Alexander Brown (1764-1834), an Irish linen merchant, settles in Baltimore and creates the first investment bank in the United States. In 1808, the company organizes the first nationwide public offering for the Baltimore Water Company.
Brown is joined by his four sons in 1810 and the business becomes Alex. Brown & Sons. The company expands its interests internationally in the currency market and trade, especially in tobacco and cotton. The three oldest sons move to other cities and create branches of Alex Brown & Sons. The fourth son George (1787-1859) heads the Brown headquarters in Baltimore, playing a major role in the formation of the Baltimore & Ohio Railroad.
The company survives the Panic of 1837 and subsequent depression but abandons the lending business. It continues to grow and by the mid 19th century, Brown & Sons proclaims itself “America’s foremost international banking enterprise.”
As the oldest privately held brokerage in the United States, the company is acquired by Bankers Trust in 1997 and by Deutsche Bank in 1999. Today, descendants of the first corporation, including Brown Advisory Wealth Management, still survive in Baltimore.
