The first recorded bank heist in U.S. history took place in 1831 when burglars infiltrated the City Bank of New York (now Citibank) on Wall Street, escaping with an astounding $245,000—an enormous sum in early 19th-century America. This audacious crime, carried out in the heart of the nation’s financial district, sent shockwaves through the banking industry and law enforcement, as it represented an unprecedented breach of security in an era before modern vaults and sophisticated alarm systems.
The heist was executed under the cover of darkness with meticulous precision. Unlike later bank robberies that involved armed confrontations, this crime was a burglary, relying on stealth rather than force. The perpetrators carefully broke into the bank after hours, evading detection as they methodically emptied the vault of cash and negotiable instruments. At a time when financial institutions were still developing security protocols, the robbery exposed critical weaknesses in what was believed to be one of the nation’s most secure banks.
News of the theft spread rapidly, triggering widespread concern within New York’s banking community. Given the unprecedented scale of the crime, public confidence in the security of financial institutions wavered. Determined to recover the stolen funds, bank officials enlisted law enforcement, who immediately launched an investigation. However, in the absence of forensic science or organized detective work, authorities relied on informants, surveillance of known criminals, and rudimentary investigative techniques.
Attention soon turned to Edward Smith, a career criminal with a history of burglary. Investigators gathered intelligence linking him to the crime, and after an extensive pursuit, he was arrested. The case saw a breakthrough on March 19, 1831, when most of the stolen money was successfully recovered. Smith’s capture and the return of the funds helped restore confidence in the banking system, yet the heist served as a stark warning for financial institutions nationwide.
The City Bank robbery underscored the urgent need for improved security measures in banking. In its aftermath, financial institutions began investing in stronger vaults, more secure locks, and stricter surveillance, laying the foundation for the advanced security systems that would emerge in the coming decades. Though rudimentary by today’s standards, these early reforms marked a turning point in the evolution of bank security.
The 1831 heist remains a pivotal event in American criminal history—not only because it was the nation’s first major bank robbery, but also because it revealed the vulnerabilities of financial institutions in a rapidly expanding economy. It foreshadowed the increasingly sophisticated heists of the 19th and 20th centuries, in which criminals devised ever more elaborate methods to bypass evolving security measures. While authorities managed to capture Smith and recover most of the stolen money, the case highlighted the challenges law enforcement faced before the advent of professionalized police forces and forensic investigation.
Though largely forgotten by the general public, the City Bank heist of 1831 remains a significant chapter in the history of crime and finance in the United States. It forced banks to recognize and address their security shortcomings, setting a precedent for the ongoing evolution of financial safeguards.
