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

It was established by Black businessmen to serve their community. The Mechanics and Farmers Bank was a successful African American–owned bank in Durham that provided services to Black customers who were largely excluded from mainstream banks in the early 1900s.