The bank attracted wideI spread publicity and in its early years showed profits.īefore long, however, the black ink began to turn red as loans, especially mortgages, went sour.

The first black bank in New York State, Freedom National was founded in 1964 by the late Jackie Robinson with the specific intention of making loan funds available to blacks. The road to “renaissance” has, however, been rocky one, as Freedom National's story illustrates. But they are active in the fringe‐area rehabilitation and construction that, it is hoped and expected, will follow the large‐scale development that government has for the most part financed. The indigenous financial institutions did not supply the funds for such massive projects as the $36‐million State Office Building at 125th Street and Seventh Avenue. It can be seen the skyline, which has changed dramatically in the last five years, and in the hum of activity along 125th Street, the community's main commercial thoroughfare. Boyd and other Harlem businessmen see a “renaissance” has already begun.

Black ink 125th