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Dollar Bank Celebrates 170 Years of Championing Financial Inclusion and Community Impact

Dollar Bank, the nation's largest federally chartered mutual bank, is proud to announce its 170th anniversary, marking a remarkable legacy of financial inclusion, community dedication and stability, since its founding on July 19, 1855.

Chartered in Pittsburgh, Pennsylvania, Dollar Bank opened its doors with a pioneering vision to serve the working class during the city's industrial boom. Its unique mutual structure has consistently prioritized customers and communities over shareholder profits, a model that has defined its enduring success.

From its earliest days, Dollar Bank broke barriers, allowing anyone to open a savings account with just one dollar. This commitment to accessibility is evident in its rich history:

  • November 1855: Dollar Bank welcomed Alfred A. Gibson, its first African American depositor.
  • February 1857: Rose Irwin became the first woman to receive a mortgage from the Bank.
  • February 1860: John L. Woodson, a barber, made history as the first African American mortgage recipient.

By 1881, under the leadership of its visionary founder Charles A. Colton, Dollar Bank had surpassed Pittsburgh’s 17 other banks, boasting an impressive $6.5 million in deposits and over 10,000 accounts, with 45% held by women. The bank's iconic Fourth Avenue headquarters, opened in 1871, stands as a testament to its lasting presence and was listed on the National Register of Historic Places in 1976. Throughout its history, Dollar Bank has stood by its customers and communities, providing crucial support during challenging times, including the 1936 St. Patrick’s Day Flood and Great Depression job relief efforts.

Today, with 1,500 employees across four markets including Southwestern Pennsylvania, Northeastern Ohio, Hampton Roads Virginia and Cumberland Narrows, Maryland, Dollar Bank remains a vital economic engine. Its commitment to community impact is reflected in various initiatives:

  • Community Development: Offering targeted lending for revitalization projects, comprehensive first-time homebuyer programs and essential credit-building initiatives.
  • Grants and Sponsorships: Providing financial support to organizations such as the Homeless Children’s Education Fund and Bender Leadership Academy.
  • Financial Education: Delivering free, impactful programs like “Homeownership Basics” and offering in-house credit counseling.
  • Supplier Diversity: Actively promoting engagement with small, minority-owned, woman-owned and veteran-owned businesses.

Jim McQuade, CEO of Dollar Bank, commented on this significant milestone: "For 170 years, Dollar Bank has been more than just a financial institution; we have been a steadfast partner in the communities we serve. Our mutual structure allows us to consistently put our customers first, reinvesting profits to provide competitive rates, lower fees, enhanced services, and robust community programs. This commitment to financial inclusion and community well-being has been the bedrock of our legacy, and we look forward to continuing to empower individuals and businesses for many years to come."

As a mutual bank, Dollar Bank’s structure ensures that decisions prioritize customers and local economies, fostering stability and allowing for tailored services that truly benefit customers. The Bank also invests heavily in its workforce through internships, mentorship programs and comprehensive employee wellness initiatives.

Looking to the future, Dollar Bank is transforming its technology and systems to deliver an even better customer experience and foster organic growth through strong relationships. It remains deeply committed to empowering our communities by expanding financial literacy, promoting homeownership and supporting small businesses, particularly in underserved areas.

Dollar Bank's 170-year legacy is a testament to its blend of tradition and innovation, empowering individuals and businesses while advocating for equitable and accessible banking for all.

About Dollar Bank

As the nation's largest mutual bank, Dollar Bank has been empowering the communities and customers we serve for 170 years. Our more than 90 locations throughout Pennsylvania, Maryland, Ohio and Virginia provide a comprehensive range of personal, small business and corporate banking solutions. We continue to invest in our customers and strengthen our communities through financial education programs and partnerships with organizations who share our dedication to building opportunities for all. As of May 2025, Dollar Bank reported total assets of $11.9 billion, total loans of $9.0 billion and total deposits of $9.5 billion. For more information, visit Dollar.Bank.