Mechanics Savings Bank

Founded in 1902 by John Mitchell, Jr., Mechanics Savings Bank was a bank near the Jackson Ward neighborhood of Richmond, Virginia. Mitchell, who was an African American, also owned and edited the Richmond Planet. The bank was originally located at 511 N 3rd St., which was also the address of the Office of the Grand Lodge, Knights of Pythias of VA In 1905 the bank bought a three-story brick building at No. 310 East Broad Street. The bank's 3rd and last location was at the northwest corner of Third and Clay Street. The building was designed by architect Carl Ruehrmund and constructed in 1910. The bank was the chief depository of the Knights of Pythias. At the time of its failure in 1922, the bank had deposits totaling approximately $500,000. In 1930, the Clay Street Building was purchased by the Southern Aid and Insurance Company.