- a bank that issued notes without adequate security in the period before the establishment of the national banking system in 1864.[1830-40, Amer.]
* * *In the U.S., an unsound bank chartered under state law during the period of state banking control (1816–63).Such banks distributed currency backed by questionable securities and were located in inaccessible areas to discourage note redemption. Note circulation by state banks ended with the passage of the National Bank Act of 1863, which provided for the incorporation of national banks and the issue of banknotes on the security of government bonds. The term wildcat bank was later applied to any unstable bank.
* * *▪ United States historyunsound bank chartered under state law during the period of uncontrolled state banking (1816–63) in the United States. Such banks distributed nearly worthless currency backed by questionable security (e.g., mortgages, bonds) and were located in inaccessible areas to discourage note redemption. Note circulation by state banks ended after the passage of the National Bank Act of 1863, which provided for the incorporation of national banks under federal law and the issue of bank notes on the security of government bonds. The term wildcat bank was subsequently applied to any unstable bank.
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