150th anniversary of Freedman’s Bank commemorated
Liberty Bank’s Alden McDonald will deliver remarks and reflect on the legacy of the Freedman’s Bank
NEW ORLEANS – On Thursday, January 7, 2016, the U.S. Treasury Department will host a ceremony to mark the 150th anniversary of the Freedman’s Savings and Trust Company (Freedman’s Bank) and name the Treasury Annex building the Freedman’s Bank Building. Treasury Secretary Jacob J. Lew, Assistant Secretary for Management Brodi Fontenot, Howard University Department of Economics Chair Dr. William Spriggs, and Liberty Bank and Trust President and CEO Alden McDonald will deliver remarks and reflect on the legacy of the Freedman’s Bank.
The Freedman’s Bank was established in 1865 to create an opportunity for wealth-building among the nation’s four million newly emancipated Black Americans. During its nearly 10-year existence, approximately 100,000 Blacks and Black 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.