Freedman’s Savings and Trust Company
The Freedman’s Bank, officially known as the Freedman’s Savings and Trust Company, was an important financial institution in the United States during the Reconstruction Era following the Civil War. Established in 1865, its primary purpose was to aid newly freed African Americans in their transition from slavery to freedom, particularly by providing a safe place to save money.
The Freedman’s Savings and Trust Company, commonly known as the Freedman’s Bank, was established in 1865. It was created in the aftermath of the American Civil War to aid newly emancipated African Americans in their transition to freedom and economic independence. Here are key aspects of the Freedman’s Bank:
Establishment and Purpose: The bank was established by the U.S. government, specifically under the auspices of the Freedmen’s Bureau. Its primary purpose was to help African American freedmen and their families integrate into the economy of the post-Civil War United States.
Services and Operations: The Freedman’s Bank accepted deposits, encouraged savings, and provided a secure place for the financial assets of African American soldiers and laborers. It also aimed to teach financial literacy and savings habits to a population newly introduced to the concept of personal and financial freedom.
Growth and Reach: The bank was initially successful, expanding rapidly with branches in 17 states and the District of Columbia. At its peak, it held millions of dollars in deposits and served tens of thousands of depositors.
Challenges and Mismanagement: Despite its noble intentions, the Freedman’s Bank faced significant challenges, including mismanagement and fraud. The bank’s leadership made risky investments and loans, which compromised the security of the depositors’ savings.
Collapse and Impact: The Panic of 1873, a severe economic depression, exacerbated the bank’s problems. The Freedman’s Bank ultimately failed in 1874, resulting in the loss of savings for approximately 61,000 depositors. This failure had a devastating impact on the African American community, eroding trust in banking institutions and causing significant financial losses.
Legacy: The collapse of the Freedman’s Bank had long-term effects on the economic development of the African American community. It also influenced attitudes towards banking and financial institutions among African Americans for generations. The failure of the bank is often studied as a significant event in the economic history of post-Civil War America and in the context of African American history.
Who could deposit money into the Freedman’s Savings and Trust Company?
The bank was established primarily to serve African American individuals in the post-Civil War United States. The primary clientele of the bank were:
Freed Slaves: The bank was specifically established to assist newly emancipated African Americans, who were transitioning from slavery to freedom. This group included men, women, and children who had been freed following the Civil War.
African American Soldiers and Veterans: The bank was also a significant institution for African American soldiers who served in the Union Army during the Civil War. These soldiers, many of whom were receiving regular pay for the first time, were encouraged to save their earnings in the bank.
African American Laborers and Workers: Apart from soldiers, the bank catered to African American laborers and workers in various fields. This included those who were employed in reconstruction efforts, agriculture, and other labor-intensive industries in the post-war economy.
While the bank was primarily intended for African Americans, it did not exclusively limit its services to them. People of other races could also deposit their money, but the primary focus and majority of the clientele were African Americans, reflecting the bank’s mission to aid those impacted by the transition from slavery to freedom.
The Freedman’s Bank played a crucial role in promoting financial literacy and savings among the African American population during this transformative period in American history. It was a symbol of progress and hope, although its eventual failure had significant and lasting repercussions. In a historical education context, the bank’s clientele and mission highlight the broader themes of economic empowerment, racial dynamics, and post-Civil War reconstruction in the United States.
Locating the Freedman Bank Online
Freedman’s Savings and Trust Company M816
| Location of Branch | Roll | Account Numbers | Date of Orginization |
|---|---|---|---|
| Descriptive Pamphlet | |||
| Huntsville, Alabama | 1 | 1-1698 | Nov. 18, 1865-Aug. 21, 1874 |
| Mobile, Alabama | 2 | 777-1567, 1572-2326, 4287-9173 | June 18, 1867-June 29, 1874 |
| Little Rock, Arkansas | 3 | 153-1358 | Feb. 27, 1871-July 15, 1874 |
| Washington D. C. | 4 | 1-1553, 3500-7197, 7406-9315 | July 11, 1865-Dec 30, 1871 |
| Washington D. C. | 5 | 1B-456, 14631-16303, 20001-21397 | May 24, 1872, July 22, 1874 |
| Tallahassee Florida | 5 | 1-887 | Aug. 25, 1866-Jan. 15, 1872 |
| Atlanta, Georgia | 6 | 1 - 4518 | Jan. 15, 1870-July 2, 1874 |
| Augusta, Georgia | 7 | 2167 - 6701 | Nov. 23, 1870-June 29, 1874 |
| Savannah, Georgia | 8 | 1-1137, 1298-4947 | Jan. 10, 1866-Dec. 17, 1870 |
| Savannah, Georgia | 9 | 4948-9868 | Dec. 9, 1870 - Oct. 22, 1872 |
| Savannah, Georgia | 10 | 9869-14558, 702-9893 | Oct. 22, 1872 - Sept. 1, 1874 |
| Lexington, Kentucky | 11 | 217-1976 | Mar. 21, 1870 - July 3, 1874 |
| Louisville, Kentucky | 11 | 1-1928, 5122-7333 | Sept. 15, 1865 - July 8, 1874 |
| New Orleans, Louisiana | 12 | 5-1018, 4365-8570 | June 20, 1866-June 29, 1874 |
| Shreveport, Louisiana | 12 | 149-1320 | Feb. 11, 1871 - June 29, 1874 |
| Baltimore, Maryland | 13 | 1-4, 220-6768 | May 3, 1866 - June 23, 1874 |
| Columbus, Mississippi | 14 | 9-927 | Aug. 1, 1870-June 16, 1874 |
| Natchez, Mississippi | 14 | 1-707 | Mar. 29, 1870-June 18, 1874 |
| Vicksburg, Mississippi | 14, 15 | 1157-8662 | July 15 1868-June 29, 1874 |
| St. Louis, Missouri | 16 | 223-336 | Apr. 6-Oct. 8 1869 |
| New York, New York | 17 | 1422-6943 | Feb. 20, 1871-July 6, 1874 |
| New Bern, North Carolina | 18 | 1327-4157 | Nov. 2, 1869-July 25, 1874 |
| Raleigh, North Carolina | 18 | 9-15 | Apr. 9-20 |
| Wilmington, North Carolina | 18 | 1208-1343 | Sept. 3, 1869, Oct. 30, 1869 |
| Philadelphia, Pennsylvania | 19 | 1-3004 | Jan. 7, 1870-June 26, 1874 |
| Beaufort, South Carolina | 20 | 2732 - 5989 | October 1866 |
| Charleston, South Carolina | 21 | 1-319, 2151-3824 | Dec. 19, 1865-Dec 2, 1869 |
| Charleston, South Carolina | 22 | 3833-6626 | Dec 4, 1869-Dec 2, 1871 |
| Charleston, South Carolina | 23 | 6627-11103 | Feb. 25, 1871-July 2, 1874 |
| Memphis, Tennessee | 24 | 1-1995, 2000-6298 | Dec. 28, 1865-July 1, 1874 |
| Nashville, Tennessee | 25 | 4174-6189 | Dec. 23, 1871-July 23, 1874 |
| Lynchburg, Virginia | 26 | 153-215 | July 8, 1871-Aug. 22, 1871 |
| Norfolk, Virginia | 26 | 3950-5415, 5424 | Dec. 4, 1871-June 29, 1874 |
| Richmond, Virginia | 26 | 232-1582 | July 18, 1867-June 20, 1870 |
| Richmond, Virginia | 27 | 1591-3948, 4005-7691 | June 21, 1870-June 29, 1874 |
Fraser – Discover Economic History | Federal Reserve
The Freedman’s Bank records, housed at the National Archives, are a significant historical resource for researchers interested in post-Civil War African American history. These records are part of Record Group 101, under the Records of the Comptroller of the Currency. It’s worth noting that the original records encompass more than just the microfilmed registers of depositors’ signatures. There are additional, unmicrofilmed papers, including some partial indexes on paper, which provide further insights.
The microfilm collection of the Freedman’s Bank records (Micropublication M0816, encompassing 27 rolls) is accessible at the National Archives buildings in both Washington, D.C., and College Park, Maryland. However, the unfilmed records, which may contain more detailed or specific information, can only be viewed at the College Park location.
For those unable to visit these locations, or for more specific inquiries, the National Archives recommends sending written requests. These should be addressed to the Textual Reference Branch, National Archives at College Park, MD 20740-6001. This branch can provide further guidance and potentially copies of specific documents from the Freedman’s Bank records.
These records are a valuable tool for understanding the economic history of African Americans during the Reconstruction era and provide a unique glimpse into the lives of formerly enslaved individuals and their descendants during this pivotal period in American history.
Samples of what you’ll find.
Records of the Office of the Comptroller of Currency, Record Group 101
This collection consists of selected records of the Office of the Comptroller of the Currency that have been transferred to the National Archives and Records Administration.
- Dividend Payment Record
- Loan and Real Estate Ledgers and Journals
- Miscellaneous
