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Central Bank history
Central Bank company history timeline
It led to the creation of the Federal Reserve in 1913, which was given the mandate of providing a uniform and elastic currency (that is, one which would accommodate the seasonal, cyclical, and secular movements in the economy) and to serve as a lender of last resort.
The policy led to the beginning of recession in August 1929 and the crash in October.
An early example of selective credit-control authority vested in a central bank and one that, on balance, has worked tolerably well is the authority conferred on the United States Federal Reserve Board in 1934 to establish margin requirements on stock-market credit. (See money.)
But from the original Federal Reserve Act to the Banking Act of 1935 to today, the Fed has worked to promote a healthy economy.
Central Bank traces its roots back to 1938, when the Southern Industrial Loan Company was founded.
In 1946, Garvice D. Kincaid purchased Central Exchange Bank and shortened the name to Central Bank.
The Fed regained its independence from the Treasury in 1951, whereupon it began following a deliberate countercyclical policy under the directorship of William McChesney Martin.
By contrast, after providing funds following the attacks of 9/11 and the technology bust of 2001, it permitted the additional funds to remain in the money market once the threat of crisis was over.
In 2002, CBIA, Inc. dba Central Insurance Services began offering life, health, property and employee benefit plans to personal and business clients.
The Fed followed these rules in September 2007, although it is unclear whether the funds were provided at a penalty rate.
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Central Bank competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| The Callaway Bank | 1857 | $16.9M | 100 | 13 |
| Bank of America | 1998 | $85.5B | 200,000 | 3,905 |
| Wells Fargo | 1852 | $2.4B | 268,531 | 2,169 |
| Fidelity Bank MA | 1888 | $34.0M | 126 | 27 |
| Mercantile Bank of Michigan | 1997 | $1.4B | 420 | 27 |
| First Federal Savings & Loan | - | $26.7M | 50 | 3 |
| First Bancorp | 1948 | $1.2B | 3,000 | 181 |
| Security Bank | 1906 | $958.4M | 30 | 20 |
| Western Bank | 1915 | $1.3M | 50 | 4 |
| The Equitable Bank | 1927 | $43.0M | 800 | 9 |
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