HISTORY OF BANKS
The earliest known bank was the Egibi Bank of Neuchanezar in Babylon, which was established in 575BC.
The New Testament city of Ephesus was extraordinarily prosperous. Its tourist trade brought in so much revenue that included in the town was one of the world’s first banks.
In 1318 the Italian Lombard family were granted land in what is now Lombard Street, London.
The Lombards might lay claim to being the earliest bank in Britain, with their goldsmith/pawnbroking/moneylending business there.
Casa delle compere e dei banchi di San Giorgio (The Bank of Saint George) was founded in 1407 in Genoa to Italy to consolidate the public debt, which had been escalating due to the war with Venice for trading and financial dominance. It was one of the oldest chartered bank both in Europe and worldwide.
Christopher Columbus maintained accounts at the Casa delle compere e dei banchi di San Giorgio, as did Ferdinand and Isabella. Columbus stored his loot from his travels to the New World there.
Italy's Banca Monte dei Paschi di Siena, built in 1472 to give loans to the poor, is the longest running bank in the world.
Il Banco di Santo Spirito (The Bank of the Holy Spirit) is often considered the first national bank in Europe. It was founded on December 13, 1605 by Pope Paul V and served as the de facto central bank of the Papal States for over three centuries. The bank played a crucial role in managing the Papal States' finances, issuing currency, and providing loans to the government and private individuals. While other banking institutions in Europe, such as the Banco di Giro di Amsterdam and Hamburgische Münze und Bank, emerged around the same time, Il Banco di Santo Spirito was uniquely positioned as the official financial institution of a sovereign state.
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| Pope Paul V founded the Bank in 1605. |
Morris & Clayton was one of the earliest banks in Britain. The earliest surviving English cheque was drawn on this bank on February 16, 1659, for the sum of £400, handwritten in ink on paper, with a trace of sealing wax.
The earliest example of a national bank, established in some form of partnership with the state, was the Bank of Sweden, which was founded in 1668.
The Bank of England (see below) began its existence on July 27, 1694. It was created by Royal Charter and capitalized by a public share subscription. In return for this privilege, the Bank loaned the Government £1.2 million at 8 per cent interest, plus an annual management fee of £4,000.
Banks in the City of London used to identify themselves with coats of arms for people who couldn't read.
The Royal Bank of Scotland invented the overdraft in May 1728 when it gave Edinburgh merchant William Hogg access to £1,000 - or around £135,000 in today's money.
Founded in Birmingham, England in 1765, the original symbol of Lloyd's Bank was a beehive before the black horse was introduced in 1884.
The first American commercial bank, the Bank of North America, opened in Philadelphia, Pennsylvania on January 7, 1782. It was thus the nation's first de facto central bank.
By 1783, Congress and several states including Massachusetts enacted legislation, allowing Americans to pay taxes with Bank of North America certificates. Within three years, the Bank was considered a creditworthy institution. The Bank of North America was succeeded in its role as central bank by the First Bank of the United States in 1791.
When shares in the bank were sold to the public, the Bank of North America became the country's first initial public offering.
The Bank of the United States was created by Alexander Hamilton, first Secretary of the Treasury, in 1791. Hamilton believed a central bank was necessary to stabilize and improve the nation's credit, and to improve handling of the financial business of the United States government under the newly enacted constitution. Modelled on the Bank of England, it had the power to issue notes and government bonds and thus to manage the national debt.
The Commercial Bank of Scotland was founded by John Pitcairn, Lord Cockburn and others on March 25, 1810 in response to public dissatisfaction with the three charter banks. In 1969, the bank merged with the Royal Bank of Scotland to become the largest clearing bank in Scotland.
The Bank of Savings in New York City, the first savings bank in the United States, took its maiden deposits on Saturday, July 3, 1819. It was housed in the Old Alms House, and the apartment the bank took cost them nothing, simply occasionally a share in the repair of the building.
The first bank to get a charter from the United States Congress was The National Bank of Philadelphia in 1863.
The first woman to establish a bank in the USA was an African-American named Maggie L. Walker in 1903. The St. Luke Penny Savings Bank was one of the few to survive the Great Depression and, after a merger, still exists today.
When the National City Bank of New York moved to 55 Wall Street in 1908, messengers carried the bank's $500 million holdings across the street in leather satchels.
The Pennsylvania Trust Company, of Carlisle, Pennsylvania, became the first American bank to offer a Christmas club account in 1909.
The first recorded use of a bank using a drive-up window teller was the Grand National Bank of St. Louis, Missouri in 1930. The drive-up teller allowed only deposits at that time.
The Bank of America was originally called the Bank of Italy until the founder, Amedeo Giannini, changed the name in 1930.
The Irish bank strikes between 1966 and 1976 were three strikes of about a year's total duration in total, which closed down all the clearing banks in the Republic of Ireland. Though economists predicted a massive economic catastrophe the effect on the Irish economy was limited, as Irish citizens traded cheques among themselves based on mutual trust, effectively substituting them for cash.
The United Kingdom's oldest investment banking institute, Barings Bank, collapsed in 1995 after a securities broker, Nick Leeson, lost $1.4 billion (£860 million) by speculating on the Singapore International Monetary Exchange using futures contracts. On December 1, 1995, Leeson pleaded guilty to fraud related to the losses that led to the collapse of the Bank.
The turn of the 21st century saw a big rise in telephone banking. In 2003 in the United Kingdom there were 33 million telephone bank accounts, 28 per cent of all personal accounts, compared with 18% five years previously.
Icelandic chess grandmaster Margeir Pétursson founded the country's only commercial bank that did not crash during the financial crisis of 2007–08.
Italy's Credem Bank takes Parmesan cheese as a security on loans. According to an interview back in April 2017, the bank typically stores more than 300,000 wheels of cheese.
Founded in Birmingham, England in 1765, the original symbol of Lloyd's Bank was a beehive before the black horse was introduced in 1884.
The first American commercial bank, the Bank of North America, opened in Philadelphia, Pennsylvania on January 7, 1782. It was thus the nation's first de facto central bank.
By 1783, Congress and several states including Massachusetts enacted legislation, allowing Americans to pay taxes with Bank of North America certificates. Within three years, the Bank was considered a creditworthy institution. The Bank of North America was succeeded in its role as central bank by the First Bank of the United States in 1791.
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| The First National Bank of the United States in Philadelphia, Pennsylvania. |
When shares in the bank were sold to the public, the Bank of North America became the country's first initial public offering.
The Bank of the United States was created by Alexander Hamilton, first Secretary of the Treasury, in 1791. Hamilton believed a central bank was necessary to stabilize and improve the nation's credit, and to improve handling of the financial business of the United States government under the newly enacted constitution. Modelled on the Bank of England, it had the power to issue notes and government bonds and thus to manage the national debt.
The Commercial Bank of Scotland was founded by John Pitcairn, Lord Cockburn and others on March 25, 1810 in response to public dissatisfaction with the three charter banks. In 1969, the bank merged with the Royal Bank of Scotland to become the largest clearing bank in Scotland.
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| Former HQ on George Street, Edinburgh. By Jonathan Oldenbuck - Wikipedia |
The Bank of Savings in New York City, the first savings bank in the United States, took its maiden deposits on Saturday, July 3, 1819. It was housed in the Old Alms House, and the apartment the bank took cost them nothing, simply occasionally a share in the repair of the building.
The first woman to establish a bank in the USA was an African-American named Maggie L. Walker in 1903. The St. Luke Penny Savings Bank was one of the few to survive the Great Depression and, after a merger, still exists today.
When the National City Bank of New York moved to 55 Wall Street in 1908, messengers carried the bank's $500 million holdings across the street in leather satchels.
The Pennsylvania Trust Company, of Carlisle, Pennsylvania, became the first American bank to offer a Christmas club account in 1909.
The first recorded use of a bank using a drive-up window teller was the Grand National Bank of St. Louis, Missouri in 1930. The drive-up teller allowed only deposits at that time.
The Bank of America was originally called the Bank of Italy until the founder, Amedeo Giannini, changed the name in 1930.
The Irish bank strikes between 1966 and 1976 were three strikes of about a year's total duration in total, which closed down all the clearing banks in the Republic of Ireland. Though economists predicted a massive economic catastrophe the effect on the Irish economy was limited, as Irish citizens traded cheques among themselves based on mutual trust, effectively substituting them for cash.
The United Kingdom's oldest investment banking institute, Barings Bank, collapsed in 1995 after a securities broker, Nick Leeson, lost $1.4 billion (£860 million) by speculating on the Singapore International Monetary Exchange using futures contracts. On December 1, 1995, Leeson pleaded guilty to fraud related to the losses that led to the collapse of the Bank.
The turn of the 21st century saw a big rise in telephone banking. In 2003 in the United Kingdom there were 33 million telephone bank accounts, 28 per cent of all personal accounts, compared with 18% five years previously.
Icelandic chess grandmaster Margeir Pétursson founded the country's only commercial bank that did not crash during the financial crisis of 2007–08.
FUN BANK FACTS
Italy's Credem Bank takes Parmesan cheese as a security on loans. According to an interview back in April 2017, the bank typically stores more than 300,000 wheels of cheese.
The state owned Industrial and Commercial Bank of China Limited is ranked the largest bank in the world as at 2021 and first (2019) on the Forbes Global 2000 list of the world's biggest public companies.
The Banco de la Nación branch in Macusani, Peru, is the highest altitude bank branch in the world, It is located at 14,393 ft (4,387 metres) above sea level.
Latin American neobank Nubank is the biggest online bank in the world. Founded on May 6, 2013, its headquarters are located in São Paulo, Brazil. The digital bank that was founded in 2013 has over 60 million customers in Brazil, Mexico, and Colombia. The bank offers a variety of financial products and services, including checking accounts, savings accounts, credit cards, and loans.
To open the vaults at the Bank of England you need a key which is three feet (91.4 cms) long.
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