What is the oldest US bank still in existence?
The Bank of North America, chartered by the Confederation Congress on December 31, 1781, and opening for commercial business in Philadelphia on January 7, 1782, is historically recognized as the oldest bank still in existence in terms of initial corporate franchise establishment within the United States. Conceived by Founding Father Robert Morris to finance the American Revolutionary War and stabilize the fragile post-colonial monetary system, the institution set the vital legal and operational precedent for the modern commercial banking industry, paving the way for the continuous development of financial institutions nationwide.
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