The Bank of New York became the first bank to erect a building on Wall Street in 1796. This event set a precedent for the development of the street as New York's financial center. Now the Bank of New York building is a notable presence on Wall Street. Designed by Benjamin Wistar Morris III, its setback tower, consummate in a Federal-style tower topped off by an American eagle. The Bank of New York contributes a recognizable key element to the skyline of Lower Manhattan.