The state Bank of Indiana was a government chartered banking institution established in 1833 in response to the state's shortage of capital caused by the closure of the Second Bank of the United States by the administration of President Andrew Jackson. The bank operated for twenty-six years and allowed the state to finance its internal improvements, stabilized the state's currency problems, and encouraged greater private economic growth. The bank closed in 1859. The profits were then split between the shareholders, allowing depositors to exchange their bank notes for federal notes, and the bank's buildings and infrastructure were sold and reincorporated as the privately owned Second Bank of Indiana.
Read more about Bank Of Indiana: Background, Formation of The Bank, Operation, Aftermath
Famous quotes containing the words bank of, bank and/or indiana:
“A self is, by its very essence, a being with a past. One must look lengthwise backwards in the stream of time in order to see the self, or its shadow, now moving with the stream, now eddying in the currents from bank to bank of its channel, and now strenuously straining onwards in the pursuit of its chosen good.”
—Josiah Royce (1855–1916)
“It was like passing a boundary to dive
Into the sun-filled water, brightly leafed
And limbed and lighted out from bank to bank.
That’s how the stars shine during the day.”
—Wallace Stevens (1879–1955)
“If the federal government had been around when the Creator was putting His hand to this state, Indiana wouldn’t be here. It’d still be waiting for an environmental impact statement.”
—Ronald Reagan (b. 1911)