Bank of North America

About Bank of North America

The first de facto central bank of the United States, chartered by the Continental Congress on December 31, 1781. Founded by Robert Morris, the Superintendent of Finance for the United States. The bank was modeled on the Bank of England. It helped stabilize the chaotic Continental currency and financed the final years of the Revolutionary War. Alexander Hamilton studied the Bank of North America when designing the First Bank of the United States. The bank transitioned to a state chartered Pennsylvania bank after its federal charter was rescinded. It merged into the Pennsylvania Company for Insurances on Lives and Granting Annuities in 1923, ending its independent existence after 142 years.