Freedman's Savings and Trust Company
The Freedman's Saving and Trust Company, popularly known as the Freedman's Savings Bank, was a private corporation chartered by the U.S. government to encourage and guide the economic development of the newly emancipated African-American communities in the post-Civil War period. Although functioning only between 1865 and 1874, the company achieved notable successes as a leading financial institution of African-Americans. However, its failure was devastating to the newly emancipated black community. Its archives are valuable as an exhaustive collection of information regarding the African American community and its socio-economic life in the immediate aftermath of emancipation. (Source: Wikipedia)
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.