Ohio banking history

Ohio's banking history began in the early 19th century with the establishment of state-chartered banks to support local commerce. Over time, Ohio experienced periods of bank growth, failures, and consolidation, especially during economic downturns like the Great Depression. The Federal Reserve System, created in 1913, influenced Ohio banks’ operations and stability. In the late 20th and early 21st centuries, Ohio modernized its banking sector, moving towards larger, statewide institutions and stricter regulations. Today, Ohio’s banking industry is a mix of community banks and large financial institutions, serving diverse economic needs across the state.