**1890 October 15- The Alabama Penny Savings Bank is founded in Birmingham, Alabama
by W.R. Pettiford with $2,000 in capital. Although, so strapped for funds in its initial months that its officers will not draw salaries, the bank will prosper so well that during the panic of 1893, it will remain open when larger, white banks in Birmingham fail.

FROM: Today in Black History http://maelstrom.stjohns.edu/archives/Munirah.html