FEEDBACK

Labor Banking and Finance Since 1920

May 21, 1927

Report Outline
Origin and Purposes of Labor Banking
Labor Investment Companies
Trade Union Insurance

The Mount Vernon Savings Bank, first labor bank in the United States, was opened at Washington, May 1920, by the International Association of Machinists. At the close of business, Saturday, May 14, 1927, when the bank was seven years old, it had deposits of $3,899,689, credited to more than 17,000 depositors, and was the second largest savings bank in the District of Columbia.

Labor's second and largest banking enterprise, the Brotherhood of Locomotive Engineers Cooperative National Bank, was opened at Cleveland November 1, 1920. During its first two years the bank's deposits increased at a steady rate of nearly $1, 000,000 a month. In subsequent years, when the Brotherhood was extending its banking operations in other parts of the country, the Cleveland bank's deposits remained substantially at the level reached in 1923. At the end of its first six years the Brotherhood bank at Cleveland had deposits of $23,172,822.

During the last four years the largest growth recorded by any labor bank has been that of the Federation Bank and Trust Company of New York City, founded May 19, 1923, by the New York Federation of Labor, the Central Trades and Labor Council of Greater New York and the New York Building Trades Council. On May 19, 1927, when the bank was four years old. it had total deposits of $17,345,671.

ISSUE TRACKER for Related Reports
Banking
Oct. 05, 2012  Euro Crisis
Jan. 20, 2012  Financial Misconduct
Jan. 13, 2012  ‘Occupy’ Movement
Oct. 24, 2008  Financial BailoutUpdated
Sep. 01, 2000  The Federal Reserve
Jun. 22, 1990  S&L Bailout: Assessing the Impact
Nov. 04, 1988  Behind the S&L Crisis
Apr. 26, 1985  New Era in Banking
Nov. 18, 1983  Bankruptcy's Thriving Business
Aug. 07, 1981  Banking Deregulation
Jul. 19, 1974  Banking Stability
Jul. 17, 1968  Banking Innovations
May 06, 1964  Monetary Policy in Prosperity
May 16, 1940  Revision of the Securities Acts
Feb. 27, 1937  Expansion of Branch Banking
Sep. 03, 1935  The Decline of Commercial Banking
Dec. 11, 1934  Proposals for a Government-Owned Central Bank
Sep. 12, 1934  Bank Reserves and Credit Inflation
Nov. 27, 1933  Bank Credit in Depression and Recovery
Aug. 12, 1933  Closed Banks and Banking Reform
Apr. 04, 1933  Unified Control of Banking
Apr. 09, 1932  The Glass Banking Bill
Mar. 24, 1932  The Guaranty of Bank Deposits
Apr. 17, 1930  The International Bank and the Gold Standard
Feb. 08, 1930  Branch Banking and Chain Banking
Apr. 29, 1929  Mergers of Banking Institutions
Oct. 28, 1927  The Federal Reserve Rate Controversy
May 21, 1927  Labor Banking and Finance Since 1920
Jan. 31, 1924  The Northwestern Bank Failures and the Attack on Treasury Savings Certificates
Dec. 01, 1923  Why State Banks Do Not Join the Federal Reserve System, the Effect on the System and the Issues Involved
Nov. 23, 1923  Branch Bank Controversy
BROWSE RELATED TOPICS:
Financial Institutions
Unions and Labor-Management Relations
FEEDBACK

Your Email Address

Subject

Provide Feedback

Suggest a topic here.

Type the characters you see below into the box

Take our survey to help us improve CQ Researcher!