Bank of Newburgh (Newburgh, N.Y.)

The village of Newburgh, New York was incorporated in 1800. Located on the Hudson and offering easy access to west, northwest, and southwest, the river town grew rapidly and became a major hub of commerce in during the mid to late 19th century. Ships from Newburgh traded internationally, steamboats stopped on the route between Albany and Manhattan, turnpike roads brought yet more trade, and many manufacturing businesses located in Newburgh to take advantage of the transportation network.

To support this thriving trade, Newburgh had five local banks before the Civil War; the first was the Bank of Newburgh, chartered in March of 1811, and for 23 years it remained the only banking institution in the district. The bank expanded quickly to meet the financial needs of a growing commercial population, opening a branch in Ithaca in 1818 which operated for twelve years. So successful was the Bank in making loans "to the westward" that it soon began sending its cashiers and two directors west on business trips to make loans, effect exchanges, and transact other business. Banks at this time were permitted to print their own money, and the designs for the Bank of Newburgh bills included "views of romantic scenery between this place and West Point."

In 1935 the name was changed to the National Bank of Newburgh. In 1959 it merged with County National Bank, in 1970 with Empire National Bank, and in 1983 with Bank of New York.

[Prepared with the assistance of Heather Henricksen-Georghiou of the Newburgh Free Library.]