Freedman’s Savings & Trust Company, established in 1865, played a pivotal role in the post-Civil War era by providing African Americans with a means to save money and secure their financial future. This institution emerged during a time when economic opportunities for Black Americans were severely limited.
Although Freedman’s Savings & Trust ceased operations, its impact on the African American community was profound. The bank served as a model for future financial institutions aimed at promoting economic empowerment and remains a symbol of resilience in the face of adversity. Today, its legacy is honored in discussions about financial equity and access for marginalized communities.
Freedman’s Savings & Trust Company is a crucial part of American history, representing both the challenges and triumphs of African Americans in their pursuit of economic independence. Its story continues to inspire efforts towards greater financial inclusion and literacy today.
President Abraham Lincoln issued the Emancipation Proclamation on January 1, 1863. The proclamation declared “that all persons held as slaves” within the rebellious states “are, and henceforward shall be free.”
Congress established The Bureau of Refugees, Freedmen, and Abandoned Lands (Record Group 105), also known as the Freedmen’s Bureau in March.
Meanwhile, a group of missionaries, abolitionists, and businessmen saw that African Americans would need support and education to become financially secure. In April 1865, they succeeded. The Freedman’s Savings and Trust Company, often called “the Freedman’s Bank,” opened for business.
The DC headquarters of the Freedman’s Bank was torn down in 1899. About 20 years later, the US Treasury Department built its new Annex building on the same spot. To honor the bank’s legacy, on January 7, 2016, the Treasury Department commemorated the 150th anniversary of the Freedman’s Bank by renaming the Treasury Annex the Freedman’s Bank Building.
In honor of the history of the Freedman Bank and the historic investment through the Inflation Reduction Act and the bipartisan infrastructure legislation, Freedmen Green Bank & Trust was formed.
The world is facing unprecedented challenges that require bold action, and Freedmen Green Bank and Trust is rising to the occasion. The intersection of climate change, economic inequities, and the need for clean energy solutions has created an urgent moment for us to act. Now, more than ever, our communities need access to financial resources that will help build a sustainable future while addressing long-standing social and environmental injustices.
The impacts of climate change are being felt today through extreme weather events, rising sea levels, and increased air pollution. Historically excluded from the clean energy transition, low-income and disadvantaged communities face significant disproportionate environmental risks.
Recent government initiatives like the Justice40 Initiative and the Greenhouse Gas Reduction Fund are providing vital funding for clean energy projects in disadvantaged communities historically overburdened by pollution and underinvested in.
The clean energy transition offers a crucial opportunity for economic empowerment in underserved communities through green jobs, energy savings, and sustainable development.
As climate change accelerates and funding opportunities expand, the need for Freedman Green Bank and Trust is urgent. We are committed to helping communities leverage clean energy as a powerful tool for justice.
