![]() ![]() Though it had once boasted 37 branches and $57 million in deposits, thousands of Black customers lost their savings.Īgainst a backdrop of racist practices in the banking industry, including denial of access, Black-owned banks arose to help disenfranchised Black Americans. And even though then-President Abraham Lincoln established the Freedman's Savings and Trust Company ("Freedman's Bank") in 1865 to help serve freed slaves, Freedman's Bank failed in 1874 due to corruption and risky investments. The end of the Civil War eventually brought millions of Black Americans freedom from slavery. But as slavery continued, the bank did not serve all Americans. While it initially opened in Philadelphia, it had branches across the country. The first national bank in the US was created in 1791. Black-owned Banks and Credit Unions by Stateīlack-owned banks have a long history of serving Black Americans, and they continue to serve communities today. ![]()
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