Finance banks in US started in the year 1781. This began under the act of United States Congress. In the earlier times, bank notes were printed by the private banks. This was backed up by gold and silver. Later Bank if
The Bank of North America was followed by the first Bank of US. The charter for the bank was supposed to expire in 1811 and this was not renewed by the congress. This resulted in the birth of the second bank of US. This was chartered in 1816 and this also shuttered in the year 1836.