Racial Equity Resources

As the Civil War drew to a close, a White clergyman and group of abolitionists considered the banking needs of newly emancipated people and the Black soldiers who had fought for the Union. They obtained a Congressional charter for the Freedman's Savings and Trust Company and opened dozens of branches. Within a decade the bank was forced to close, with half the customers losing all of their savings and the other half recouping at most 62%. What went wrong and what were the lasting repercussions?