What was the first bank in the United States?
The earliest commercial bank established in the United States was the Bank of North America, which was incorporated in Philadelphia in December 1781 by an ordinance of the Confederation Congress, largely at the urging of visionary financier Robert Morris. Founded to help finance the final stages of the American Revolutionary War and stabilize the chaotic post-war currency, the bank operated as a private commercial institution that also acted as a fiscal agent for the federal government. It issued gold and backed paper currency, accepted deposits, and granted commercial credit, setting the foundational operational precedent for the entire modern American banking industry.
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