Just an odd thought. As I passed the McClain County National Bank the other day, I wondered how you can be county and national at the same time. What does it mean to be a “National” bank? Sorry, but I dodged finance classes.
Stone broke in mind and money, Jaime.
WAG, FDIC maybe?
Another good site:
Office of the Comptroller of the Currency, which regulates national banks.
While I’m not trying in any way to disagree with Bibliophage(he is correct), …
The Federal Reserve system has been around since when??? about 1912 or so. There were plenty of banks in the last century with names such as "The First National Bank of New York…etc.
It may be that you had to be a member of the Fed. Reserve after it’s inception to use that title any more. I just got on and haven’t tried to research it. Just going on experience and memory.
samclem brings up a good point that I hadn’t considered. I found from the Encyclopedia Americana and this site that before the Federal Reserve system was established in 1913, the federal government chartered banks under the National Banking Act of 1863. These federally-chartered banks were called “national banks.”
Exactly, Biblophage. You can be FDIC insured without being a “National” bank (and I suppose you could be a National bank without being FDIC insured, but I doubt anyone would every try).
The Federal government charters national banks. Other banks are chartered by other authorities. In New York, you have savings banks (one set of rules) and commercial banks (another set). Savings banks in NY need to have the word “Savings Bank” in their title.
Back when the chartering was new, you often had two banks in a city using the Federal charter. That’s why you have First National Bank and Second National Bank as titles.
Can you tell me why there would be a “Thirteenth Second National Bank”? There really are these weird combinations out there. At least historically.