Finance History | Citigroup — A State Charter at 52 Wall Street After the First Bank Died
· 1812-6
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Finance History | Citigroup — A State Charter at 52 Wall Street After the First Bank Died
kevin
People treat Citigroup as the Park Avenue holding company that always ran a credit card and an emerging-market book from an S and P 500 listing.
The first book was a merchant bank written to replace a dead federal charter.
On 16 June 1812 New York State chartered the City Bank of New York with authorized capital of $2 million and paid-in capital of $800,000 in 1812 dollars.
The First Bank of the United States had lost its federal charter in 1811.
New York merchants complained that Philadelphia, Boston, and Baltimore were easier cities in which to bank.
Samuel Osgood, first Postmaster General of the United States, became president under a board that split seats between Madison men and Clinton men so the assembly would pass the bill.
Two days later Congress declared war on Britain.
The office opened for business on 14 September 1812 at 52 Wall Street.
The first deposit recorded in the ledger was $100.
A dividend was paid in 1813.
The mechanism was a state substitute for a vanished national bank.
City Bank took government deposits, lent to war-bond underwriters, and by 1814 held a large share of federal balances in New York.
In 1865 it joined the national banking system as the National City Bank of New York.
The later house at 55 Wall Street, the 1998 combination with Travelers, and the Park Avenue campus are later books.
A lapsed federal charter is why an 1812 state bank still sits at the root of the listed name.
Photo: Financial District, Manhattan, the street of the 1812 office, via Wikimedia Commons.
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