Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
On this day 234 years ago, John Hancock co-founded the Bank of Massachusetts.
Where The Market Was
The Bank of Massachusetts predates the Dow Jones Industrial Average and the S&P 500. Today, the Dow is trading at 24,303.27 and the S&P 500 is trading at 2,725.89.
What Else Was Going On In The World?
In 1784, the Treaty of Paris was ratified, ending the Revolutionary War. The U.S. government and the Iroquois League signed the Treaty of Fort Stanwix. A quart of brandy cost 25 cents.
Bank Of Massachusetts
The Bank of Massachusetts was one of the first American banks established after the Revolutionary War, and its lineage can be traced all the way to today’s Bank of America Corp (NYSE: BAC). Its first customers included Paul Revere, Samuel Adams, Henry Knox and co-founder John Hancock. Bank of Massachusetts was the only bank in Boston for the first eight years after it was founded.
Bank of Massachusetts was renamed Massachusetts National Bank in 1864. After several mergers and name-changes throughout the 20th century, the bank (then called BankBoston) merged with Fleet Bank in 1999 to form FleetBoston Financial. FleetBoston was subsequently acquired by Bank of America in 2004.
BankBoston, the direct descendent of the original Bank of Massachusetts, still exists today as an international private bank subsidiary of Bank of America.
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