As Dollar Bank Senior Vice President Carol Neyland noted with a short historical presentation at the African American Chamber of Commerce June PowerBreakfast meeting, almost immediately after opening in 1855, the bank began serving the needs of Pittsburgh’s Black community.
Some of its first customers included leaders in the city’s American Methodist Episcopal (AME) church, Black business owners, millworkers, miners and residents. One reason was that, unlike the other banks, there was no $500 minimum deposit requirement. Anyone could open an account for $1. Hence the bank’s name.
After Neyland’s introduction, bank President and CEO James McQuade admitted to the audience that you can no longer open an account for $1—it now takes $25, but while that has changed, the bank’s commitment to its customers has not.
“As a mutual bank, we do not have any shareholders so we are driven by the quarterly price of our stock,” he said. “We can look longer term and maintain our ethical culture of customer service.”
And because that culture includes values shared with the chamber, McQuade said Dollar Bank isn’t just talking about diversity, it is acting on it—with supplier diversity, business lending and community investment.