After a multi-year, $43 million renovation, the historic First Bank of the United States at Independence National Historical Park will reopen on July 1.
"For more than two centuries, the First Bank building has stood as a symbol of the nation's transition from revolution to republic," said Steve Sims, superintendent of Independence National Historical Park. "The building connects the victory of the Revolution to the difficult work of creating a functioning government, economy, and civic identity in the years that followed."
Chartered in 1791 under the leadership of Treasury Secretary Alexander Hamilton, the First Bank of the United States operated until 1811 as the nation's first federally chartered bank. The institution played a central role in stabilizing the young nation's economy, managing war debt, and establishing the federal government's credibility in global financial markets. Authorized by legislation signed by President George Washington, the Bank helped lay the foundation for the country's early financial system and affirmed the federal government's authority to shape the nation's economic future.
The restoration effort reflects a longstanding partnership between the National Park Service and Independence Historical Trust, the nonprofit philanthropic partner of Independence National Historical Park. The Great American Outdoors Act Legacy Restoration Fund provided the Park Service with $39.3 million to restore the interior and exterior of the national historic landmark and make critical improvements to enable public visitation for the first time in decades, including replacing leaking metal roofing, stabilizing, cleaning, and repairing marble and brick masonry, enhancing accessibility, correcting moisture incursion problems, and updating the electrical and HVAC systems. The Trust contributed an additional $4.5 million toward the building's rehabilitation and design and continues to raise funds for exhibits and long-term stewardship of the site.
"This project reflects what is possible when public investment and private philanthropy work together in service of preservation and public access," said Tom Caramanico, executive director of Independence Historical Trust. "By helping reopen this historic landmark, we are ensuring that new generations can gather in, learn from, and be inspired by one of Philadelphia's most important historic spaces."
Exhibits in the building highlight the role of art and artifacts in American history and diplomacy. Developed in partnership with the U.S. Department of State and Drexel University, the exhibits feature items from U.S. embassies and Drexel's Atwater Kent Collection, including commemorative objects related to Philadelphia's celebrations of the 1876 Centennial, 1926 Sesquicentennial, and 1976 Bicentennial.
The First Bank reopening is part of a broader slate of projects by Independence National Historical Park and Independence Historical Trust to celebrate America's 250th anniversary. In preparation for the Semiquincentennial, Independence National Historical Park has completed infrastructure repairs and improvements to historic structures and features on Independence Square, including Independence Hall, Congress Hall, and Old City Hall.
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