Industry Banking Founded Delaware | Headquarters Dover | |
Fate Acquired by Girard Bank in 1978 (39 years ago) (1978) | ||
The Farmers' Bank of Delaware was the second bank chartered by the U.S. state of Delaware. It operated independently from 1807 until 1978, and is today part of Citizens Bank.
On February 4, 1807, the Delaware state legislature passed legislation allowing the Farmers' Bank to incorporate and issue $500,000 in ten thousand shares of $50 each. The bank was based in Dover, Delaware, with branches in New Castle and Georgetown, Delaware. The charter brought "an end to the twelve years of monopoly enjoyed by the Bank of Delaware. During the next decade, the Delaware General Assembly chartered three additional banks."
A supplementary charter on January 22, 1813, added a branch in Wilmington.
Among the presidents of the bank were:
In 1888, the state government held stock worth $360,950, a majority of the outstanding shares, and received annual dividends of $21,669.
In 1978, Farmers Bank was purchased by Girard Bank, which was later acquired by Mellon Bank, and was sold in 2001 to Citizens Financial Group.