The Freedman's Bank was to be a repository for the personal savings of freed slaves. The banks was founded by a group of whit men whose intentions were to 'instill into the minds of the untutored Africans, lessons of sobriety, wisdom and economy, and to show them how to rise in the world.' Underscoring the common ground of blacks and whites, the bank was founded by well meaning whites, yet 'run' by one Frederick Douglass for a time during Reconstruction."
Frederick Douglass. In March, 1865, Congress chartered Freedman's Bank.