10/17/2023
in 1931, the New Journal and Guide published an article dispelling rumors that Maggie L. Walker's bank, the Consolidated Bank and Trust Company, would soon be acquired by one of two white-owned banks in Richmond. W.H. Schwarzschild, president of the Central National Bank (and friend of Walker's), vehemently denied the rumors, describing them as "preposterous." "We consider the Consolidated a good bank," Schwarzschild stated, "and anyone who puts out such rumors is taking an unfair advantage of this institution."
Ultimately, the source of the rumors was never revealed, and the sale of Consolidated Bank and Trust Company in 1931 was never made. With the brief controversy behind them, Consolidated continued for another 74 years, eventually selling in 2005, having become the nation's longest-running Black-owned bank.
Photo: Consolidated Bank and Trust Company, ca. 1930 (NPS)