Why are there so many ‘First’ banks, churches, etc

Question

You’ll see banks called “First National Bank of X”, or the “First Baptist Church of Y”. A bank or church, with the exact same name, will also exist somewhere else. I live and have traveled all over the US (specifically the Bible Belt) for years now and I’ve noticed this trend.

What gives? Maybe the answer is really obvious and I can’t put it together.

Edit: How come you almost never see the “Second National Bank/Church of X/Y”?

In: Other

Answer 1

It’s used most frequently in places where longevity implies trustworthiness. A bank that’s been around longer than any other is probably a bank that won’t disappear overnight with your money. Second and third (but not fifth third) are poor marketing, since they clearly imply someone superior, so you might as well go to that rival.