Question

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Banking and Financial Institutions
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How did the Mechanics and Farmers Bank of Durham, NC, differ from most other banks of the early 1900s?
O It was established by Black businessmen to serve their community.
O It was the first banking institution to charge interest for borrowing money.
O It was established to service large corporations in the North Carolina area.
O It was the first to be insured by the Federal Deposit Insurance Corporation.

Answer 1

The Mechanics and Farmers Bank of Durham, NC was established by Black businessmen to serve their community in the early 1900s.

Step-by-step explanation:

In the early 1900s, the Mechanics and Farmers Bank of Durham, NC differed from most other banks because it was established by Black businessmen to serve their community. It aimed to provide financial services to African Americans who were largely excluded from mainstream banks at that time. This bank played a significant role in promoting economic empowerment and development within the Black community.

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