1796Gloucester Bank, one of the first banks in the nation, was organized.Economy and Industry, Local Businesses
The Gloucester Bank, with a capital of forty thousand dollars, was organized under a “covenant.” An Act of Incorporation was obtained from the Legislature three years later. Some opposed the bank because of an aversion to paper money. It was reorganized in 1865 under the national banking system.
Tracy, Cyrus M. Standard History of Essex County, Massachusetts, Embracing a History of the County from Its First Settlement to the Present Time, with a History and Description of Its Towns and Cities. Boston, C. F. Jewett, 1878, http://archive.org/details/standardhistoryo00trac The Gloucester National Bank Collection, Cape Ann Museum Library & Archives, Gloucester, MA.