Because the bank was regarded as a Federalist institution, Jefferson and the Democrats were opposed to it, yet the institution was managed capably and with a view to profits and kept aloof from political controversies. Gallatin, who pleaded the bank's cause with Jefferson, was willing to waive political objections in consideration of the fiscal and business advantages of its operation, and in 1808 when the original charter was soon to expire he advocated its renewal. The objection which weighed most heavily against the bank was the large holdings of the bank's stock abroad and the consequent payment of dividends to foreigners. The trade organizations of the country in general favored the renewal of the charter but state jealousy of the national institution and the repressive effect of the bank and its branches on the smaller new state banks, served to fan political opposition. As a result Congress refused to renew the charter, and in 1811 the bank closed. Its officials attempted to procure a state charter for it in Pennsylvania, but failed. They obtained one, however, in New York under the name, Bank of America, and the concern continued to do business as a state institution.