At the end of the Civil War, 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 on March 3, 1865 to help newly freed African Americans navigate their financial lives.
During its existence, The Freedman’s Bank maintained some 37 offices in 17 states, including the District of Columbia. At its 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.