Many people would be apprehensive about following a legacy of such relatives as Jesse Mitchell, the man who revived the District’s only Black financial institution — Industrial Bank — in 1934 after a short period of inactivity. However, his son B. Doyle Mitchell Sr., not only continued his father’s mission, maintaining the bank as one of the largest of its type in the country, but furthered his work, becoming the first Black president of the D.C. Bankers Association.
Now, B. Doyle Mitchell Jr., Mitchell Sr.’s son, has followed in his dad and grandfather’s footsteps, having served as the president and CEO of Industrial since his father’s death in 1993.
Mitchell embraces the work of his forefathers and sees working for Industrial as his way of giving back to the community.
“When I was younger, I saw how we could help people and make money,” Mitchell, 62, said. “You can do well and do good.”
Mitchell is among the six people who will be honored as a legacy business at The Washington Informer’s 60th Anniversary gala that will take place at the Martin Luther King Jr., Memorial Library on March 28.
Complimenting the grit of Washington Informer Publisher Denise Rolark Barnes, Mitchell said he was flattered to be an honoree.
“Being honored by The Informer is indescribable for a number of reasons,” Mitchell said. “The Washington Informer is a family business. Denise is a colleague, and we are on some boards together. Denise has persevered during some tough times. I have received a lot of awards, but this is among the top five. It is special when you get recognized by one of your homegrown African American businesses. This is super special.”
Mitchell’s Imprint on Industrial
Mitchell said he has been around the bank since he was a child but didn’t start working there until he was a teenager.
“My sister Patricia started working at the bank when she was 14, but my mother didn’t let me work until I was 16, when I was more mature,” Mitchell said with a giggle. “I started out as a mail messenger. This was when the bank would send out paper statements to customers. We would send out thousands of paper statements monthly.”
The Industrial Bank CEO said he performed a wide array of tasks for the company.
“I worked in bookkeeping, finance, auditing, mortgage lending, and consumer lending, when we offered auto loans. I also worked in the operations department where thousands of checks are processed each day,” he explained. “I eventually worked in the commercial lending department as a loan officer.”
A native Washingtonian, Mitchell said he worked for the bank during his summer vacation from Archbishop Carroll High School in Northeast, D.C. He attended Rutgers University, graduating with a bachelor’s degree in economics in 1984.
Mitchell went to work for Industrial full-time after graduation, and in 1990 was elected to the company’s board of directors.
Since assuming the helm at Industrial, Mitchell has helped it maintain its position as the largest minority-owned commercial bank in the Washington metropolitan area and the fourth largest African American owned financial institution in the U.S.
In an August 2010 edition of Washington Life Magazine, writer Adoria Doucette wrote about Mitchell in an article “Power Source: The Mitchell Legacy.”
“The bank is led by the founder’s grandson, B. Doyle Mitchell Jr., who has patiently and expertly guided the institution with the pragmatism of a skilled banker while still intelligently seizing on the opportunity to expand its value to customers and the community,” Doucette said. “Mr. Mitchell led the bank’s expansion into Prince George’s County in the mid 90’s and at the time was recognized by the U.S. Treasury Department as a pioneer in the industry, cementing the value that his family has played in local development for over seven decades. Heirs of great establishments carry a heavy burden and often flounder where their predecessors flourished, Mr. Mitchell has represented the legacy of his grandfather in an exemplary manner.”
The bank, which celebrated 90 years in August 2024, has six branches in the District and Prince George’s County, Maryland; two branches in New Jersey and one branch in New York City.
Mitchell serves on several boards, including the Greater Washington DC Black Chamber of Commerce, the National Bankers Association and the Independent Community Bankers of America.
Corey Arnez Griffin, chairman of the Greater Washington DC Black Chamber of Commerce, emphasized that Industrial has supplied the banking needs of Black businesses for decades and praised Mitchell for his leadership.
“Doyle has been a great leader in this town for a long time,” said Griffin, 54. “He has carried on the legacy of his family’s business in a meaningful way.”