Minneapolis Spokesman

California's First
Negro Bank
Gets Charter
By Calla Scrivner

Los Angeles (ANP) - Approval of the first charter for a Negro bank in California was granted recently to a Los Angeles group.

City Councilman Thomas Bradley, one of the charter applicants, said, 'one of the reasons for establishing this bank is to give greater economic stability to the Negro community and to help develop more fully its resources."

He said it will be the first Negro-owned bank west of the Mississippi.

The bank is scheduled to open in October at 27, but must first meet state requirements of raising $1,050,000 capital and surplus. It will be called the Bank of Finance.

Other applicants are Dr. Perry Beal, physician; Dr. Edward H. Ballard, retired physician; Wilton A. Clarke, furniture dealer, and Mrs. Bernice Martin Malbrue, title company escrow officer.

A president has not been named.

Nivelle Beaubien has resigned his Rhode Island position as commissioner of banking to become executive vice president.

The approval was considered a significant step in making funds available to Negroes seeking to start businesses.

"This should help Negroes in the broad economic aspects by making capital available on a commercial basis," said Atty. Loren Miller.

Negroes have long taught that they needed a larger economic stake in the nation because they've always been handicapped by lack of Capital," he said.

John A. O'Kane, state superintendent of banks, said in making the grant public in San Francisco that it was awarded strictly on the basis of need for a banking office in the locality."

"The statutes are color blind and it is purely a coincidence that this is a Negro institution," he said.