About The Oldest Bank In America
Alexander Hamilton and Aaron Burr were amongst the Bank of New York’s founding shareholders
A bank is defined as a financial institution that provides various financial services to individuals, businesses, and governments. Banks serve as intermediaries between savers and borrowers, providing essential financial services that promote economic growth, facilitate commerce, and support individuals and businesses in achieving their financial objectives.
BNY (Bank of New York) is the oldest bank in America. It is described as the oldest bank in the United States by the U.S. Department of Justice. The American Bankers Association recognizes BNY as the oldest continuously operating bank in the United States. Bitcoin defines it as the oldest bank in America.
Alexander Hamilton and Aaron Burr were amongst the BNY's founding shareholders. Future Treasury Secretary Alexander Hamilton founded the Bank of New York. The Bank of New York played an important role in the development of the United States economy, providing financing for major projects such as the Erie Canal and the Transcontinental Railroad.
It also played a key role in the growth of the financial industry, pioneering the use of stock certificates and other financial instruments. The Bank of New York provided the first loan ever made to the United States government, in the amount of $200,000. It was also the first company to be traded on the New York Stock Exchange when it first opened in 1792.
The shipping industry in New York City chafed under the lack of a bank, and investors envied the 14% dividends that Bank of North America paid, and months of local discussion culminated in June 1784. The meeting took place at a coffee house on St. George’s Square which led to the official formation of the Bank of New York company. It operated without a charter for seven years.
BNY merged with the Mellon Financial Corporation in 2007 and is now the world's largest custodian bank and securities services company. In February 2021 BNY said that it would begin financing bitcoin and other digital currencies.
In October 2022 the bank launched more cryptocurrency services as it announced it would store private keys and provide bookkeeping services equivalent to those offered to fund managers in traditional assets.
As of January 2023, BNY Mellon is not only the oldest bank in the United States, it is also the world’s largest custodian bank and asset servicing company, with an estimated $49 trillion in assets under custody and operating in 35 countries.
Despite its growth and evolution, BNY can trace its roots back to the founding of the original Bank of New York more than 200 years ago. BNY re-branded in 2024 which also included a new company logo.
Today, it is a bank holding company, which engages in global financial services. It provides financial services for institutions, corporations and high-net-worth individuals, offering investment management and investment services through a worldwide client-focused team.
The company operates through three segments: Investment Management, Investment Services. This oldest bank in the nation is currently headquartered in lower Manhattan, New York City.
*Note: Some sources claim The First Bank Of The United States located in Philadelphia, PA is the oldest bank. But that claim is erroneous. Although The First Bank Of The United States opened in 1791, before Bank of NY Mellon, the building is now a museum owned by the U.S. National Park Service. The First Bank Of The United States closed its doors on March 3, 1811. The building was included in Independence National Historical Park when the park was formed in 1956.
