What was the first bank in the United States


On January 4, 1782, the Bank of North America opened its doors in Philadelphia, becoming the first in the USA, although by that time the country was still involved in the War of Independence (which ended in 1783 despite the fact that the declaration of emancipation would have been made on July 4, 1776).

What was the first bank in the United States?

Until that date, bank loans had been in the hands of private lenders who had made usury a profitable business and it was for this reason that the Congress of the Confederation , created on March 1, 1781, urged to curb the speculation of those individuals who were enriched without any scruples and gave the green light to the creation of a national bank to carry out such transactions.

As a curious note, it is worth noting that the first daughter of Philadelphian politician William Bingham ( Ann Louisa Baring ) was born one day before the opening of the Bank of North America, so as a celebration the happy father decided to buy 9.5% of shares of the recently launched bank, something that made it, after the end of the War of Independence, one of the richest men in the United States.



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