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March 17, 2001 Freedman's Bank Records provide insight by Lloyd Bockstruck The Freedman's Bank was an outgrowth of a plan to provide banking services to the United States Colored troops and Freed-men after the Civil War. Blacks could deposit their military pay and savings in the bank. . . . It had 37 branch offices in seventeen states and the District of Columbia. Records from all but eight branches survive. . . . Frederick Douglass observed, "The Freedman's Bank was the black man's cow and the white man's milk." Because of mismanageent and fraud, the bank collapsed in 1874. Out of the 64,144 accounts, there were 31,000 depositors who never requested or received a dividend.  African American Research Susan Hawkins © 2024 If you find any of Grayson County TXGenWeb links inoperable, please send me a message. |