How did the Mechanics and Farmers Bank of Durham, NC, differ from most other banks of the early 1900s?

Question

How did the Mechanics and Farmers Bank of Durham, NC, differ from most other banks of the early 1900s?

It was established by Black businessmen to serve their community.
It was the first banking institution to charge interest for borrowing money.
It was established to service large corporations in the North Carolina area.
It was the first to be insured by the Federal Deposit Insurance Corporation.

Answer 1

The Mechanics and Farmers Bank of Durham, NC, differed from most other banks of the early 1900s in that it was established by Black businessmen to serve their community. This was significant at a time when segregation and discrimination were widespread in the banking industry, and Black individuals often faced barriers to access financial services. The bank played a crucial role in providing financial resources and support to African American business owners and individuals in Durham and beyond.