Word: guittar
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Dates: during 1960-1969
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Unity finally capitalized last year at $1.2 million and was the first bank in New England to sell its stock to the general public. Many of the $10 shares were sold in $50 blocks to people who had never conceived of owning stock in anything. Roy G. Guittar, executive vice president and the bank's only white employee, said that 70 to 80 percent of the 3,358 shares are owned by residents of the predominantly black Roxbury-Dorchester community. According to Guittar, there is no controlling interest in the bank and the 22-man, unpaid, board of directors...
Demand for Unity's stock was so great that the initial capitalization, set at $1 million by the State Board of Banking Corporation, was raised to $1.2 million and stock requests totaling $44,000 still had to be returned. Guittar recalls one rich white businessman who wanted to purchase $400,000 worth of Unity stock. He was refused because the board of directors had established the policy of scrutinizing all requests over $10,000 and set a $25,000 maximum. "We wanted to avoid any controlling interest," Guittar explained...
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