The Solvent Savings Bank and Trust Company, founded by Robert Church, Sr., was the first Negro bank established in Memphis and opened at this site, 392 Beale Street, in 1906. It survived the money panic of 1907 and became the fourth largest black bank in the nation. Robert Church, Jr. succeeded his father as president in 1912. W. C. Handy's music studio was located on the second floor in 1907.