Founding and opening of the Bank of New York

Months of local discussion in New York City, driven by the shipping industry's lack of a bank and envy of the Bank of North America's 14% dividends, culminated in a June 1784 meeting at a coffee house whose street name is truncated in the source. The Bank of New York was founded in 1784 by a group that included Alexander Hamilton. When it opened on June 9, 1784, the full $500,000 had not been raised; 723 shares had been sold, held by 192 people. Through this lineage, BNY is regarded as one of the three oldest banks in the United States and among the oldest in the world.