Name commemorates 150th anniversary of historic Freedman’s Savings and Trust Company
WASHINGTON – The U.S. Treasury Department today announced that it will mark the 150th anniversary of the Freedman’s Savings and Trust Company (Freedman’s Bank) by naming the Treasury Annex building in Washington, D.C. the Freedman’s Bank Building. The building stands on the site of the original bank that was created to help newly emancipated Americans integrate into the nation’s economy.
“Naming the Freedman’s Bank Building recognizes an institution that symbolized a new future for African-Americans,” said Treasury Secretary Jacob J. Lew. “The legacy of Freedman’s Bank also serves as a reminder that we must continue striving for greater financial inclusion for all Americans – particularly those in underserved and minority communities – so that they can share in the benefits of our growing economy.”
On January 7, 2016, the Treasury Department will officially name the Treasury Annex building on Pennsylvania Avenue NW during a ceremony at the Treasury Department.
The Freedman’s Bank was established in 1865 to create an opportunity for wealth-building among the nation’s four million newly emancipated African-Americans. During its nearly 10-year existence, approximately 100,000 African-American individuals and institutions amassed $57 million in the bank’s Washington, D.C. headquarters and its branches in 37 cities across 17 states. Despite the closing of the Freedman’s Bank in 1874, it remains a significant part of American history and this event will highlight the historical significance of the bank and its original mission – to promote economic integration and financial inclusion.