First Federal Bank Building In Philly To Reopen For Nation's 250th Birthday Celebration
Philadelphia will add to its portfolio of National Historic Landmark attractions in time for its moment in the spotlight in 2026.
Independence Historical Trust on Monday announced plans to renovate the First Bank of the United States and open historic and educational exhibits within it, backed by a new $22M federal grant. The ornate masonry building that housed the country's first federal financial institution since the 1790s has been largely closed to the public for 50 years.
After Independence Historical Trust raised $4.5M from donors to fund the planning and design of the bank's renovation, the National Park Service and Independence National Historical Park received a $22.2M allocation from the Great American Outdoors Act of 2020. Independence Historical Trust, the park's philanthropic partner, is leading development and fundraising efforts for the project, which still needs $6.6M to pay for the creation of exhibits within the building.
The park will be heavily featured in the celebration being planned for the 250th anniversary in 2026 of the signing of the Declaration of Independence. In addition to the anniversary celebration, officially known as the United States Semiquincentennial, Philadelphia will be among the host cities for the men's 2026 FIFA World Cup and host the Major League Baseball All-Star Game that year.
"We're on the big stage in 2026, and we need to be in the business of doing big things all across this city," state Sen. Vincent Hughes said at the announcement. "Not just for people visiting this city, but the people living in this city deserve for us to shine things up."
INHP is better known as the home of the Liberty Bell and Independence Hall, where the Declaration of Independence and Constitution were signed.
"We don't tell the story of money in the park," Independence Historical Trust Executive Director Thomas Caramanico said on the steps of the historic building at the press conference announcing the federal grant. "Now, that can be changed."
The National Park Service acquired the First Bank building at 120 South Third St. in 1956 when it founded INHP, one of Philly's signature tourist attractions, and folded the bank into the park's footprint. Although it was one of the country's first federal government buildings, it was sold to Stephen Girard in 1812 after the First Bank's charter was allowed to expire in 1811. City Trusts, the local entity tasked with managing Girard's estate, was one of the renovation project's largest donors.
The commonwealth of Pennsylvania had already awarded a $10M grant through its Redevelopment Assistance Capital Program for the First Bank's renovation, but the federal money covers the estimated cost of construction, Independence Historical Trust Director of Development Jonathan Burton told Bisnow after the press conference. The trust and its partners are working with Gov. Josh Shapiro's administration to adjust the parameters of the RACP grant so it can fund some of the planned internal work.
Local construction firm The Bedwell Co., which specializes in public works projects and historical renovations, was named general contractor for the redevelopment after a competitive bidding process. John Milner Architects led the design of the renovation. New York-based firm Local Projects is leading the design and programming of exhibits.
In addition to restoring the building's marble facade and internal dome structure, the Bedwell Co. will install a new roof and build a small addition on the west side of the building, which will house modern mechanical systems, facilities, the visitor center and a public entrance.
Bedwell expects to formally begin work at the building "in a matter of weeks," project manager Andrew Bedwell said. The company expects to complete construction and turn the building over for exhibit installation in early 2025.
Independence Historical Trust plans to move its offices from down the block to the third floor of the addition and build a classroom on the second floor, Burton said. The trust is exploring the possibility of programming financial literacy classes for local students in the classroom space.
"Visitors will come, locals may visit once or twice, but how can we make a positive impact on Philadelphians every day?" Burton said.
The Great American Outdoors Act allocated $9.5B for deferred maintenance at U.S. national and historical parks over five years. Once the First Bank project is fully funded, Independence Historical Trust will look to update the park at Second and Market streets, which is also part of INHP, Burton said.
Visit Philly and the Philadelphia Convention & Visitors Bureau are in the planning phase for the broader celebration efforts, but the First Bank's grand opening is scheduled for April 2026 to be a part of the festivities, Burton said.
"Philadelphia will be the epicenter of the U.S. in 2026," District 1 Councilmember Mark Squilla said at the press conference. "2026 is not going to be a peak for Philadelphia; it's going to be a platform. And we'll rise from there."
