The First Bank of the United States in Old City is on track to open as a museum in time for celebrations commemorating the 250th anniversary of the country’s founding, officials said Monday.
A recently awarded $22 million grant from the federal government will allow for a significant renovation of the building, which has been mostly closed to the public for the last 50 years. Supporters of the effort are seeking to raise nearly $7 million more to build exhibits highlighting the nation’s economic history.
The National Park Service, which oversees the site, aims to open the facility in 2026, when Philadelphia will be hosting a series of events in honor of the semiquincentennial of the signing of the Declaration of Independence.
Rehabilitation work is set to begin in a matter of weeks, said Andrew Bedwell, of the Bedwell Company, a West Chester-based contractor hired for the construction project.
“The First Bank is an integral part of our nation’s founding,” said Amnesty Kochanowski, acting superintendent of Independence National Historical Park. “It pulls relevant connections to our modern economy and political landscape. Managing the nation’s wealth in land, labor, trade and capital are still central issues in our economy.”
Secretary of the Treasury Alexander Hamilton convinced George Washington in 1791 to sign legislation creating the bank over the objections of Thomas Jefferson and James Madison, among others.
Originally housed in nearby Carpenter’s Hall, the financial institution moved to the First Bank building after it was constructed in 1795.
The First Bank was the first building specifically designed for the federal government, and its facade features a bald eagle, believed to be the first architectural depiction of the new nation’s seal. Its imposing marble columns face Third Street across from the Museum of the American Revolution.
When the institution’s charter expired in 1812, Stephen Girard, who became one of America’s wealthiest individuals, purchased the bank’s assets and operated his own financial entity out of the building.
An ornate dome dominates the interior of the First Bank, an element added during a 1902 remodel.
Following a variety of uses, it was acquired by the NPS and used as a visitor’s center for Independence Hall until the 1970s.
The debate over the bank’s founding – and the competing visions of Hamilton and Jefferson – will be among the featured topics at the future museum, those involved in the project said.
Exhibits will also examine aspects of the early economy such as slavery, land ownership and currency, according to Andrea Worby, content director at Local Projects, which is helping lay out the museum. A section will focus on the informal economy and the Northwest Indian War, which was funded through the First Bank, she added.
Thomas A. Caramanico, executive director of the Independence National Historical Trust, said the museum could also tie in with the nearby Second Bank, Federal Reserve Bank of Philadelphia and U.S. Mint.
The INHT, a nonprofit that supports the Old City historical park, is hoping to generate another $6.6 million in donations to fabricate the materials needed for the museum. The group previously raised $4.5 million to get the project off the ground.
Much of the construction is being funded through $22.2 million allocated from the Great American Outdoors Act, aimed at addressing deferred maintenance at National Parks.
A small addition planned for the west side of the building will serve as the main entrance and provide space for elevators, stairs and restrooms. The original facade will be restored, and new electric, plumbing and security systems will be installed, officials said.
Bedwell said his company anticipates completing the work in spring 2025, when attention will turn to finishing the museum in time for 2026, when the city will also host World Cup matches and the MLB All Star Game, in addition to semiquincentennial celebrations.
“Philadelphia is going to be the epicenter of this entire country,” City Council member Mark Squilla said. “People from all over the world will be coming here, and we need to step it up and do things like this.”
