In 1814 the territorial legislature chartered the two first banking institutions in the territory - "The farmers and Mechanics Bank of Indiana," at Madison, by an act of September 6, and "The Bank of Vincennes," on September 10. The property of the former was limited to $750,000 and that of the latter to $500,000. Both charters were granted till 1835. On January 1, 1817, the Vincennes institution was adopted as the State Bank of Indiana and it was authorized to increase its capital by a million dollars, to be divided into ten thousand shares of $100. It was also empowered to adopt the Farmers and Mechanics Bank as one of its branches. Before 1821 other branches were established at Brookville, Corydon and Vevay. The State Bank became so dishonest that n 1822 the Legislature proceeded against it and deprived it of its franchises after proving sundry crimes including embezzlement (for history of banking see Esarey's "History of Indiana," by W. F. Harding in Journal of Political Economy, December 1895, and chapter in Smith's History of Indiana).