Frequently Asked Questions

The Bank of North America, established in 1781 in Philadelphia, was the first chartered commercial bank in the United States. It was founded by Robert Morris, who served as Superintendent of Finance under the Articles of Confederation.

The Federal Reserve System was created with the passing of the Federal Reserve Act, signed into law by President Woodrow Wilson on December 23, 1913. It was established in response to a series of financial panics, particularly the severe panic of 1907.

Some banks have unusual names due to their merger histories. For example, Fifth Third Bank got its name from the 1908 merger of Third National Bank and Fifth National Bank in Cincinnati, Ohio. Rather than choosing one name over the other, they combined them to preserve both legacies.

The first ATM in the United States was installed by Chemical Bank in Rockville Centre, New York, in 1969. The first ATMs were relatively simple and could only dispense cash, unlike today's machines that offer numerous banking functions.

The Glass-Steagall Act was a law passed in 1933 during the Great Depression that separated commercial banking from investment banking. This separation remained in place until the act was partially repealed by the Gramm-Leach-Bliley Act in 1999, which allowed commercial banks, investment banks, and insurance companies to combine.

Online banking services began to emerge in the mid-1990s. Stanford Federal Credit Union is often credited with offering the first comprehensive internet banking service in 1994, though some basic online services were available earlier through proprietary software and dial-up connections.

After the 2008 financial crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed in 2010. This legislation represented the most significant change to financial regulation since the Great Depression, establishing new government agencies and putting restrictions on bank operations and lending practices to prevent another financial crisis.

Regional banks played a crucial role in financing local and regional economic development throughout American history. They provided capital for agriculture, manufacturing, infrastructure, and housing in their regions, helping to build communities while maintaining closer relationships with customers than larger national institutions.