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African-American owned banks were established at the end of the 19th century with the opening of the Capital Saving Bank in 1888 in Washington.
They were mainly meeting the needs of the freed slaves who were excluded from the mainstream financial system.
The economic empowerment of a community necessarily involves the management of their financial resources within their own banking establishments.
Thus, from 1888 to 1934, more than 134 banks were founded by African-Americans.
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