The Penny Savings Bank, founded by Reverend William Reuben Pettiford in Birmingham in 1890, was the first black-owned and black-operated financial institution in Alabama. The bank later established branches in Selma, Anniston, and Montgomery. The bank backed and encouraged development of black businesses, especially in urban areas, as well as savings by African Americans, until its closing in 1915.

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Encyclopedia of Alabama

Photos Courtesy of: Birmingham Public Library