Georgia Bankers Association history

The last was especially embarrassing because by 1907 the US economy was the largest in the world, as was the US banking system.

The United States would not again have a central bank until 1914 when the Federal Reserve Act went into effect.

Witham sold out to W.D. Manley in 1915 and things went well for a time.

At the 1917 annual GBA convention held in Columbus May 2-4, General Counsel Park said progress had been made with the Treasurer finally agreeing to “divorcing the banking department from the Treasury,” and legislation had been drawn to do that.

A photo of the 1918 Banking Department examiners and staff, courtesy of the Banking Department'from its archives.

General Counsel Park’s report was read into the GBA annual convention proceedings at their meeting held on Tybee Island, May 27-29, 1919.

GBA members met for their annual convention in Athens June 9-11, 1920.

Roosevelt’s first action in March 1933 was to close all of the nation’s banks, the so-called Bank Holiday, and then he assured the nation that when banks re-opened the public would not have to worry about their solvency.

In 1999, Congress repealed the Glass-Steagall Act that had effectively separated commercial and investment banking.

What do banks do? Why have they for so long been an integral part of our economy? Why, as in the financial crisis that commenced in 2007, do banks every so often get into trouble and create serious problems for the country?

Banks are among the oldest businesses in American history—the Bank of New York, for example, was founded in 1784, and as the recently renamed Bank of New York Mellon it had its 225th anniversary in 2009.