April 2, 1865: Freedmen’s National Bank

Freedmen's bank passbook

Investors organize the Freedmen’s National Bank, which is destined to have a colorful history.

New York Times


Dispatches to the Associated Press.; A FREEDMEN’S NATIONAL BANK.
Published: April 3, 1865
WASHINGTON, Sunday, April 2.

Several days ago, a dozen colored men from Boston, New-York, Philadelphia, Washington and elsewhere, met by invitation at the room of Senator POMEROY, of Kansas, to initiate measures for establishing a freedmen’s national bank, to be located in this city. One of the colored men is reported to be worth $150,000, which he has invested in government securities. There was wealth enough amongst them to subscribe to a capital of $300,000. Application was accordingly made to the Comptroller of the Currency for the proper authorization to establish such bank. This request will be granted, provided the State banks converting themselves into national banks, which have a preference, shall not absorb the limit of the aggregate capital prescribed by Congress. A final decision will be given after the 1st of July next on the application for a Freedman’s Bank.

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