Black-owned banking institutions don’t occur until more than a century following the Bank of united states first launched its doors.
Ahead of the chartering associated with the very very first bank that is black-owned 1888, Congress and President Lincoln established the Freedman’s Savings Bank in 1865. As part of the FreedmanвЂ™s Bureau, this organization ended up being made to assist newly freed African Us americans navigate the U.S. economic climate. п»ї п»ї
Despite Congress voting to shut the Freedman’s Bureau in 1872, the lender continued to use. In 1874, Frederick Douglass took over due to the fact bank’s D.C.Read More »History and background of Black-Owned Banking Institutions