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allowed the
Trustees of the First Bank of the United States to use some offices and space in the vaults to continue the process of winding down the affairs of the closed bank at a very nominal rent. Although Pennsylvania law prohibited an association of individuals from banking without a charter, it made no such prohibition on a single individual doing so. Philadelphia banks balked at accepting the notes that Girard issued on his personal credit and lobbied the state to force him to incorporate, without success.
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Girard lost its corporate identity, creating integration issues between Mellon and Girard's employees and customers. The bank was largely sold to
Citizens Bank two decades later. Its monumental headquarters building, today a Ritz hotel, still stands at Broad and Chestnut Streets in Philadelphia.
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purchased most of its stock and its facilities on South Third Street in
Philadelphia, then reorganized it under his direct personal control. He hired George Simpson, the cashier of the First Bank, as cashier of the new bank, and with seven other employees, opened for business on May 18, 1812. He
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in 1983, in a deal valued at $ 220 million, following a change in
Pennsylvania law that allowed local banks to operate statewide (technically, allowing bank holding companies to own multiple banks). Following the acquisition, the bank was immediately renamed Mellon Bank (East). The century-old
179:. Towards the end of the war, when the financial credit of the U.S. government was at its lowest, Girard placed nearly all of his resources at the disposal of the government and underwrote up to 95 percent of the war loan issue, which enabled the United States to carry on the war.
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186:. Upon his death in 1831, his own bank passed to a trust according to his will. Merchants of the city chartered the Girard Bank to buy the banking assets from the trust and carry on the business. Ironically, in view of its history, Girard Bank was one of the
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in 1831 by local merchants eager to trade on the sterling reputation of their namesake. Stephen Girard neither founded the bank, nor had any financial ties to the bank that bore his name. The bank was acquired by
276:(PNB) launched its own network of ATMs, the precursor of the MAC system in 1979 with the support of 13 other financial institutions. After Girard's acquisition in 1983, Mellon Bank joined the MAC network.
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and completed in 1931. The tower was located on the site formerly occupied by the West End Trust
Building (1898-1928). The 1908 domed building today serves as
252:'s Philadelphia branches, and renamed itself Girard Trust Corn Exchange Bank. From 1964 to 1971, the bank was known as Girard Trust Bank, later Girard Bank.
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transferred the government's
Pennsylvania deposits in the Second Bank of the United States. After the passage of the
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In the 1970s, Girard became one of the pioneers of automated banking, launching a proprietary network of
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After the war, Girard became a large stockholder in and one of the directors of the
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Girard's Bank was the principal source of government credit during the
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Girard
National of Philadelphia Has Acquired the Independence National
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The history of the Girard
National Bank of Philadelphia, 1832-1902
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Girard Trust
Company: a century of financial activity, 1836-1936
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In
February 1903, Girard Bank acquired the business of the
304:, former employee at Girard's bank and author of the book
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Biography of Stephen Girard, with His Will Affixed (1832)
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was a Philadelphia-based bank founded after the death of
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422:. Conshohocken: Combined Books. pp. 249–250.
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397:. Conshohocken: Combined Books. p. 249.
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248:In 1952, Girard Trust Company acquired The
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272:in 1978 known as "George". In response,
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559:1983 disestablishments in Pennsylvania
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465:Mellon and Girard Banks Plan to Merge
322:Printed by J. B. Lippincott Co., 1902
508:Costly ATMs a Must for Bank Industry
554:1811 establishments in Pennsylvania
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477:Mellon's Chairman Led Merger Drive
159:. It later housed the Girard Bank.
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479:. New York Times, August 5, 1982
467:. New York Times, August 3, 1982
328:. E. Stern & Co., inc., 1936
244:Acquisition of Corn Exchange Bank
448:Herrick, Cheesman Abiah (1923).
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184:Second Bank of the United States
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338:Girard Trust Corn Exchange Bank
334:. New York Times, April 3, 1901
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510:. Network World Sep 12, 1988
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274:Philadelphia National Bank
256:Acquisition by Mellon Bank
163:After the charter for the
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58:The Girard National Bank
451:Stephen Girard, Founder
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533:Categories
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45:Industry
240:hotel.
80:in 1983
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