On This Day
·

Freedmen's Bank closes

The Freedman's Saving and Trust Company, known as the Freedman's Savings Bank, was a private savings bank chartered by the U.S.

The Freedman's Saving and Trust Company, known as the Freedman's Savings Bank, was a private savings bank chartered by the U.S. Congress on March 3, 1865, to collect deposits from the newly emancipated communities. The bank opened 37 branches across 17 states and Washington DC within 7 years and collected funds from over 67,000 depositors. At the height of its success, the Freedman's Savings Bank held assets worth more than $3.7 million in 1872 dollars, which translates to approximately $80 million in 2021.

However, the rapid development of the bank was largely driven by false claims and was coupled with mismanagement and fraud. The bank failed in 1874, weighed down by speculative loans issued by the bank's white officials throughout its existence.

Historical Significance

The Freedman's Saving and Trust Company, known as the Freedman's Savings Bank, was a private savings bank chartered by the U.

Events Before

  1. Japan adopts the Gregorian calendar

    Japanese calendar types have included a range of official and unofficial systems. At present, Japan uses the Gregorian calendar together with year designations stating the year of the reign of the…

  2. Modoc warriors defeat the United States Army in the First Battle of the Stronghold, part of the Modoc War

    The Modoc War, or the Modoc Campaign (also known as the Lava Beds War), was an armed conflict between the Native American Modoc people and the United States Army in northeastern California and…

  3. British Naval Officer John Moresby is the first European to discover Port Moresby, Papua New Guinea, claims it for the U

    British Naval Officer John Moresby is the first European to discover Port Moresby, Papua New Guinea, claims it for the United Kingdom

  4. 1st Preakness Stakes: G. Barbee aboard Survivor wins in 2:43 at Pimlico Race Course, Baltimore, Maryland

    1st Preakness Stakes: G. Barbee aboard Survivor wins in 2:43 at Pimlico Race Course, Baltimore, Maryland

  5. Heinrich Schliemann discovers "Priam's Treasure" a cache of gold and other objects in Hisarlik (Troy) in Anatolia

    Priam's Treasure is a cache of gold and other artifacts discovered by classical archaeologists Frank Calvert and Heinrich Schliemann at Hisarlık on the northwestern coast of modern Turkey.

Events After

  1. Britain's Midland Railway abolishes second-class travel, ending the practice of carrying third-class passengers in open-

    Britain's Midland Railway abolishes second-class travel, ending the practice of carrying third-class passengers in open-air wagons [1]

  2. Princess Louise of Belgium marries Prince Philip von Saksen-Coburg-Gotha in Belgium

    Princess Louise of Belgium marries Prince Philip von Saksen-Coburg-Gotha in Belgium

  3. Georges Bizet's last and greatest opera "Carmen" premieres at the Opéra-Comique in Paris, France

    Georges Bizet's last and greatest opera "Carmen" premieres at the Opéra-Comique in Paris, France

  4. 1st Kentucky Derby: Oliver Lewis aboard Aristides wins in 2:37.75

    The Kentucky Derby () is an American Grade I stakes race run at Churchill Downs in Louisville, Kentucky.

  5. Captain Matthew Webb makes the first recorded unassisted swim across the English Channel in 21 hours and 45 minutes

    The English Channel, also known as the Channel, is an arm of the Atlantic Ocean that separates Southern England from northern France.

More from the 1870s

Belgium disbands its salt tax

Belgium disbands its salt tax

The Moerdijk railway bridge over Hollands Diep in South Holland opens, becoming the longest bridge in Europe at that tim

The Moerdijk railway bridge over Hollands Diep in South Holland opens, becoming the longest bridge in Europe at that time

Japan adopts the Gregorian calendar

Japanese calendar types have included a range of official and unofficial systems. At present, Japan uses the Gregorian calendar together with year designations stating the year of the reign of the…

New York City annexes the West Bronx

The boroughs of New York City are the five major governmental districts that compose New York City. They are the Bronx, Brooklyn, Manhattan, Queens, and Staten Island.

Frequently Asked Questions

What happened on June 28, 1874?
The Freedman's Saving and Trust Company, known as the Freedman's Savings Bank, was a private savings bank chartered by the U.S. Congress on March 3, 1865, to collect deposits from the newly emancipated communities. The bank opened 37 branches across 17 states and Washington DC within 7 years and collected funds from over 67,000 depositors.
Why is Freedmen's Bank closes significant?
The Freedman's Saving and Trust Company, known as the Freedman's Savings Bank, was a private savings bank chartered by the U.

Explore More

June 28 in HistoryYear 1874