After the charter for the First Bank of the United States expired in 1811, Stephen Girard purchased most of its stock as well as the building and its furnishings on South Third Street in Philadelphia and opened his own bank, later known as Girard Bank.

After the charter for the First Bank of the United States expired in 1811, Girard purchased most of its stock as well as the building and its furnishings on South Third Street in Philadelphia and opened his own bank, variously known as “ Girard ’ s Bank ,” or as “ Girard Bank .” or also as “ Stephen Girard ’ s Bank ” or even the “ Bank of Stephen Girard .” Girard was the sole proprietor of his bank, and thus avoided the Pennsylvania state law which prohibited an unincorporated association of persons from establishing a bank, and required a charter from the legislature for a banking corporation.

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