77:(FDIC) bailed out depositors up to the U.S. government's $ 100,000 guarantee for deposits. The decision was seen as a serious "blunder", in contrast to FDIC's treatment of the vast majority of "800 bank failures in the last four years". In those cases, FDIC did not just pay off insured accounts, but instead facilitated new owners to take over failed banks so that the customers received all their money back.
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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
31:) 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.
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article was critical of the bank. Freedom
National competed with another Black owned and focused bank, the older Carver Federal Savings and Loan Association (now
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265:"Failed Dreams - The Collapse of a Harlem Bank; Freedom Bank's Demise: A Trail Of Risky Loans and Fast Growth"
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134:"First Class Citizenship - The Civil Rights Letters of Jackie Robinson"
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Freedom
National Bank was founded in 1964 by investors including
291:"Freedom Bank's Failure Hits Harlem Like a Death in the Family"
103:"Freedom Bank's Failure Hits Harlem Like a Death in the Family"
212:"Harlem's Freedom National Bank--Exploiters or Soul Brothers?"
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referred to it as "biracial" when it was founded in 1964.
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241:. The Crisis Publishing Company, Inc. 2009. p.
317:"Saving Carver Federal, New York's last black bank"
186:"Freedom National Bank in Harlem Prepares to Open"
343:"HARLEM BANK'S FAILURE SYMBOL OF FDIC INEQUITY"
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376:This United States bank–related article is a
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452:1990 disestablishments in New York (state)
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289:Yarrow, Andrew L. (November 12, 1990).
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447:1964 establishments in New York City
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184:Cowan, Edward (December 19, 1964).
457:Buildings and structures in Harlem
442:Defunct banks of the United States
427:Bank failures in the United States
341:Knight, Jerry (January 13, 1991).
159:"DUNBAR M'LAURIN, LAWYER, IS DEAD"
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315:Elstein, Aaron (March 22, 2015).
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101:Andrew L. Yarrow (1990-11-12).
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437:Banks disestablished in 1990
380:. You can help Knowledge by
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432:Banks established in 1964
321:Crain's New York Business
70:return to profitability.
467:United States bank stubs
462:20th century in Harlem
45:Dunbar Simms McLaurin
17:Freedom National Bank
347:The Washington Post
216:The Harvard Crimson
295:The New York Times
269:The New York Times
210:Snell, Suzanne M.
190:The New York Times
163:The New York Times
108:The New York Times
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113:the original
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352:January 13,
326:January 13,
300:January 13,
274:January 13,
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169:January 13,
143:January 13,
421:Categories
238:The Crisis
221:13 January
119:2018-01-13
81:References
56:A 1966
35:History
19:was an
25:Harlem
378:stub
354:2018
328:2018
302:2018
276:2018
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