Recent Examples of national bank from the Web
But a few months later Hamilton raised the stakes once more with a proposal to create a national bank.
On Fellows initiative is part of Wells Fargo's $1 million investment to support the national Bank On movement.
The national bank regulator estimated in 2015 the industry had grown to $1.5 trillion.
In 2014, the national bank sold off 42 small regional consultancies and insurance brokerages, including one in Anchorage, to USI Insurance Services and recently sold the remainder of its insurance business to the same company.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'national bank.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of national bank
Financial Definition of NATIONAL BANK
What It Is
How It Works
For example, let's say Company XYZ is a bank. To become a national bank, it must receive a charter from the Comptroller of the Currency and pay premiums to the FDIC. In return, the bank can become a member of the Federal Reserve and thus borrow from the Federal Reserve when necessary (see our definition of Federal Reserve for more on how this works). The bank also receives FDIC coverage for its depositors, meaning that most depositors' money will be protected even if Company XYZ goes bankrupt.
The Federal Reserve is the bank for the U.S. Treasury. In this capacity, local Federal Reserve banks hold receipts and make payments on behalf of the Treasury. The Federal Reserve banks maintain Treasury fund accounts, clear checks drawn against the Treasury, and manage the physical issuance, servicing and redemption of Treasury securities and savings bonds.
Why It Matters
National banks have existed since the 1860s, when the U.S. implemented the National Bank Acts of 1863 and 1864. The U.S. didn't have a consistent national currency then, and the laws allowed chartered banks to issue their own bank notes that were backed by U.S. government bonds. (National bank notes don't exist anymore.)
National banks hold the vast majority of the country's deposits. Until 2004, they were almost never allowed to underwrite insurance or engage in merchant banking or real estate development.
Seen and Heard
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