The First National Bank of the US, historically recognized as the First Bank of the United States, was established in Philadelphia under federal legislative authority to serve as the fiscal agent for the federal government. Throughout its two decades of operation, it effectively handled government funds, facilitated commerce, and regulated state-chartered bank note issuance. Despite its operational success and stabilization of public credit, political friction surrounding federal power versus states' rights prevented its charter extension. The failure to renew the charter in 1811 shuttered the institution, creating significant financial disruptions for the federal government during wartime financing until the eventual creation of the Second Bank of the United States a few years later.