It was a nationwide bank and was in fact the largest corporation in the United States. The Bank performed the basic banking functions of accepting deposits, issuing bank notes, making loans and purchasing securities. The First Bank of the United States was headquartered in Philadelphia, but had branches in other major cities.government, while the 20 others were chosen by the private investors in the Bank. Five of the 25 directors were appointed by the U.S. The First Bank of the United States had a capital stock of $10 million, $2 million of which was subscribed by the federal government, while the remainder was subscribed by private individuals.After Alexander Hamilton spearheaded a movement advocating the creation of a central bank, the First Bank of the United States was established in 1791.1791: The First Bank of the United States