Freedman’s Bank Forum focuses on Raleigh business owners, addressing racial economic disparities

RALEIGH, N.C. (WTVD) — Happening in downtown Raleigh, the annual Freedman’s Bank Forum will spotlight city business owners and strategies to address racial economic disparities.

The forum will “highlight the Administration’s continued efforts to increase economic opportunities for communities of color,” according to the U.S. Department of Treasury, which is hosting it. The event will feature a panel discussion, symposium and open house to help provide resources from local groups.

Those attending include Governor Roy Cooper, Durham Mayor Leo Williams, Raleigh Mayor Mary-Ann Baldwin and Congresswoman Valerie Foushee, who serves North Carolina’s 4th congressional district.

The forum started under the Obama Administration nearly a decade ago in 2015.

It’s named after the Freedman’s Saving and Trust Company, which was established by Congress in 1865 to provide newly emancipated Black Americans after the Civil War with safe bank deposits to help build financial security and generate family wealth.

Frederick Douglas led the bank before it ultimately failed nine years after opening. 60,000 depositors, mostly Black, lost millions of dollars.

Raleigh is the home to one of 19 original Freedman Banks.

The event kicks off at 1 p.m. at Shaw University.