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Robert V. Garrett Presents: An Overview of Early Banking in the United States

When banks began appearing in the United States (as early as 1791), most operators needed permission from a state government to open a bank. Because banking was a new field, early lenders who opened banks in cities displayed caution when loaning money to others, typically dealing only in short-term loans – 30 to 60 days. In newer, less populated regions, bankers relaxed these rules, often loaning money to farmers so they could buy land and equipment to work that land.

As banks grew, they offered more services to customers, such as mortgages, special financing options, and loans designed to appeal to specific clients, like college students. These interests represent the bank’s primary purpose, one that has not changed even as the years have passed: to give people a place to store their excess funds, and to use those funds to help citizens acquire automobiles and homes, start businesses, and enroll in college, among other purposes.

About the Author: Robert V. Garrett served Banc One and JP Morgan Chase beginning in 1993, eventually ascending to the position of Executive Vice President – Regional Investment Manager.


Newport Beach Chamber of Commerce: A Resource for Local Businesses

Robert V. Garrett is a member of the Newport Beach Chamber of Commerce located in sunny Newport Beach, California. The organization exists as a network to aid and advocate for local businesses in a variety of helpful, community-centered ways. Formed in 1907, the Newport Beach Chamber of Commerce is one of the most robust in the state of California, with over 900 member businesses accounted for representing approximately 20,000 employees.

Recently, the Newport Beach Chamber of Commerce introduced a new way for their members to interact: Chamber Connect Lunches. These informal lunches composed of no more than 10 members at a time introduce a multitude of networking opportunities and have taken place at local eateries such as Champanges Deli and Grill and Sol Cocina. To access information about the history and members of the Newport Beach Chamber of Commerce, please visit

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