On June 28, 1874, the Freedmen’s Savings and Trust Company closed its doors due to mismanagement and corruption. Established in 1865 to help newly emancipated African Americans manage their finances, the bank\’s failure resulted in the loss of over $3 million belonging to more than 60,000 depositors. The collapse eroded trust in financial institutions among African Americans and highlighted the systemic economic challenges faced during Reconstruction.
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