“Negro-Owned Bank Fills Community Need: Quincy Savings & Loan Co. Dedicated To Home Ownership Through Regular Savings $395,289.00 Already Loaned To Home Buyers; Individual Savings Insured to $10,000”
In 1952, Clarke and a team of investors from Dunbar Life purchased the entire outstanding stock of Quincy Savings and Loan Company. The same group that had launched Dunbar Life paid $185 a share for 1,109 shares of the company and retained control of Quincy’s $360,000 in assets. Quincy became approved for FHA mortgage loans under provisions of the National Housing Act in 1954. Before this approval, Dunbar Life was the only black operated financial institution making FHA insured loans to the black community. With the approval of Quincy, this increased the capital available to blacks in Cleveland to purchase homes. | Date: October 24, 1953 | Source: Cleveland Call and PostDownload Original File
Source
Cleveland Call and Post
Date
October 24, 1953
"“Negro-Owned Bank Fills Community Need: Quincy Savings & Loan Co. Dedicated To Home Ownership Through Regular Savings $395,289.00 Already Loaned To Home Buyers; Individual Savings Insured to $10,000”" appears in: Dunbar Life Insurance Company
