national bank

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national bank,

in the United States, financial institution of a class authorized by Congress in acts of 1863 and 1864. The acts were intended to provide a way of marketing the large bond issues made necessary by the Civil War and to give circulation to a paper currency more trustworthy than the notes of state banks had proved to be. The act of 1864 authorized the formation of private banking corporations that were to invest a large part of their capital in bonds of the United States and that might then issue their notes as currency. The amount of the notes was not to exceed 90% of either the face value or the par value of the bonds, depending on which of the two was smaller. Subsequent acts modified the act of 1864 in various details, and the plan was changed fundamentally by the Federal Reserve Act of Dec. 23, 1913, which provided for the gradual substitution of Federal Reserve notes and Federal Reserve bank notes for national bank notes. The Federal Reserve Act also required all national banks to become members of the Federal Reserve SystemFederal Reserve System,
central banking system of the United States. Established in 1913, it began to operate in Nov., 1914. Its setup, although somewhat altered since its establishment, particularly by the Banking Act of 1935, has remained substantially the same.
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See bibliography under bankingbanking,
primarily the business of dealing in money and instruments of credit. Banks were traditionally differentiated from other financial institutions by their principal functions of accepting deposits—subject to withdrawal or transfer by check—and of making loans.
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References in periodicals archive ?
California National Bank has been sort of a phantom bank, quietly performing instead of promoting, but that will change,'' Mitchell said.
As noted above, the OCC has reviewed and approved the proposed merger of City National Bank and First National Bank under the Bank Merger Act.
Society National Bank, Indiana, South Bend 3/22/93 O
This press release may be deemed to be solicitation material in respect of the proposed merger of Landmark National Bank with and into 1st Pacific Bank of California, a wholly owned subsidiary of 1st Pacific Bancorp.
Based on a review of the entire record, and for the reasons discussed above, the Board concludes that considerations relating to convenience and needs, including the CRA performance records of First National Bank and Nueces Bank, are consistent with approval of the proposal.
93-26 Amendment, Sequoia National Bank, San Francisco 2/3/93
McConomy, president and chief executive officer and chairman of Calgon Carbon Corporation and a director of Pittsburgh National Bank.
For more information about Community National Bank, call 516-498-9111 or visit the Bank's website at www.
We consider First National Bank to be our partner, through providing them not only with profit-enhancement, but with the tools to uphold their commitment and high-level service to their customers.
It allows Michigan National Bank to continue to expand its merchant credit card processing portfolio and Central Fidelity Bank to retain its present client base.
The First National Bank of Ipswich, which was established in 1892, is a wholly-owned subsidiary of First Ipswich Bancorp (OTC: FIWC).
These offices will officially open as branch offices of Harleysville National Bank on Tuesday, May 26.

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