The Peoples Finance Corporation was founded in 1923, and moved to the newly constructed building in 1926. Nationally known for its service to minority groups, it was the leading African-American financial lender in the community. During the early 1930s the company was on shaky financial ground, and found itself needing a lender of its own. It found such in Joseph Mitchell, founder of the St. Louis Argus. Knowing its importance to the community, Mitchell invested thousands of dollars of his own money into the company to save it. The company would eventually cease operations, however, when the city demolished the building in 1959.
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