As the 20th century dawned, Black North Carolinians were struggling to find a way to participate in the financial world. There were few places where they could get financing for their homes or their businesses and just as few to protect their own money.
Out of necessity came Mechanics and Farmers Bank, known today as M&F Bank, the second-oldest minority-owned bank in the United States. The bank was organized in 1907 in Durham, opening as one of the most important institutions on Black Wall Street. In 1923, another branch opened in Raleigh on East Hargett Street, where it remains today.
– Jacqueline Gualtieri, The 100 Companies