{"id":2946,"date":"2026-07-19T17:37:30","date_gmt":"2026-07-19T21:37:30","guid":{"rendered":"https:\/\/patersonhistory.com\/?page_id=2946"},"modified":"2026-07-19T17:59:23","modified_gmt":"2026-07-19T21:59:23","slug":"first-national-bank-of-paterson","status":"publish","type":"page","link":"https:\/\/patersonhistory.com\/index.php\/first-national-bank-of-paterson\/","title":{"rendered":"First National Bank of Paterson"},"content":{"rendered":"\n
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History of the First National Bank of Paterson, New Jersey<\/span><\/div>\n<\/div>\n<\/div>\n
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The First National Bank of Paterson<\/strong> was one of the city’s most influential financial institutions during the late nineteenth and early twentieth centuries. Organized in 1864<\/strong>, it was among the earliest banks chartered under the new federal National Banking Act<\/strong>, receiving National Charter No. 329<\/strong>. Its creation reflected the rapid industrial expansion of Paterson, then known as the “Silk City.”<\/p>\n

Founding<\/h3>\n

The bank was established on August 2, 1864<\/strong>, during the Civil War. At the time, Congress had recently created the national banking system to provide a uniform national currency and strengthen the nation’s financial structure.<\/p>\n

Paterson’s leading manufacturers, merchants, and industrialists organized the bank to serve the growing needs of local businesses. The city’s booming silk, locomotive, textile, and machinery industries required dependable banking services for payrolls, loans, and commercial transactions.<\/p>\n

Early Locations<\/h3>\n

The bank first occupied a three-story brick building at 240 Main Street<\/strong>, formerly the residence of Colonel C. G. Garrison.<\/p>\n

As business expanded rapidly, the bank moved on February 1, 1866<\/strong>, to larger quarters in the historic Congress Hall<\/strong> building at the northeast corner of Main and Market Streets<\/strong>, where it remained for several decades. Congress Hall was one of Paterson’s most prominent commercial buildings during the nineteenth century.<\/p>\n

Leaders of Paterson Industry<\/h3>\n

The bank’s directors included many of the men who built Paterson into one of America’s greatest manufacturing cities. Among those associated with the bank were leaders of the locomotive, silk, and machinery industries, including members of the Rogers Locomotive Works<\/strong> and other major manufacturing firms.<\/p>\n

These industrialists used the bank to finance factory expansion, commercial development, and municipal improvements. The First National Bank became one of the financial centers of Paterson’s industrial economy.<\/p>\n

The 1902 Bank Building<\/h3>\n

Following the devastating Great Fire of Paterson in 1902<\/strong>, the bank constructed an impressive new headquarters at 125 Ellison Street<\/strong>, adjacent to the newly rebuilt City Hall.<\/p>\n

Designed by the distinguished architectural firm Carr\u00e8re and Hastings<\/strong>, the four-story Beaux-Arts building featured:<\/p>\n