Alabama. Bank of the State of Alabama (1820-1843).

Authority: an act to establish the Bank of the State of Alabama, 1823 Dec. 20, Code, 1833. Subscribers to the Bank of the State of Alabama incorporated 1820 Dec. 20, Acts, 1820. Bank established at Cahawba, capital of the state, subject to removal if seat of government is changed and to be moved to place where capital is established. Moved to Tuscaloosa, 1826. Placed in liquidation 1844 Dec. 31. Acts, 1844/1845, no. 43.

The Alabama Constitution of 1819 provided for the establishment of one state bank with such number of branches as the legislature deemed expedient. The actual organization began in 1823. The session of 1832 of the General Assembly established branch banks at Montgomery, Decatur and Mobile, and in 1835 a branch bank was established at Huntsville.[Statute #1, 1832 Dec. 4; Acts 1832/1833]. After the establishment of the State Bank at Cahawba, private banks could be admitted as branches of the State Bank. In 1826 the Bank was relocated from Cahawba to Tuscaloosa, and in 1832 to Montgomery.

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