How does the story of Hiram Wakefield show how banks developed?

The story of Hiram Wakefield illustrates the evolution of banks from simple local lending institutions to more complex financial entities. Wakefield's establishment of a bank in a small community highlights how banks began to facilitate commerce and support local economies by providing credit and savings options. It also reflects the growing trust in financial systems, as individuals relied on banks for secure transactions and investments, paving the way for the modern banking sector. Ultimately, Wakefield's experience underscores the importance of banks in fostering economic growth and stability in society.