OppressionJune 29, 1874
Freedmen's Savings Bank Collapses, Destroying Black Wealth
The Freedman's Savings Bank closed June 29, 1874 after white trustees had made speculative loans and invested in risky ventures. Over 61,000 Black depositors lost $2.9 million, most never recovered any funds. Frederick Douglass, briefly appointed president to try to save it, called its collapse 'a bitter disappointment' that cost Black Americans both their savings and faith in federal institutions.
The web
Connections to other moments, systems, and investigations, the links rarely drawn together.
- connects to·ThreadWho Benefited: The Wider Economy & the Wealth Gap
The collapse wiped out 61,000+ Black depositors; Congress refused to make them whole.