Formed in 1912, the Seventh Street Savings Bank is an example of a small, independent bank—a type of financial institution that, prior to the Federal Reserve Act of 1914, specifically catered to the various DC neighborhoods; it served the financial needs of the surrounding community, including the residents, clients, and merchants of the vibrant Seventh Street Corridor. Seventh Street Savings Bank was constructed during a period of general prosperity in which DC was experiencing a strong economy and a burgeoning population, and at a time when the banking industry was undergoing significant changes both locally and nationally in response to similar positive economic trends.
Constructed in 1913, the layout of the two-story bank is illustrative of the investment strategies needed to sustain small institutions. Architectural firm Rich & FitzSimons designed the bank in a Classical Revival style. The bank additionally had apartments upstairs and shops were located in an adjacent wing on Seventh Street (now demolished). The bank failed in the banking crisis of 1933, and was one of eight banks merged and reorganized as the Hamilton National Bank. The former Seventh Street Savings Bank building was repurposed as an apartment building.
DC Inventory: November 21, 2002
National Register: September 17, 2003