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The Bank of North America was the first chartered bank in the United States, and served as the country's first de facto central bank. [1] It was chartered by the Congress of the Confederation on May 26, 1781, and opened in Philadelphia on January 7, 1782.
The President, Directors and Company of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. It followed the Bank of North America, the nation's first de facto national bank.
As a result, the First Bank of the United States (1791–1811) was chartered by Congress within the year and signed by George Washington soon after. The First Bank of the United States was modeled after the Bank of England and differed in many ways from today's central banks. For example, it was partly owned by foreigners, who shared in its ...
On January 4, 1782, the first commercial bank in the U.S., Bank of North America, opened. [2] In 1791, U.S. Treasury Secretary Alexander Hamilton created the Bank of the United States, a national bank intended to maintain American taxes and pay off foreign debt. [2]
The Bank of North America was granted a monopoly on the issue of bills of credit as currency at the national level. Robert Morris, the first Superintendent of Finance appointed under the Articles of Confederation, proposed the Bank of North America as a commercial bank that would act as the sole fiscal and monetary agent for the government.
Allegiance Bank of North America, Bala Cynwyd, Pa. 11/19/2010. Gulf State Community Bank, Carrabelle, Fla. ... First Federal Bank of North Florida, Palatka. 4/16/2010. Lakeside Community Bank ...
In January 1782, after receiving its charter from Congress, the Bank of North America commenced operations, and the bank's currency soon achieved wide circulation. Morris sought the establishment of a national mint to provide for a single coinage throughout the United States and proposed the first decimal currency , but Congress was unwilling ...
He was the first cashier of the Bank of North America, a position he held until his death. He is said to have contributed £5,000 for the support of the Continental Army. Francis later headed the commission that laid out the city of Pittsburgh.