Freedman's Bank
Record Group 101
Freedman’s Savings and Trust Company
Record Group 101
The Freedman’s Savings and Trust Company, often called the Freedman’s Savings Bank, was established in 1865 to help formerly enslaved individuals and other African Americans achieve financial independence. This financial institution became a symbol of progress during Reconstruction, representing a tangible step toward economic empowerment. However, its eventual collapse in 1874 highlighted systemic challenges and underscored the need for more robust protections for African American wealth.
Purpose of the Freedman’s Savings Bank
The Freedman’s Savings Bank was created as part of the broader efforts of the Freedman’s Bureau to support African Americans transitioning from slavery to freedom. The bank’s mission was to:
- Provide a secure place for African Americans to save money.
- Encourage habits of thrift and financial literacy among freedmen.
- Help formerly enslaved individuals and their descendants build generational wealth.
View the Freedman's Bank Records
Deposits
Who could deposit money into the Freedman's Bank?
The bank was established primarily to serve African American individuals in the post-Civil War United States.
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.
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.
What type of document can you find in
RG101?
The Freedman’s Savings Bank records are rich with historical and genealogical information. The types of documents available include:
- Depositor Birthplaces: Often includes the depositor’s place of birth. Some state records list their birthplace as “[Plantation Name], owned by Former Slave Owner’s (Master, Mistress) Name.”
- Details: Names, ages, occupations, and places of residence.
- Family Connections: Information about immediate family members, such as parents, spouses, children, or siblings.
Records sometimes list relatives of the depositor who were still enslaved or emancipated. These relatives might have been connected to the same or different slave owners.
Examples:
- A depositor might identify their parents or siblings and specify they were “formerly owned by [Owner’s Name].”
- This could also include details about whether family members were sold or relocated.
- Occupation and Employment: Details about the depositor's work or trade.
Many depositors were veterans of the United States Colored Troops (USCT) or other Civil War units. In some cases, their military service records (also connected to Freedman’s Bank records) include details about their owners because enslaved individuals were often listed as the property of specific people in military records.
Signatures or Marks: Depositors who could write provided their signature, while others left a mark, often an (X) These documents help identify individuals and their literacy levels.
- Letters from Depositors: Communications regarding their accounts or bank-related inquiries.
- Requests for Withdrawals or Transfers: Details on how depositors interacted with the bank.
Yes, the Freedman's Bank records include copies of death certificates for some depositors.
- Information about deceased depositors, including funds claimed by heirs or next of kin.
- These records sometimes include family details provided during claims processes.
- Employment Records: Bank staff rosters that sometimes included African Americans employed at the bank.
- Branch-Specific Details: Records related to specific Freedman Savings Bank branches.
Claims for Lost Savings: After the bank collapse, some depositors filed claims to recover their funds, providing further personal information.
- Military Service: Notes on depositors who were veterans, especially from the United States Colored Troops (USCT).
- Community Leaders: Documentation about prominent African American leaders and clergy using the bank.
Records of the Office of the Comptroller of Currency, Record Group 101 – Federal Reserve
The records of the Freedman’s Savings and Trust Company, specifically the Loan and Real Estate Ledgers, Dividend Payment Records, and Miscellaneous Finance and Accounting Records, are held in Record Group 101 (Office of the Comptroller of the Currency) at the National Archives. However, their presence in Federal Reserve-related collections may seem surprising, as the Freedman’s Savings Bank was not originally part of the Federal Reserve system. Here’s why these records ended up under the Federal Reserve’s jurisdiction and archival care:
Federal Oversight After the Collapse
The Freedman’s Savings Bank was established in 1865 under a congressional charter as an independent institution. It was not initially regulated by the Office of the Comptroller of the Currency (OCC) or connected to the banking systems overseen by the Federal Reserve (which didn’t exist until 1913). However, after the bank’s catastrophic collapse in 1874, the federal government stepped in to manage the liquidation of its assets and return a portion of the lost savings to depositors.
During the liquidation process:
- The federal government appointed agents to oversee the dissolution of the Freedman’s Savings Bank.
- Financial documents, ledgers, and records related to the liquidation were absorbed into the broader jurisdiction of the OCC, which was responsible for supervising national banking activities and failed banks at that time.
- This absorption explains why the records are now part of Record Group 101, even though the Freedman’s Bank was never formally regulated by the OCC.
