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 The Freedman's Savings and Trust Company is a rare document that has a rich source of data pertaining to the ex-slave
immediately following the Civil War. It had a short life span but it left a plethora of information concerning the
depositors, the family, and descendants.
Congress passed an Act of Incorporation for the Freedman's Savings and Trust Company and
President Lincoln signed it into law on March 3, 1865. The Savings and Trust Company was chartered by Congress
for the enhancement of the newly-freed slave, to teach them to save money for the future, to be thrifty and to
be productive. The objective of the Savings and Trust Company was straightforward and clear. It was suppose to
be a direct path to economic stability for the Negro.
 A branch of the company was opened in Baltimore and became known as Freedman's Bank.
Many organizations such as societies, clubs, as well as churches became members. As early as 1870, St. Francis
Xavier Church, Sinking Society Fund had an account at the bank. The banking committee was John Peed, Cornelius
Thomas and Paul C. Thomas. The pastor of St. Francis Xavier called a meeting of all of the societies and
suggested that they initiate a plan to enable the priest executors of the accounts, so that they could carry
out different projects for the good of the colored people.
As a response, St. Francis Xavier Sanctuary Society had an oyster supper and they deposited
their proceeds in the Freedman's Bank. Their banking committee members were Cecelia Lee, Mary Ann Coates and Mary
A. Lacer. In 1873, St. Francis instituted a Burial Society wherein the members were charged 10 cents a month and
the monies deposited in the Freedman's Bank. The banking committee was John Peed and Anna Morris.
St. Francis reached out to the community and started to feed the hungry and motherless
children in the neighborhood. Some of the parishioner of St. Francis Xavier commenced an Orphan Aid Society.
They, too, saved their money in the Freedman's Bank with a committee of three, Ellen Johnson, Eliza Thomas and
Mary Jane Heall. This society is a forerunner of St. Elizabeth Home for Colored Children, which has its beginning
in the 1870s.
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