Farmers' Bank of Delaware
| Industry | Banking |
|---|---|
| Fate | Acquired by Girard Bank in 1978 |
| Founded | 1807 in Dover, Delaware |
| Headquarters | Dover, Delaware, United States |
The Farmers' Bank of Delaware was the second bank chartered by the U.S. state of Delaware. It operated independently from 1807 until 1978, and is today part of Citizens Bank.[1]
On February 4, 1807, the Delaware state legislature passed legislation allowing the Farmers' Bank to incorporate and issue $500,000 in ten thousand shares of $50 each. The bank was based in Dover, Delaware, with branches in New Castle and Georgetown, Delaware. The charter brought "an end to the twelve years of monopoly enjoyed by the Bank of Delaware. During the next decade, the Delaware General Assembly chartered three additional banks."[1]
A supplementary charter on January 22, 1813, added a branch in Wilmington.[2]:739
Among the presidents of the bank were:
- Allan Thomson (October 22, 1831, to January 7, 1836)
- James A. Bayard, Jr. (January 7, 1836, to January 5, 1843)
- David C. Wilson (January 5, 1843, to March 31, 1865)
- Charles I. du Pont (April 6, 1866, to December 12, 1868)
- Francis Barry (January 7, 1868, to January 8, 1878)
- George Richardson (January 3, 1878, to at least 1888)
In 1888, the state government held stock worth $360,950, a majority of the outstanding shares, and received annual dividends of $21,669.[2]
In 1978, Farmers Bank was purchased by Girard Bank, which was later acquired by Mellon Bank, and was sold in 2001 to Citizens Financial Group.[1]
See also
Notes
- 1 2 3 Swayze, David S.; Christine P. Schiltz (2005). "The Evolution of Banking in Delaware". Firm News. Delaware Banker, Fall 2005, Vol. 1, No. 4 (via Parkowski, Guerke & Swayze, PA). Retrieved March 10, 2014.
- 1 2 Scharf, John Thomas (1888). History of Delaware: 1609-1888. Philadelphia: L.J. Richards.