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The Freedman's Saving and Trust Company, known as the Freedman's Savings Bank, was a private savings bank chartered by the U.S. Congress on March 3, 1865, to collect deposits from the newly emancipated communities. The bank opened 37 branches across 17 states and Washington DC within 7 years and collected funds from over 67,000 depositors. [1]
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Its primary subsidiary was the Indianapolis-based Merchants National Bank and Trust Company, which had been founded in 1865. From the mid-1950s through the late 1980s, Merchants National Bank and Trust, American Fletcher National Bank , and Indiana National Bank , were the three largest banks in Indianapolis.
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The world's oldest central bank is the Sveriges Riksbank, which was founded in 1668. Banco di Napoli , which was absorbed by different entities between 2002–2018, had origins dating back to 1539, and until its absorption was likely the oldest bank worldwide in continuous operation; some scholars posit that its origins may be dated back to 1463.
Jesse Binga (April 10, 1865 – June 13, 1950) was a prominent American businessman who founded the first privately owned African-American bank in Chicago. [1] Binga recalled coming to Chicago in the 1890s with $10 in his pocket. By the 1920s he was a bank president and major real estate owner.
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[2] The Second Bank of the United States opened in January 1817, six years after the First Bank of the United States lost its charter. The predominant reason that the Second Bank of the United States was chartered was that in the War of 1812, the U.S. experienced severe inflation and had difficulty in financing military operations. Subsequently ...