What was the first African American-owned bank established in the U.S.?

• A. The African American Bank of Philadelphia
• B. The Freedom National Bank
• C. The Citizens Savings Bank
• D. The Caribbean Bank

Answer: (A)

The first African American-owned bank established in the U.S. was the Freedom National Bank, which was founded in 1907 in Harlem, New York City. It represented a significant milestone in African American financial independence and entrepreneurship during a time when access to banking services and capital for African Americans was extremely limited due to systemic racism and discriminatory practices.

The Freedom National Bank aimed to provide banking services primarily to African Americans, helping to stimulate economic growth within the community. It was instrumental in encouraging savings and investments among African Americans and served as a support system for businesses in the Harlem area, making it a pivotal institution in the history of Black financial empowerment.

Understanding this context highlights the importance of the Freedom National Bank in the broader struggle for economic justice and self-sufficiency in the African American community.