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Section 2: Building the Black Community: The Family Section 2: Building the Black Community: The Church Section 2: Building the Black Community: The School Section 2: Quest for Economic Autonomy and Equal Rights Section 2: Memory and Mourning Section 2: Violence

Savings book from the Freedman's Saving and Trust Company, c. 1870.

Savings book from the Freedman's Saving and Trust Company, c. 1870.
(National Archives)

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In 1865, Congress established the Freedman's Saving and Trust Company as a private corporation to encourage thrift among the former slaves. Black individuals, families, church groups, fraternal orders, and civic organizations deposited nearly two million dollars in branch banks located throughout the South.

The bank failed in 1874 because of mismanagement and thousands of depositors lost their savings.

Learn more about the Freedman's Savings and Trust Company
Copyright 2003
A New Birth of Freedom: Reconstruction During the Civil War The Meaning of Freedom: Black and White Responses to Slavery From Free Labor to Slave Labor Rights and Power: The Politics of Reconstruction Introduction The Ending of Reconstruction Epilogue Additional Resources Credits for this Exhibit