This Day in Wall Street History 1782: First Commercial Bank Opens for Business

On this day in 1782, the Bank of North America threw open its doors for business, making it the nation's first commercial bank. Based in Philadelphia, the bank was the brainchild of Robert Morris. Despite the bank's success, Philadelphia's run as America's leading home of private financial institutions was short-lived. Soon after the Bank of North America opened, the Pennsylvania legislature moved to outlaw private banks in the state, a decision that led scores of prospective bankers to set up shop in the nation's eventual financial center, New York City. Source: www.history.com