Markets

Black Americans’ rocky relationship with banks can be traced back to an institution that promised wealth but collapsed after just 9 years

When the enslaved population was first freed, the Freedman’s Bank was established to provide a savings and wealth-building tool. But just nine years after it opened, the bank collapsed thanks to risky investments and mismanagement by the bank’s all-white, all-male board. Black bank customers lost millions in deposits. I know […]
Black Americans’ rocky relationship with banks can be traced back to an institution that promised wealth but collapsed after just 9 years
Markets

Black Americans’ rocky relationship with banks can be traced back to an institution that promised wealth but collapsed after just 9 years

When the enslaved population was first freed, the Freedman’s Bank was established to provide a savings and wealth-building tool. But just nine years after it opened, the bank collapsed thanks to risky investments and mismanagement by the bank’s all-white, all-male board. Black bank customers lost millions in deposits. I know […]
Black Americans’ rocky relationship with banks can be traced back to an institution that promised wealth but collapsed after just 9 years