The Farmers' and Mechanics' Bank of Philadelphia was formed in 1807. According to its 1809 charter the purpose of the bank was to "serve the community" and the majority of stockholders and directors were either farmers, mechanics, or manufacturers. It played a critical role in financing the state's internal improvements system. During the early 19th century the Farmers and Mechanics Bank grew rapidly - in 1857 it became the loan and transfer agent for the Commonwealth of Pennsylvania. In 1863 it took the lead in reorganizing the Philadelphia banks under the National Banking Act. Between 1858 and 1893 it was the largest and most important bank in Philadelphia. However, during the early years of the twentieth century the Farmers' and Mechanics' National Bank faced increasing competition from large commerial banks that were absorbing a number of weak financial institutions. The Farmers' and Mechanics' National Bank was sold to the Philadelphia National Bank in 1918.
From the description of Records, 1807-1920. (Hagley Museum & Library). WorldCat record id: 78247169
