America’s 1st Commercial Bank

In 1781 Bank of North America opened its doors to the public for the first time in Philadelphia. Therein, we have the birth of the first commercial bank in the United States. Philadelphia’s Bank of North America.

The collective vision of two early American forefathers – Alexander Hamilton and Henry Morris – Bank of North America was initially intended to operate as a de-facto “central bank.” A bank that would contribute capital towards the financing of United States government operations.

In a twist, Bank of North America was established as a state chartered bank (chartered in Pennsylvania). Not as a commercial bank. And not being set up as a commercial bank, the “central bank” idea for Bank of North America never materialized.