Bank of Pennsylvania

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Bank of Pennsylvania building designed by Benjamin Henry Latrobe. Engraving by William Birch.

The Bank of Pennsylvania was established on July 17, 1780, by Philadelphia merchants to provide funds for the Continental Army during the American Revolutionary War. Within a year after the Union was founded in 1781, the Bank of North America superseded the Bank of Pennsylvania.[1]

In 1793, the Bank of Pennsylvania was re-established, with a charter from the Commonwealth of Pennsylvania, and branches were opened in Pittsburgh, Harrisburg, Lancaster, Reading, and Easton.[2] The bank later collapsed in September 1857, with Thomas Allibone of the family firm Thomas Allibone & Co. serving as its president.[3]

The only remaining piece of the bank — one of the stone pillars — was moved to Adrian, Michigan, and erected as the Civil War Memorial in commemoration of those in Adrian who died in the American Civil War.[4]

References[edit]

  1. ^ Kaplan, Edward S. (1999). The Bank of the United States and the American Economy. Greenwood Publishing. pp. 11–12. 
  2. ^ Klein, Philip Shriver; Ari Hoogenboom (1973). A History of Pennsylvania. Penn State Press. p. 223. 
  3. ^ History of the Friendly Sons of St. Patrick and the Hibernian Society for the Relief of Emigrants from Ireland, John Hugh Campbell, Hibernian Society, 1892
  4. ^ State of Michigan (2009). "Civil War Memorial". Archived from the original on 5 June 2010. Retrieved June 1, 2010.