Hailey Johnson
The history of banking in the United States is a long and fascinating one. From the early days of Alexander Hamilton and the Bank of New York, founded in 1784, to the modern landscape of mergers and acquisitions, the American banking system has undergone significant changes. The oldest continuously operating bank in the United States is a title held by BNY Mellon, formerly known as the Bank of New York. However, other old banks in the US include Liberty Bank, founded in 1825, and the Dedham Institution for Savings, founded in 1831. The world's oldest bank, Banca Monte dei Paschi di Siena, was founded in its present form in 1624 but has a history dating back to 1472.
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What You'll Learn
The oldest bank in the US is BNY Mellon
Hamilton founded the bank to issue paper money, provide a safe place for public funds, offer banking facilities for commercial transactions, and act as the government's fiscal agent. BNY Mellon has been at the forefront of financial innovation and change, partnering with clients to help them achieve their ambitions. Today, it helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally access the money they need.
Other old banks in the US include the Chemung Canal Bank, established in 1832 in Wilmington, Delaware, and the Dedham Institution for Savings, founded in 1831 in Massachusetts. Liberty Bank, established in 1825 in Middletown, Connecticut, is the oldest mutual savings bank in the US and the oldest bank in Connecticut.
The oldest bank in the world is Banca Monte dei Paschi di Siena, founded in its current form in 1624 in Italy. The oldest merchant bank is Berenberg Bank, founded in 1590.
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The Bank of New York was founded in 1784
The Bank of New York, currently operating as BNY Mellon, is the oldest bank in the United States. It was founded in February 1784 and is the oldest continuously operating bank in the country. The bank was established by a group that included Alexander Hamilton, who would later become the Treasury Secretary. The Bank of New York was the first bank to be traded on the New York Stock Exchange when it opened in 1792.
The idea for the bank was conceived in a June 1784 meeting at a coffee house on St. George's Square. Investors from the shipping industry in New York City were envious of the 14% dividends paid by the Bank of North America in Philadelphia, which was the first bank in the U.S., chartered in 1781. The Bank of New York was initially capitalised with $500,000 in gold or silver, with 723 shares held by 192 people, including Aaron Burr and Alexander Hamilton. The bank's first offices were located in the old Walton Mansion in New York City, and it moved to a new site on Hanover Square in 1787.
The Bank of New York played a significant role in the country's history, providing the United States government with its first loan in 1789, orchestrated by Hamilton. The loan financed the salaries of United States Congress members and President George Washington. The bank was also involved in funding major infrastructure projects, including the Morris and Erie canals, steamboat companies, the War of 1812, and the Union Army during the American Civil War.
The Bank of New York continued to expand and prosper throughout the 19th and early 20th centuries, merging with various banks and acquiring banking, financial, and investment firms. It maintained conservative lending practices that allowed it to weather financial crises. In 1922, the bank merged with the New York Life Insurance and Trust Company, and it continued to profit and pay dividends during the Great Depression. In 2006, the Bank of New York exited retail banking by trading its retail businesses for J.P. Morgan Chase's corporate trust assets.
While The Bank of New York is the oldest continuously operating bank in the United States, it is worth noting that the oldest mutual savings bank in the country is Liberty Bank, established in 1825 in Middletown, Connecticut. Additionally, the oldest building that housed a bank in the US is the Chemung Canal Bank Building, established in 1832 in Wilmington, Delaware.
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The Bank of New Hampshire is one of the oldest
The bank changed its name to Laconia Savings Bank a few decades after its founding and continued to operate under this name until 2012 when it became the Bank of New Hampshire. The bank's headquarters are in Laconia, New Hampshire, and it has branches across the state. The Bank of New Hampshire has a strong commitment to its customers and communities, as evidenced by its support for nonprofit organizations such as the Laconia Public Library, Lakes Region Childcare, the Bedford Public Library, and the Children's Museum of Portsmouth.
The Bank of New Hampshire has a long and rich history, dating back to the early days of the American banking system. It is a testament to the resilience and stability of the financial institution that it has survived and thrived for nearly two centuries. The bank has adapted to the changing times, incorporating new technologies to make banking easier for its customers while maintaining a friendly and approachable presence in its branches.
The Bank of New Hampshire's longevity and success can also be attributed to its strong foundation and prudent financial management. It has consistently put its customers and communities first, as evidenced by its support for local nonprofit organizations. The bank has also benefited from stable leadership, having had only eleven presidents in its nearly 200-year history. This combination of strong community ties, financial expertise, and stable leadership has contributed to the Bank of New Hampshire's enduring legacy as one of the oldest and most respected financial institutions in the United States.
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Liberty Bank is the oldest bank in Connecticut
Liberty Bank, established in 1825, is the oldest mutual savings bank in the United States and the oldest bank in Connecticut. Headquartered in Middletown, Connecticut, it has expanded to 56 banking offices across the state and one in Massachusetts. Over the years, Liberty Bank has undergone several mergers, including with Hometown Bank and The Bank of Southern Connecticut, resulting in a broader network of branches.
As a full-service financial institution, Liberty Bank offers a comprehensive range of services, including consumer and commercial banking, cash management, home mortgages, business loans, insurance, and investment options. The bank has consistently demonstrated a strong commitment to community involvement and superior personal service. This dedication has earned it recognition as a 'Top Workplace' and a Best-In-State Bank in Connecticut by reputable organizations.
Liberty Bank's long history is marked by notable milestones, such as the establishment of an account in 1844 with an initial balance of $26, which remained untouched for 150 years until its closure in 1994. During that period, the account grew to over $32,000 solely through interest accumulation. This account holds the distinction of being the oldest direct descendancy savings account in the United States.
The Liberty Bank Foundation, established in 1997, reflects the bank's commitment to giving back to the community. The foundation provides grants to non-profit organizations that work to improve the lives of individuals and families with low or moderate incomes. Liberty Bank's dedication to its community is further exemplified by initiatives like the Liberty Bank Surprise Squad, which spreads kindness and support throughout Connecticut.
With assets totaling over $7 billion and a strong annual net income, Liberty Bank continues to thrive as one of the oldest and most trusted financial institutions in Connecticut, consistently adapting to meet the evolving needs of its customers and the communities it serves.
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The oldest continuously operating bank charter is held by Wells Fargo
The history of banking in the United States is a fascinating one, with many mergers and acquisitions over the years. The oldest continuously operating bank charter is held by Wells Fargo, which is the fourth-largest bank in the country. Wells Fargo's long history can be traced back to the First National Bank of Philadelphia, which was established in 1782. Over the years, Wells Fargo has grown and evolved through various mergers and acquisitions, including with Norwest Corporation in 1998 and Wachovia National Bank in 2008.
The banking industry in the US has indeed witnessed significant consolidation, with a decline in the number of banks insured by the Federal Deposit Insurance Corporation (FDIC) from 14,427 in 1985 to 2,160 in 2025. This trend has resulted in larger banks with greater efficiency and reach, but it has also reduced competition, which may negatively impact consumers.
While Wells Fargo holds the oldest bank charter, there are other banks that are notable for their longevity and continuous operation. For instance, the Bank of New York, founded in 1784 by Alexander Hamilton, is the oldest continuously operating bank in the United States and currently operates as BNY Mellon. Hamilton, the first secretary of the Treasury, played a pivotal role in shaping the country's financial system, including the establishment of the First Bank of the United States in 1791.
Other long-standing banks include the Dedham Institution for Savings, founded in 1831, which is the second-oldest bank in Massachusetts and home to America's oldest continuously active bank account, opened in 1832 by The Society in Dedham for Apprehending Horse Thieves. Liberty Bank, established in 1825 in Middletown, Connecticut, is the oldest mutual savings bank in the country and has maintained its regional focus, with 55 offices across Connecticut.
The Chemung Canal Bank, established in 1832 in Wilmington, Delaware, is also noteworthy for its longevity. While no longer operating, the original building still stands and is now home to the Chemung County Historical Society. It was added to the National Register of Historic Places in 1978, preserving its historical significance.
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Frequently asked questions
The oldest continuously operating bank in the United States is the Bank of New York, founded in 1784 by future Treasury Secretary Alexander Hamilton. It now operates as BNY Mellon.
The first central bank in the USA was the First Bank of the United States, founded in 1791. It was established to lend to the government, make loans to businesses and provide a stable money supply through its notes.
The oldest bank in Connecticut is Liberty Bank, founded in 1825. It is also the oldest mutual savings bank in the country.
The oldest bank in Delaware is the WSFS Bank, founded in 1832. It is also the largest locally managed bank and trust company in the state.
The oldest bank in the world is Banca Monte dei Paschi di Siena, founded in 1624. However, it traces its history to a mount of piety founded in 1472.
