Opening of the Bank of New York (1784)

The Bank of New York opened in New York City in 1784, founded by a group including Alexander Hamilton after months of local discussion prompted by the city's lack of a bank. It became one of the oldest banks in the United States and, through its later merger with Mellon Financial, the ancestor of today's BNY.

Episodes

Background and detail

Background. New York City's shipping industry chafed under the lack of a bank, and local investors envied the 14% dividends paid by the Bank of North America. Months of local discussion culminated in a June 1784 meeting at a coffee house on a street whose name the supplied source leaves truncated, where plans for a New York bank took shape.

Founding and Opening. The Bank of New York was founded in 1784 by a group that included Alexander Hamilton. When the bank opened on June 9, 1784, the full $500,000 of capital 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.

Later Lineage. The Bank of New York continued as an institution until July 2007, when it merged with Mellon Financial Corporation to form BNY in its current form, now an American international financial services company headquartered in New York City.

People involved

Sources

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