, the bank president, and five other officers were implicated in the shortage of over five hundred thousand dollars.