In 1790, there were only three banks in the U.S. By 1811, there were 88. Most of these new banks were

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Most of the new banks established between 1790 and 1811 were private-sector, state-chartered banks. This expansion reflected the growing economy of the United States and the need for more financial institutions to support commerce and personal finance. The federal government did not create and operate these banks, nor were they primarily branches of banks with English charters. While some banks may have had connections to state and local governments, the vast majority were private entities chartered by states.

In 1790, There Were Only Three Banks in the U