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After the charter for the First Bank of the United States expired in 1811, Stephen Girard purchased most of its stock as well as the building and its furnishings on South Third Street in Philadelphia and opened his own bank, later known as Girard Bank. Girard hired George Simpson, the cashier of the First Bank of the United States, as cashier ...
After five years, the federal government chartered its successor, the Second Bank of the United States (1816–1836). James Madison signed the charter with the intention of stopping runaway inflation that had plagued the country during the five-year interim. It was essentially a copy of the First Bank, with branches across the country.
The Second Bank of the United States opened in January 1817, six years after the First Bank of the United States lost its charter. The predominant reason that the Second Bank of the United States was chartered was that in the War of 1812, the U.S. experienced severe inflation and had difficulty in financing military operations. Subsequently ...
First Bank of the United States, Philadelphia, Pennsylvania.It later housed the Girard Bank. After the charter for the First Bank of the United States expired in 1811, Stephen Girard purchased most of its stock and its facilities on South Third Street in Philadelphia, then reorganized it under his direct personal control.
The First Bank of the United States chartered in 1791, was based in the city until its charter expired in 1811, at which point its building was purchased by the preeminent American banker Stephen Girard to house his banking operation, known as The Bank of Stephen Girard.
The term national bank in the U.S. context originally referred to the Revolutionary War–era Bank of North America, its successor, the First Bank of the United States, or that institution's successor, the Second Bank of the United States. The first survives as an acquisition of Wells Fargo, while the others are defunct.
In 2020, digital bank Varo became the first-ever all-digital nationally chartered U.S. consumer bank — meaning it received approval from the Office of the Comptroller of the Currency to become ...
In 1791, Congress chartered the First Bank of the United States to succeed the Bank of North America under Article One, Section 8. However, Congress failed to renew the charter for the Bank of the United States, which expired in 1811. Similarly, the Second Bank of the United States was chartered in 1816 and shuttered in 1836.