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Bank of North America

American bank established in 1781

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. It was chartered by the Congress of the Confederation on May 26, 1781, and opened in Philadelphia, Pennsylvania, on January 7, 1782. The bank's establishment was based on a plan presented by Superintendent of Finance Robert Morris on May 17, 1781, including recommendations by Revolutionary-era Founding Father Alexander Hamilton, who was later appointed the first U.S. secretary of the treasury by George Washington.2 It was founded by Continental Congress.1 It ceased to exist in 1929.1 Wikipedia text CC BY-SA 4.0

Last updated Oct 21, 2026.

Overview

1781Founded1
  • Industryfinancial institution1
  • HeadquartersPhiladelphia1
  • Founded inPhiladelphia1

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Bank of North America
Photo: Helen C. Perkins, Public domain, via Wikimedia Commons4

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. It was chartered by the Congress of the Confederation on May 26, 1781, and opened in Philadelphia, Pennsylvania, on January 7, 1782.2

The story

Founded by Continental Congress in 1781, in Philadelphia.1

Products and brands

The original charter as outlined by Hamilton called for the disbursement of 1,000 shares priced at $400 each. Benjamin Franklin purchased a single token share as a sign of good faith to Federalists and their new bank. Hamilton used his pseudonym "Publius", later immortalized in the Federalist Papers advocating in the late 1780s for adoption of the United States Constitution, to endorse the bank.

William Bingham, rumored to be the richest man in America after the Revolutionary War, purchased 9.5% of the available shares. The greatest share, however, 63.3%, was purchased on behalf of the United States government by Robert Morris, using a gift in the form of a loan from France and a loan from Netherlands. This had the effect of capitalizing the bank with large deposits of gold and silver coin and bills of exchange. He then issued new paper currency backed by this supply.

From Wikipedia’s article on Bank of North America, shared under CC BY-SA 4.0.3

Acquisitions

  1. Succeeded by First Bank of the United States1
  2. Succeeded by First Pennsylvania Bank1

Timeline

  1. 1929Dissolved Dissolved1
  2. 1781Founded Founded in Philadelphia1

Sources

The numbers on this page point here. Each one links to the record it came from.

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