National Bank of Delaware

The National Bank of Delaware (founded as the Bank of Delaware) was the first bank chartered in the U.S. state of Delaware.[1] Based in Wilmington, the bank operated independently from 1795 to 1929, when it was merged into the Security Trust Company, also of Wilmington.[2]

History

Independent operation

The bank was formally organized on June 1, 1795,[1] and received its charter on February 9, 1796, from the Delaware General Assembly with capital stock of $100,000. With Joseph Tatnall as president and John Hayes as cashier, it opened at Fourth and Market Streets on August 17. In 1816, the bank moved to a new building on the east corner of Sixth and Market Streets. The bank was issued a new charter in 1820, and doubled its stock's par value by 1850.

On July 16, 1865, it received a national charter under the National Banking Act, and was renamed the National Bank of Delaware at Wilmington, with capital of $110,000.[1] The charter was extended in 1885.[2]

For 127 years, the bank served an account of the E.I. Du Pont de Nemours company.[2]

In 1929,[2] the bank merged with Security Trust Company (1885-1954).[1] The bank was then the nation's fourth-oldest, after the Bank of North America (Philadelphia, 1784), Bank of Massachusetts (Boston, 1782), Bank of New York (New York, 1784), and Bank of Baltimore (Baltimore, 1795)).[2]

Post-merger

In 1952, Security Trust Company merged with Equitable Trust Company, also of Wilmington, to become the Equitable Security Trust Company.[3] In 1958, the company revived the name "Bank of Delaware".[1]

In 1989, the bank's holding company, Bank of Delaware Corporation, was acquired by PNC Financial Corp. for $230 million in stock ($439,068,456 today[4]).[5] The Bank of Delaware held $1.8 billion in assets; PNC, then the nation's 12th-largest bank, held $36.6 billion.[6]

Notes

  1. 1 2 3 4 5 "Records, 1795-1970.". Hagley Library and Archives Catalog. Hagley Museum and Library. Retrieved November 22, 2013.
  2. 1 2 3 4 5 "Merging of Delaware National with Security Epochal Event". Wilmington, Delaware. The Sunday Morning Star. December 1, 1929. p. 1. Retrieved October 10, 2013.
  3. ↑ "Announcing Equitable Security Trust Company" (Press release). The Sunday Star. November 2, 1952. Retrieved November 22, 2013.
  4. ↑ Consumer Price Index (estimate) 1800–. Federal Reserve Bank of Minneapolis. Retrieved November 10, 2015.
  5. ↑ "Corporate History". pnc.com. PNC. 2012. Retrieved November 25, 2013.
  6. ↑ Reuters (September 23, 1988). "PNC to Acquire Delaware Bank". Company News (New York City). New York Times. Retrieved November 25, 2013.

See also

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