Founded in 1885, Freeport’s biggest claim to fame used to be that it was the smallest incorporated place in the U.S. with a bank — but in 2009, the bank moved. In 2016, after a nearly 10-year-long struggle, the town's post office was closed. Following the post office's closing, four of the town's residents began mulling dissolving the town, despite the fact that four more people had moved to Freeport.
In a 4-0 vote in November 2017 — the four new residents were not eligible to vote — Freeport was dissolved and would be made part of Silvercreek Township.
At its peak in 1892, Freeport was home to 700 people, had a bank, two hotels, two newspapers, five different dry goods stores and even a police department. After 1892, the town's population plummeted, going from 700 to 54 in a matter of three years, thanks in no small part to land rush of 1893. It was never able to again reach its 1892 heights, or even come close.