President Abraham Lincoln established the Freedman’s Bank on March 3, 1865 as part of the Freedman’s Bureau. As the Civil War drew to a close, the United States Congress and President Lincoln recognized the need to aid newly freed black men and women in their transition to freedom. To support the land grants and other elements of the Freedman’s Bureau Act, a Freedman’s Bank was established to help newly freed Americans navigate their financial lives. Call it the financial literacy program of its day.
During it’s existence, The Freedman’s Bank maintained some 37 offices in 17 states, including the District of Columbia. At it’s height, the Bank had over $57 million in deposits (adjusted for inflation) and 70,000 depositors.
Five weeks after the creation of the Freedman’s Bank, President Lincoln was assassinated.