Philadelphia’s First Bank of U.S. to reopen as museum in 2026

After years of lobbying for the renovation of the First Bank of the United States building, the Independence National Historical Park was awarded $22.2 million in federal funding to turn the Old City landmark into a museum about the early phases of the American economy. The project, announced in a groundbreaking ceremony and news conference at the stairs of the historic bank on Monday, will be wrapped up in time for the nation’s 250th birthday celebration.

“I’ve been telling the story of the First Bank and how much we need it for like four or five years now,” said Tom Caramanico, executive director of the Independence Historical Trust, during the news conference. “I kept telling the story over and over again, and giving dates on when it can be done, so now I’m thrilled to have it get to this point. And I’m proud that our small organization got it done.”

The Greek Revival-style building, located at 120 S. Third St., was built in 1795 as part of Alexander Hamilton’s vision for a national financial system that tied the newly established states together. The white stone structure, now overseen by the National Park Service, was the precursor to the Federal Reserve. Later, it was the headquarters of immigrant millionaire Stephen Girard, a controversial figure who forged Pennsylvania’s railroad, canal, and coal industries.

L’Rai Arthur-Mensah, project director of the New York-based firm Local Projects, said the museum won’t shy away from its past reiterations or owners when piecing together the story of the bank’s history, referring to Girard, who bought the First Bank in 1812 after its charter expired the year before. Girard was a slaveowner and contraband dealer.

“One thing we’re really clear on is that we are not going to hide from any story,” she said. “We’re going to tell it truthfully, and we’re going to be honest and give context.”

After lying unused for the last half-century, the rundown building will undergo a renovation led by Mary Werner DeNadai of John Milner Architects and the Independence Historical Trust, which has raised $4.5 million toward the building’s rehabilitation.

The facade of the building will largely be kept intact, but the building’s weathered marble will be updated and the roof and the broken supports (that lead to the outdoor parapet) will be replaced. “We want to preserve everything that is historic, and of the period it was built in 1795,” DeNadai said.

She added that the first floor will be completely dedicated to the museum. Two stories will be added to the back of the building, which will house the visitor information counter, restroom facilities, an elevator, and a basement.

Arthur-Mensah said the plans for the museum experience are already in the works. Although additional funds are needed to build out the exhibits, the story of the bank, she said, will be told using film, digital interactives, and graphic and scenic elements.

Jonathan Burton, director of development for the Independence Historical Trust, the nonprofit philanthropic partner of the Independence National Historical Park, said an additional $6.6 million is needed to complete the project. He added that University of Pennsylvania professor Jeremy Siegel, who has previously donated to the building’s renovation, is planning another “significant contribution.”

The organization plans to apply for additional grants and use a $10 million grant awarded by Pennsylvania’s Redevelopment Assistance Capital Program to construct the interiors of the historic building, and tie the proverbial loose ends of the long-awaited project together.

“It’s been a long, long time coming for this museum, but I think the residents and the tourists will be excited once it opens up,” Burton said. “This is a momentous day.”