First National Bank (Philadelphia)

First National Bank

Company type	Bank
Industry	Banking, Financial services
Founded	July 11, 1863 (1863-07-11) in Philadelphia, Pennsylvania, United States
Founder	Jay Cooke (consortium including)
Defunct	1955 (1955)
Fate	Merged with Bank of North America and Trust Company to form The First Pennsylvania Banking and Trust Company
Headquarters	Philadelphia , United States
Key people	Owen Wilson Davis (first president), Clarence Howard Clark, Sr. (president 1863–1873)
Parent	Successor: The First Pennsylvania Banking and Trust Company (later Corestates, then First Union, Wachovia, Wells Fargo)

First National Bank was a Philadelphia institution founded in 1863, recognized as the inaugural national bank established under the Civil War-era banking legislation. It holds the distinction of being the first commercial bank to circulate a federal banknote. The bank maintained its independence until merging in 1955 with the Bank of North America and Trust Company, an antecedent of Wells Fargo.

19th century

Amid the Civil War, the Lincoln administration, persuaded by Philadelphia financier Jay Cooke, sought to create a unified national currency. This currency would be supported by federally chartered banks empowered to issue government-guaranteed banknotes. To realize this objective, Congress passed the National Banking Act in 1863.

The initial charter issued under this legislation was granted on June 20, 1863, to a consortium including Cooke. Subsequently, First National Bank commenced operations on July 11, 1863, becoming the first commercial institution to distribute a federal banknote on that date.

Owen Wilson Davis was appointed as the bank’s inaugural president and notably provided funding for horses used by the First Troop Philadelphia City Cavalry during the Gettysburg Campaign. Between 1863 and 1873, the presidency was held by Clarence Howard Clark, Sr..

20th century

In 1955, First National Bank combined with the Bank of North America and Trust Company—successor to the Bank of North America—to establish The First Pennsylvania Banking and Trust Company. This organization later evolved into Corestates, which was acquired by First Union. First Union subsequently became part of Wachovia Bank, itself acquired by Wells Fargo in 2009.

Building

Located at 315 Chestnut Street, the bank’s headquarters anchored what was known as America's original Wall Street. Philadelphia architect John McArthur Jr. designed the building for $3,500. The cornerstone was set on May 23, 1866, with construction completed by contractor John Rice at a cost of $121,300 (equivalent to approximately $ today). Vaults and locking mechanisms were provided by Farrell and Herring for $16,310.

The Historic American Buildings Survey characterizes it as a "masonry and brick structure; rectangular footprint measuring 60' × 82'; two stories; symmetrical three-bay front featuring pedestals, engaged columns, piers, belt courses, entablatures, cornice, and roof balustrade; round-headed windows." It is notable as a prime example of a Palazzo facade adapted specifically for banking purposes.

After its interior was gutted in 1953, the building remained vacant until 1995 when it was purchased and restored by the Chemical Heritage Foundation to serve as a museum devoted to chemistry’s history. On February 1, 2018, this foundation was renamed the Science History Institute.

See also

• List of bank mergers in the United States