Real Estate and the North Carolina Mutual
Wealth gained through land and real estate supported the creation of Black Durham’s landmark business, the North Carolina Mutual Life Insurance Company.
Although real estate investment yielded profits, it was never just a moneymaking venture. Racial solidarity and cooperation were central to this era of uplift.
The North Carolina Mutual’s three founders: John Merrick, C. C. Spaulding, and Dr. Aaron Moore, are pictured in this 1903 publication. Their personal wealth kept the company afloat in the early years when insurance claims outpaced revenues. They made much of this wealth through real estate investment.
Courtesy North Carolina Mutual Life Insurance Company Archives, David M. Rubenstein Rare Book & Manuscript Library, Duke University, and University Archives, Records and History Center, North Carolina Central University
As the middle class grew in Durham, Black leaders championed homeownership.
Black financial institutions helped make dreams of homeownership a reality when white institutions refused to lend in Black neighborhoods.
3 out of 4 federally underwritten mortgages from Black banks were held by the North Carolina Mutual.
“The company has built several hundred homes on the easy payment plan because we feel that homeownership makes better citizens.”
– C. C. Spaulding, NC Mutual President from 1923-1952
“As Black homeownership grew, the NC Mutual offered new financial products to its customers such as mortgage insurance, featured in this advertisement in The Carolina Times in 1964.”
Courtesy Durham Historic Photographic Archives, North Carolina Collection, Durham County Library
The North Carolina Mutual’s three founders: John Merrick, C. C. Spaulding, and Dr. Aaron Moore, are pictured in this 1903 publication. Their personal wealth kept the company afloat in the early years when insurance claims outpaced revenues. They made much of this wealth through real estate investment.
Courtesy North Carolina Mutual Life Insurance Company Archives, David M. Rubenstein Rare Book & Manuscript Library, Duke University, and University Archives, Records and History Center, North Carolina Central University
Wealth gained through land and real estate supported the creation of Black Durham’s landmark business, the North Carolina Mutual Life Insurance Company.
Although real estate investment yielded profits, it was never just a moneymaking venture. Racial solidarity and cooperation were central to this era of uplift.
As the middle class grew in Durham, Black leaders championed homeownership.
Black financial institutions helped make dreams of homeownership a reality when white institutions refused to lend in Black neighborhoods.
3 out of 4 federally underwritten mortgages from Black banks were held by the North Carolina Mutual.
“The company has built several hundred homes on the easy payment plan because we feel that homeownership makes better citizens.”
– C. C. Spaulding, NC Mutual President from 1923-1952