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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 ...
It was the first central bank of the United States and is thus The President, Directors, and Company of the Bank of the United States was established by federal charter on Feb. 25, 1791.
In 1791, Congress chartered the First Bank of the United States.The bank, which was jointly owned by the federal government and private stockholders, was a nationwide commercial bank which served as the bank for the federal government and operated as a regular commercial bank acting in competition with state banks.
The First Bank of the United States (1791–1811) and the Second Bank of the United States (1817–1836) each had a 20-year charter. Both banks issued currency, made commercial loans, accepted deposits, purchased securities, maintained multiple branches and acted as fiscal agents for the U.S. Treasury. [ 2 ]
The First Bank of the United States was established at the direction of Treasury Secretary Alexander Hamilton in 1791. Hamilton supported the foundation of a national bank because he believed that it would increase the authority and influence of the federal government, effectively manage trade and commerce, strengthen the national defense, and pay the debt.
The New York-based bank also reported earnings per share of $1.50, up 22% year-over-year, generated a record $3.4 billion in fees, up from $3.2 billion in Q3 of last year, and had a net income of ...
The largest bank in the United States by assets is JPMorgan Chase & Co., the company formed in 2000 with the merger of investment banking institution J.P. Morgan and retail banking arm Chase Bank ...