Freedman's Savings and Trust Company
The Freedman's Savings and Trust Company (Freedman's Bank), was established as a private corporation by an act of Congress on March 3, 1865. The bank operated primarily for the benefit of former slaves and their families, investing deposits in stocks, bonds, Treasury notes, and other securities. A board of 50 trustees managed the Freedman's Bank, which grew by 1871 to include 37 branches in 17 states and the District of Columbia. During its nine-year history, the bank received more than $57 million in deposits and served some 70,000 depositors.