The history of The Savings Bank of the Grand Fountain United Order of True Reformers tells a fascinating story about the struggles and triumphs of Rev. William Washington Browne, a former Georgia slave who founded the first ever Black-owned bank in America. Founded in 1888, the bank opened with deposits on the first day of more than $1,269.
Reverend William Washington Browne established the bank to serve the financial interests of Black depositors. He wanted a bank that would serve to protect the finances of Black clients to ensure their finances could not be monitored by whites.
The name of the bank came from the Grand Fountain United Order of True Reformers, a Black fraternal organization established by Browne in 1849. Racial tension remained high after the Civil War, so Browne established the first Black-owned bank in Richmond, Virginia, which initially operated out of his home. Two years later, the bank moved to its location several blocks away at 604-608 North Second Street.
https://www.blackbusiness.com/2016/02/first-ever-black-owned-bank-founder-once-a-slave.html