Freedman’s Saving and Trust Company
The sign on the building reads, “National Freeman’s Savings and Trust Co.” The Union Bank building housed the Freedman’s Bank from 1869 to 1874. Image, ca. 1870.
Courtesy of the State Archives of Florida
After the Union Bank failed, the building changed ownership several times, and was occasionally used for law offices. In 1869, the estate of William Bailey leased and then sold the building to the National Freedman’s Savings and Trust Company.
After Emancipation, Black citizens gained economic and political rights. The Thirteenth Amendment (1865) to the US Constitution abolished slavery, the Fourteenth Amendment (1868) granted Black Americans citizenship, and the Fifteenth Amendment (1870) guaranteed male citizens the right to vote.
In 1865, the US Congress chartered the National Freedman’s Savings and Trust Company, a private bank, to assist newly freed Black people in developing economic independence by providing basic banking services. President Abraham Lincoln’s image was used in advertising to promote the bank, giving the impression that the government managed it. Military and political leaders promoted the bank, encouraging Black Americans to trust the bank with their money.
The Freedman’s Bank expanded quickly, opening 37 banks in 17 states by 1872. One hundred thousand Black Americans deposited what today would be worth $100 million. While the leadership of the Freedman’s Bank was white, Black communities pressed for the hiring of Black cashiers. In Tallahassee, William Steward, a Black man, became cashier in 1870. These Black cashiers further attracted African American customers to the banks.
Advertisement from The Weekly Floridian, November 2, 1869
