First Pennsylvania Bank was a bank based in Philadelphia, Pennsylvania. Founded in 1782, it was for centuries the oldest bank in the United States until it was acquired by CoreStates Financial Corporation in 1989. [1]
In the 1970s, First Pennsylvania officials attempted to turn their firm, then a "sedate regional bank", into a major national concern. [2] Aggressive and risky lending and investments turned the bank into Philadelphia's largest, but in 1980, led to huge losses and panicked depositors. The federal government gave the bank a $500 million bailout, [1] the first major federal bailout of a national bank. [2]
The President, Directors and Company, of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. It followed the Bank of North America, the nation's first de facto central bank.
Robert Morris, Jr. was an English-born merchant and a Founding Father of the United States. He served as a member of the Pennsylvania legislature, the Second Continental Congress, and the United States Senate, and he was a signer of the Declaration of Independence, the Articles of Confederation, and the United States Constitution. From 1781 to 1784, he served as the Superintendent of Finance of the United States, becoming known as the "Financier of the Revolution". Along with Alexander Hamilton and Albert Gallatin, he is widely regarded as one of the founders of the financial system of the United States.
Nicholas Biddle was an American financier who served as the third and last president of the Second Bank of the United States. He also served in the Pennsylvania General Assembly. He is best known for his role in the Bank War.
Independence Hall is the building where both the United States Declaration of Independence and the United States Constitution were debated and adopted. It is now the centerpiece of the Independence National Historical Park in Philadelphia, Pennsylvania.
The Philadelphia Savings Fund Society (PSFS), originally called the Philadelphia Saving Fund Society, was a savings bank headquartered in Philadelphia, Pennsylvania, United States. PSFS was founded in December 1816, the first savings bank to organize and do business in the United States. The bank would develop as one of the largest savings banks in the United States and became a Philadelphia institution. Generations of Philadelphians first opened accounts as children and became lifelong depositors.
Citizens Financial Group, Inc. is an American bank headquartered in Providence, Rhode Island, which operates in the states of Connecticut, Delaware, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, South Carolina, Pennsylvania, Rhode Island and Vermont.
PNC Financial Services Group, Inc. is a bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 21 states and the District of Columbia with 2,296 branches and 9,051 ATMs. The company also provides financial services such as asset management, wealth management, estate planning, loan servicing, and information processing.
CoreStates Financial Corporation, previously known as Philadelphia National Bank (PNB), was a United States bank holding company in the Philadelphia, Pennsylvania, metropolitan area.
Marine Midland Bank was a bank formerly headquartered in Buffalo, New York, with several hundred branches throughout the state of New York. In 1998 branches extended to Pennsylvania. It was acquired by HSBC in 1980, and changed its name to HSBC Bank USA in 1999. As a result of several transactions since the turn of the millennium, much of what was once Marine Midland is now part of KeyBank with the exception of Downstate New York and Pennsylvania.
Congress Hall, located in Philadelphia at the intersection of Chestnut and 6th Streets, served as the seat of the United States Congress from December 6, 1790 to May 14, 1800. During Congress Hall's duration as the capitol of the United States, the country admitted three new states, Vermont, Kentucky, and Tennessee; ratified the Bill of Rights of the United States Constitution; and oversaw the Presidential inaugurations of both George Washington and John Adams.
Independence National Historical Park is a federally protected historic district in Philadelphia, Pennsylvania, United States that preserves several sites associated with the American Revolution and the nation's founding history. Administered by the National Park Service, the 55-acre (22 ha) park comprises many of Philadelphia's most-visited historic sites within the Old City and Society Hill neighborhoods. The park has been nicknamed "America's most historic square mile" because of its abundance of historic landmarks.
KeyBank, the primary subsidiary of KeyCorp, is a regional bank headquartered in Cleveland and is the only major bank based in Cleveland. KeyBank is 29th on the list of largest banks in the United States.
First Bank is the name used by various financial institutions worldwide. The term, either as whole or as part of a combination of names, may refer to:
First Niagara Bank was a Federal Deposit Insurance Corporation-insured regional banking corporation headquartered in Buffalo, New York. Its parent company, First Niagara Financial Group, Inc. was the 44th-largest bank in the United States with assets of over $37.1 billion as of June 30, 2013.
The Centennial National Bank is a historic building in Philadelphia, Pennsylvania. Designed by noted Philadelphia architect Frank Furness and significant in his artistic development, it was built in 1876 as the headquarters of the eponymous bank that would be the fiscal agent of the Centennial Exposition. The building housed a branch of the First Pennsylvania Bank from 1956 until Drexel University purchased it c. 1976. Drexel renovated it between 2000-2002 and now uses it as an alumni center. The Centennial National Bank, described as "one of the best pieces of architecture in West Philadelphia," was placed on the National Register of Historic Places in 1971.
This article details the history of banking in the United States. Banking in the United States is regulated by both the federal and state governments.
Philadelphia is the center of economic activity in Pennsylvania with the headquarters of five Fortune 1000 companies located within city limits. As of 2019, the Philadelphia metropolitan area is estimated to produce a gross metropolitan product (GMP) of $490 billion, an increase from the $445 billion calculated by the Bureau of Economic Analysis for 2017, representing the eighth largest U.S. metropolitan economy. Philadelphia was rated by the GaWC as a 'Beta' city in its 2016 ranking of world cities.
Fidelity Trust Company was a bank in Philadelphia, Pennsylvania. Founded in 1866 as Fidelity Insurance, Trust, & Safe Deposit Company, the bank was later renamed Fidelity Trust Company, Fidelity-Philadelphia Trust Company, The Fidelity Bank, and Fidelity Bank, National Association. It was absorbed in 1988 in the biggest U.S. bank merger up to that point, and is today part of Wells Fargo.
American Savings and Loan Association was an American savings and loan based in Stockton, California. It was the largest thrift failure and the federal government's costliest resolution during the savings and loan crisis at an estimated cost of $5.4 billion.
Gibraltar Savings Association was a Houston, Texas based savings and loan. Its failure and resolution was one of the most expensive in the savings and loan crisis at an estimated cost of $2.875 billion.
