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    Home»News & Views»This Day»Did You Know Alabama’s First Black Bank Owner, William Reuben Pettiford, Was Born on This Day?
    This Day

    Did You Know Alabama’s First Black Bank Owner, William Reuben Pettiford, Was Born on This Day?

    By Shayla FarrowJanuary 20, 202302 Mins Read
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    Alabama’s first Black bank owner, William Reuben Pettiford, was born on January 20, 1847, in Granville County, North Carolina. Pettiford was also a minister and educator in addition to being an entrepreneur. 

    Pettiford was born to free parents and was able to learn under private instruction. By the age of 21, Pettiford had a new interest and took an active role in his religion. He was baptized in Salisbury, North Carolina and shortly after, he met his first wife and moved to Selma, Alabama, where he worked as a laborer and teacher. 

    Pettiford further pursued an education in religion, receiving a doctoral degree in divinity. He also became licensed to preach in 1879. During this time, he was also receiving motivation from several sources to establish the Penny Savings Bank. Pettiford opened the Alabama Penny Savings Bank in Birmingham, which became the state’s first Black-owned and Black-operated financial institution.

    The bank was designed to encourage Black businesses and give Black citizens a better way to save their money. It would become the largest Black-owned bank in the country during its time, establishing branches in other cities such as Selma, Anniston and Montgomery. 

    Pettiford and several other community leaders organized a three-month campaign of education, speeches and advertising to ensure the bank’s future success. On opening day, the Alabama Penny Savings company received more than $500 in deposits. Although the bank did achieve some success, many African-Americans were wary of Black-owned banking institutions due to the failure of the Freedmen’s Saving Bank in the 1870s. The bank continued to grow under the leadership of Pettiford despite hesitations. 

    He also helped to organize the National Negro Banker’s Association in 1906, which sought to foster and encourage the establishment of Black-owned banks as well as provide support to the banks already in existence. By the time of Pettiford’s death in 1914, the Alabama Penny Savings Bank was the largest and strongest African-American-owned bank in the United States.

    However, in 1915, after a merger, the name was changed to the Alabama Penny-Prudential Savings Bank and the institution failed the same year.

    Business William Reuben Pettiford
    Shayla Farrow

    Shayla Farrow is a multimedia journalist with a Media, Journalism and Film Communications degree from Howard University and a master’s degree in management from Wake Forest University. Shayla discovered her passion for journalism while working as a reporter with Spotlight Network at Howard University. She worked with other campus media, including NewsVision, WHBC 96.3 HD3, WHUR-FM, 101 Magazine, and the HU News Service. Her reporting abilities earned her opportunities to interview industry professionals including Cathy Hughes, movie director Malcolm D. Lee and creator of “David Makes Man,” Tarell Alvin McCraney. Shayla intends to leave her mark in journalism by broadcasting radio and television shows that cover a wide array of topics ranging from politics and social justice issues to entertainment and pop culture. She has worked on a variety of shows, including the Wendy Williams Show, The Joe Madison Show, and The Karen Hunter Show as well as worked as a producer for the NBC News Channel. However, her ultimate career goal is to own a television and audio entertainment platform that provides quality content to viewing and listening audiences.

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