The Bank of North America, which was established in the United States on December 31, 1781, was the country’s first bank. The bank was set up in order to create a trustworthy and stable currency as well as to aid in funding the American Revolutionary War.
Robert Morris, a well-known entrepreneur and investor who served as the bank’s first president, established the Bank of North America’s initial headquarters in Philadelphia. The bank issued notes and extended credit to enterprises, private citizens, and the government.
Although it was successful in stabilising the currency and giving the government much-needed credit, the Bank of North America was criticised and opposed by some politicians who thought it was too closely allied with the financial elite and did not meet the interests of common people. In spite of eventually losing its government charter in 1785, the bank carried on as a private institution up until 1954, when it was purchased by the Girard Bank.
