[VT | July 1, 2026 | Philadelphia, PA]
As the United States prepares to commemorate its 250th anniversary, one of the nation’s earliest financial landmarks has reopened following a major rehabilitation project that brought together federal, state, local, nonprofit, and community partners.
On July 1, 2026, the First Bank of the United States officially reopened during a ribbon-cutting ceremony hosted by Independence National Historical Park and the Independence Historical Trust. The restoration returns one of America’s earliest financial institutions to the public and marks an important milestone in Philadelphia’s preparations for America250.
The ceremony featured remarks from Bill Marrazzo, Chair of the Board of the Independence Historical Trust and President & CEO of WHYY; Tom Caramanico, Executive Director of the Independence Historical Trust; Steven Sims, Superintendent of Independence National Historical Park; Philadelphia Mayor Cherelle L. Parker; Jason Evans, Under Secretary for Management at the U.S. Department of State; and Kevin J. Lilly, Acting Assistant Secretary for Fish and Wildlife and Parks at the U.S. Department of the Interior.
Among those attending were Former Pennsylvania Governor Tom Wolf, Pennsylvania State Senator Nikil Saval, Jazelle Jones of the Office of the City Representative, City of Philadelphia, Philadelphia City Councilmember Mark Squilla, preservation partners, community leaders, project supporters, and invited guests.
onal Historical Park; Philadelphia Mayor Cherelle L. Parker; Kevin J. Lilly, Acting Assistant Secretary for Fish and Wildlife and Parks at the U.S. Department of the Interior; and Jason Evans, Under Secretary for Management at the U.S. Department of State.
Among those attending were Former Pennsylvania Governor Tom Wolf, Pennsylvania State Senator Nikil Saval, Jazelle Jones of the Office of the City Representative, City of Philadelphia, Philadelphia City Councilmember Mark Squilla, preservation partners, community leaders, project supporters, and invited guests.
Mayor Parker: Preserving History While Investing in the Future
One of the ceremony’s central messages came from Philadelphia Mayor Cherelle L. Parker, who described the reopening as more than the restoration of a historic building.
Parker said the project demonstrates what can be accomplished when government, nonprofit organizations, educational institutions, preservation professionals, and community partners work together toward a shared purpose. She recognized the contributions of Former Governor Tom Wolf, Steven Sims, Jason Evans, Pennsylvania State Senator Nikil Saval, Philadelphia City Councilmember Mark Squilla, Drexel University, the U.S. Department of State, the Independence Historical Trust, and others whose efforts helped bring the project to completion.
Calling the reopening an important milestone for Philadelphia as America250 approaches, Parker said the restored First Bank will become part of the city’s lasting civic legacy.
She also emphasized that the building should serve not only as a preserved historic landmark, but as a place where future generations can learn about financial literacy, entrepreneurship, investing, and building wealth, connecting America’s financial origins with opportunities for the future.
“This project is proof of what’s possible when government, nonprofits, and community partners all come together around a shared purpose,” Parker said, before closing with her message of “One Philly, One America.”
CUS Interview | Steven Sims
Following the ceremony, CUS interviewed Steven Sims, Superintendent of Independence National Historical Park, about the restoration project.
Sims said construction officially began in 2023 as part of an approximately $39 million rehabilitation project funded through the Great American Outdoors Act.
Restoring a building that first opened in 1797 required balancing modern public access with historic preservation.
“The largest challenge was asbestos,” Sims said, explaining that extensive remediation was required before restoration work could move forward.
The project also upgraded fire protection systems, improved accessibility, added visitor facilities, and brought the building into compliance with modern safety standards while preserving its historic character.
Sims said the work involved close collaboration with preservation architects, the Pennsylvania State Historic Preservation Office, historians, and partner organizations to ensure visitors could experience the building while maintaining its historical integrity.
Asked who made the project possible, Sims credited a broad coalition of partners, including funding provided through the Great American Outdoors Act, the Independence Historical Trust, Drexel University, the City of Philadelphia, the U.S. Department of State, the Atwater Kent Collection, preservation professionals, and private donors who contributed to both the rehabilitation project and the future permanent exhibitions.
Looking ahead, Sims said the next phase will focus on designing permanent exhibitions that tell the story of America’s founding through the development of its financial system.
Timeline
1791 — The First Bank of the United States is established.
1797 — The current bank building opens in Philadelphia.
1956 — The building becomes part of Independence National Historical Park.
Around 2017 — Planning and fundraising for a major rehabilitation project gain momentum.
2020 — The Great American Outdoors Act is signed into law, providing major federal investment for National Park infrastructure.
2023 — Major rehabilitation construction begins.
July 1, 2026 — The First Bank officially reopens ahead of America’s 250th anniversary.
CUS Interview | Former Governor Tom Wolf
CUS asked Former Pennsylvania Governor Tom Wolf about the significance of the reopening.
Wolf said the historical dialogue between Alexander Hamilton and Thomas Jefferson presented during the ceremony reflected why the First Bank remains important today.
“It was what allowed the United States to have the financial stability it needed to develop as a nation,” Wolf said.
“It was not the end-all and be-all of our growth, but it was a necessary condition.”
During Wolf’s administration, Pennsylvania approved approximately $10 million through the Redevelopment Assistance Capital Program (RCAP) to support the restoration project, helping advance the effort before construction began.
CUS Interview | Senator Nikil Saval
Asked what message he would like to share with the AAPI community, Pennsylvania State Senator Nikil Saval emphasized that Asian American history is inseparable from American history.
“Asian American history is American history.”
Saval said Chinese Americans, South Asian Americans, and other Asian communities have been connected to Philadelphia since the nation’s earliest years through trade, shipping, labor, and immigration.
He noted that trade between the United States and China can be traced back to the nation’s founding era, reminding visitors that Philadelphia’s history has long been connected to the wider world.
“Our histories are intertwined,” he said. “We should consider all of this as part of our shared history and our shared heritage.”
Looking Toward America250
As the United States approaches its 250th anniversary, the reopening of the First Bank represents more than the restoration of a historic building. It reflects years of collaboration among public agencies, nonprofit organizations, preservation professionals, elected officials, and community partners who worked together to preserve one of the nation’s foundational civic landmarks.
The next phase of the project will bring permanent exhibitions and new opportunities for visitors to explore how finance, government, diplomacy, and civic institutions helped shape the early United States.
For Philadelphia, the First Bank once again stands not only as a monument to the nation’s financial beginnings, but as a place where future generations can better understand the institutions that continue to shape American civic life.
Leadership Map
Vision for Restoration
│
Long-term Planning
│
Pennsylvania RCAP Support
(Tom Wolf Administration)
│
Great American Outdoors Act
(Federal Investment)
│
Project Rehabilitation
(Steven Sims & National Park Service)
│
Community Partnership
(Independence Historical Trust and Partners)
│
Grand Reopening
July 1, 2026
