During the economic downturn following the Panic of 1819, the General Assembly approved the establishment of the Bank of the Commonwealth of Kentucky on November 29, 1820. It was "deemed expedient and beneficial to the state and the citizens thereof" to establish a bank "for the purpose of discounting paper and making loans for longer periods than has been customary, and for the relief of the distresses of the community." The bank was to be located in Frankfort and be governed by a president and twelve directors chosen by joint ballot by the legislature at each session. The bank was to continue until January 1, 1841. No member of the present legislature would be eligible to serve as a director for the twelve months after the end of his term of service and no bank officer could be a member of the legislature.
"Report of the President of the Bank of the Commonwealth of Kentucky," 1833. This broadside contains the statement of the bank's assets and liabilities. It was issued in Frankfort by the president, H. Wingate, and was cosigned by the Speaker of the state House of Representatives, Richard B. New. Kentucky Historical Society Collections.
