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| Citizens-Union Savings Bank |
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History:
From the booklet titled "One Hundred Years of Service - 1851 to 1951" written in 1951.
There had been a great need for some time for a Savings Bank in Tiverton, R.I., the thriving community just over the line from Massachusetts, and in 1851 the time seemed propitious to establish such a Bank.
A gathering of prominent men was called together on November 10, 1851 by Oliver Chace, Jr., including Clarke S. Manchester, Cook Borden, Thomas Borden, Joseph Osborn, William P. Sheffield, William C. Chapin, William Boomer, Weaver Osborn, Samuel Hathaway, Charles R. Dring, Charles H. Peirce, Charles F. Searle, Nathaniel B. Durfee, Samuel West, Joseph M. Davis, John McCorrie; and Asa Gray of Tiverton; and John Church and Otis Wilbur of Little Compton, R.I.
It was voted to accept the charter which had already been granted and to meet formally on November 15th to organize and elect Officers and Trustees. At that meeting all the above were elected Trustees, and Mr. Joseph Osborn was elected President, Charles F. Searle, Secretary, and William Henry Brackett, Treasurer. It was decided to open for business on December 1st and that the office for business be established for the present at the Fall River Union Bank, Tiverton's commercial Bank.
The Citizens Savings Bank, then known as The Savings Bank, received its Charter in 1851 at the October Session of the General Assembly of the State of Rhode Island and Providence Plantation and was located in Tiverton of that State. With a very large key, over five inches long, our first Treasurer, William H. Brackett, unlocked the Savings Bank door at the corner of Rodman and South Main Streets. Little did he realize, as he turned the large key in the lock, on the morning of December 1, 1851, that it was to be symbolic of the Bank's growth by service in the coming century.
Thirty-four accounts were opened on that first day - fifteen each by people from Fall River and Tiverton, two from Boston, and one each from Freetown and Middletown. The first account was opened by Oliver Chace, Jr., in the name of his wife. The next three were by Angeline Allen, William T. Allen, and Israel Buffinton.
The town of Fall River at that time lay partly in Massachusetts and partly in Rhode Island, really one homogeneous community, but each part under the control of its own municipal government. For many years the question of the boundary line was a vexing one, and especially displeasing to the inhabitants of Fall River.
The Buttonwood Tree was generally considered to be the boundary line between the two states. This tree was located on the east side of South Main Street, about opposite No. 286, and remained for many years as the boundary mark, until it was cut down by the City of Fall River on April 9, 1896.
Some few years after the Bank was opened, the section in which it was located was re-named Fall River, Rhode Island, and set apart from Tiverton, Rhode Island, by an Act of the Rhode Island General Assembly. However, it was not until late in 1861 that the long awaited boundary decision was handed down by the United States Supreme Court, to take effect on March 1, 1862, when the Town of Fall River, R.I. was annexed to, and became a part of the City of Fall River, Massachusetts.
To meet this new status and continue in business, it was necessary for The Savings Bank to apply for a new charter in Massachusetts. This was granted on February 28, 1862 by the Massachusetts Senate and House of Representatives in General Court - and the name was changed to The Citizens Savings Bank. This was approved by Governor John A. Andrew, on March 1, 1862.
Fall River by 1851 had made a remarkable recovery from its first major conflagration, that of July 1843. The Town now was rapidly developing into a flourishing and progressive textile manufacturing center with other industrial enterprises, such as print works, thread mills, iron works and tanneries. It had a population of 12,000; and an assessed valuation of nearly $7,500,000, an increase of over $4,500,000 during the preceding ten years. There were twenty-one schools, a dozen churches, three newspapers, several hotels, four banks, a railroad to Boston, and steamship lines to New York, Providence, and Newport.
In the original Charter, the total deposits allowed was fixed at $400,000 - by 1854 the Bank's deposits had increased to over $323,000 and in 1855 an Amendment to the Charter permitted the level of deposits to be raised to $1,000,000.
Original By-Laws restricted withdrawals to the second Mondays of June, September, December and March - and one week's notice was required, except "The Treasurer may pay any Depositor at any time if unappropriated funds be sufficient."
Characteristic New England thrift prevailed as the salary of the Treasurer was fixed at $175 for six months' service; the Board of Investment served without salary until 1853 when the members received $26 per annum. Rented space was at the yearly rate of $60.
Besides the Fall River Union Bank, located over the Massachusetts State Line, there were the Fall River Bank founded in 1825, now the Fall River National Bank; the Fall River Savings Bank, founded in 1828; and the Massasoit Bank, founded in 1846. All these were located in the heart of the business district.
The Fall River Union Bank was in a brick building, built in 1837, on the northeast corner of South Main and South Bank (now Rodman) Streets. It is not clear which portion was used for The Savings Bank - business may have been conducted by both Banks over the same counter.
In January 1854, several of the leading spirits in the Savings Bank decided that another commercial Bank with an interlocking directorate might be profitable, and a committee consisting of Oliver Chace, Jr., Clarke S. Manchester, and Samuel Hathaway, was appointed to enter negotiations with the Union Bank for the purpose of hiring a room in their building to house the new bank. Meanwhile preparations were being made for the organization of what was to be called the Pocasset Bank, and in the May Session the Act was passed authorizing its formation with a capital of $200,000. William H. Brackett, Treasurer of The Savings Bank, was elected Cashier, and Joseph Osborn, President.
This arrangement continued for eight years, when all three Banks moved to the center of the City, The Citizens Savings Bank and the Pocasset Bank occupying the southeast corner of South Main and Bedford Streets, and the Union Bank occupied a store south on Main and what is now Market Street. The Pocasset Bank became the Pocasset National Bank in 1865. The property housing the two Banks was purchased by John C. Milne and Thomas Almy, publishers of the "Fall River Evening News" - paying $15,000 for the property - and very soon afterwards they resold the property to the Pocasset National Bank for what they had paid for it.
Erection of a new four story granite building was under way in 1872, and for the following thirty years The Citizens Savings Bank occupied the Main Street corner, together with the Pocasset National Bank-and with the same office force for both Banks.
In 1903, an Act of the Legislature compelled the liquidation or consolidation of several Fall River Banks, and also required the separation of Banks that were quartered or operated jointly. Accordingly, the Pocasset National Bank was merged with the Massasoit National and National Union Banks and the new organization became the Massasoit-Pocasset National Bank and was located at the corner of Bedford and Second Streets. The Citizens Savings Bank purchased the building it was occupying from the Pocasset Bank.
In the early part of 1921, the size and activity of the Bank made it desirable to enlarge and alter the present building, and in order to get more space, a portion of the premises to the south, owned by the Union Savings Bank was purchased, giving the Citizens Bank one-half of the frontage on Main Street between Bedford and Market Streets-the Bank's present location. In September 1921 work began on the new building, and was completed early in 1923.
Five years later the handsome new building was consumed in the great conflagration of Feb. 28, 1928-and temporary quarters were obtained in the Masonic Temple building on North Main Street. The building and contents were a complete loss, excepting the vaults which withstood the flames, water and bitter cold weather. Nothing in the vaults suffered any damage.
The Thomas M. James Co., of Boston was engaged to prepare plans for the present building on the historic corner it had occupied for more than half a century-and the building was completed and opened for business on August 17, 1929.
So far came these honored forebears. Now let us go ever forward. |
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