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Dwelling House, a 119 year old Black bank, rallies

According to an article in the American Banker Newspaper,

"With public sentiment running so hard against the banking industry these days the story of Dwelling House Savings and Loan Association, a $13.4 million minority-controlled mutual in Pittsburgh, is nothing short of amazing.

Community leaders have rallied around the thrift for the past few months after cyber thieves took more than $3 million through fraudulent automated clearing house transactions, leaving the thrift with a $1 million capital hole.

Residents campaigned to boost the thrift's deposits, and it ultimately received pledges of cash injections from four local foundations and the $5.6 billion-asset Dollar Bank of Pittsburgh, just in time for a June 30 deadline that regulators imposed for getting the thrift adequately capitalized."

As was noted in the article, "Observers said the outpouring of support for the bank was primarily because of its age. 'It goes to show their importance to the community that can't be divorced from their age,' said William Michael Cunningham, social investing adviser with Creative Investment Research Inc., which invests in minority-owned banks. 'They have such a long history in the community that it doesn't surprise me they are rallying around the institution.' "

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