The First Bank of the United States was established in 1791 in Philadelphia, Pennsylvania. It was created to serve as the nation's first central bank, helping to stabilize the fledgling American economy after the Revolutionary War. The bank was chartered for 20 years and played a crucial role in managing government funds and issuing currency. The bank was designed by Alexander Hamilton, the first Secretary of the Treasury, who believed it would help facilitate trade and manage debts. However, it faced opposition from those who feared centralized financial power, leading to its charter not being renewed in 1811.