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U.S. Census Bureau Daily Feature for January 7

WASHINGTON, Jan. 7, 2014 /PRNewswire-USNewswire/ -- Following is the daily "Profile America" feature from the U.S. Census Bureau:

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FIRST U.S. BANK

Profile AmericaTuesday, January 7th. During the Revolutionary War, the rebelling colonies and the Continental Congress were anything but too big to fail. To the contrary, finances were very spotty and precarious. To help put affairs in order and make credit available, the first commercial bank in the U.S. opened on this date in 1782, just a week after being chartered by Congress. Called the Bank of North America, it was capitalized at $400,000, which roughly would be something over $5 billion today. The names of founding stockholders read like a list of our Founding Fathers: Thomas Jefferson, Benjamin Franklin, Alexander Hamilton, James Monroe, John Jay, and John Paul Jones. Today there are over 91,000 commercial banking establishments in the U.S. You can find current data on the country's economy by downloading the America's Economy mobile application at www.census.gov/mobile.

Sources: 440 International Calendar of Events, Those Were the Days
http://www.historyplace.com/specials/calendar/january.htm
http://blog.wellsfargo.com/guidedbyhistory/2010/04/bank_of_north_america.html
http://www.census.gov/compendia/statab/2012/tables/12s1177.pdf

Profile America is produced by the Center for New Media and Promotions of the U.S. Census Bureau. These daily features are available as produced segments, ready to air, on the Internet at http://www.census.gov (look for "Multimedia Gallery" by the "Newsroom" button). 

SOURCE U.S. Census Bureau

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