Freedom National Bank


Freedom National Bank was an African-American owned bank in Harlem founded in 1964 and shut down in 1990. Freedom National served Harlem's Black community and was one of the largest Black owned banks in the U.S. Its main office was at 275 West 125th Street.

History

Freedom National bank was founded in 1964 by investors including Jackie Robinson and Dunbar Simms McLaurin. The New York Times referred to it as "biracial" when it was founded in 1964.
A 1966 Harvard Crimson article was critical of the bank. Freedom National competed with another Black owned and focused bank, the older Carver Federal Savings and Loan Association.
Freedom National failed in 1990 during a recession as it faced loan defaults and internal division. When it was shut down, Freedom National had $101.9 million in assets, two branches in Brooklyn, 22,000 depositors, and 97 employees. The bank had also struggled in the mid-1970s but was able to return to profitability.
In 1999, the Federal Deposit Insurance Company bailed out depositors up to the U.S. government's $100,000 guarantee for deposits.