Bristol County, Massachusetts - Chapter 26, 1883

The Banking Interest

The National Union Bank - The Fall River National Bank - The Massasoit National Hank - The Metacomet National Bank - The Pocasset National Bank - The First National Bank - The Second National Bank - The Fall River Savings-Bank - Citizens' Savings-Bank - The Fal River Five-Cent Savings-Bank - The Union Savings-Bank.

The National Union Bank. - The National Union Bank is the oldest bank in the city, having been chartered as the Bristol Union Bank, of Bristol, R. I., in 1823. Its authorized capital was $50,000, with the privilege of increasing the same to $200,000. It commenced business in 1824 with a paid in capital of $10,000, which was increased within the next two years to $40,000. In 1834 the capital was increased to $100,000; in 1846 to $200,000, and in 1866 to $300,- 000, its present capital.

The first president of the bank was Barnabas Bates, who officiated till some time in 1824, when he was succeeded by Parker Borden, who held the office until 1838, when he was followed by David Durfee. Mr. Durfee was succeeded in 1846 by Nathaniel B. Borden, who remained until 1865, and was then succeeded by Jesse Eddy. Mr. Eddy was president until 1874, when Cook Borden became president, and Mr. Borden was succeeded by the present president, Mr. Daniel Wilbur, in 1881.

The cashiers have been as follows : Nathaniel Wardwell, 1824; Josiah Gooding, 1825; William Coggeshall, 1826-60; Daniel A. Chapin, from 1860 to the present time.

In 1830, Fall River, Mass., affording a more promising field for banking operations, the bank was removed from Bristol and located in Tiverton, just over the line from Fall River, and its name changed to the Fall River Union Bank. Its office was on South Main Street, opposite the head of Columbia Street. In 1837 the bank erected for its accommodation the brick building corner of South Main and Rodman Streets, and removed its office to the lower floor, where it continued its business until 1862. In that year, by the change of boundary line, Fall River, R. I., became Fall River, Mass., and the bank was

Fall River

In June, 1865, the bank became a national hanking association, under the name of the National Union Bank. In 1872 the office of the bank was removed to No. 3 Main Street. The present officers are as follows: President, Daniel Wilbur; Cashier, Daniel A. Chapin ; Directors, Daniel Wilbur, Thomas Borden, William B. Durfee, William H. Ashley, John D. Flint, Samuel Wadington, D. A. Chapin, D. M. Anthony, A. S. Covel.

The Fall River National Bank - The Fall River Bank was the first banking institution established in this town. It was chartered in 1825. The preliminary meeting to consider the expediency of establishing a bank in what was then the " village" was held at the office of James Ford, Esq., Jan. 18, 1825. The record reads as follows :

" At a meeting of the citizens of the village of Fall River at the office of James Ford, Esq., Jan. 18, 1825, pursuant to previous notice, to take into consideration the expediency of establishing a bank in said village, David Anthony being called to the chair and James Ford appointed secretary, it was

The act of incorporation contains the names of Oliver Chace, David Anthony, Bradford Durfee, Richard Borden, Nathaniel B. Borden, John C. Borden, Lucius Smith, Samuel Smith, Clark Shove, Harvey Chace, Edward Bennett, Arnold Buffum, James Ford, James G. Bowen, William W. Swain, Benjamin Rodman, William Valentine, and Holden Borden.

At the first meeting of the stockholders, April 7, 1825, Oliver Chace, David Anthony, Bradford Durfee, Sheflfel Weaver, Edward Bennett, Gideon Howland, Benjamin Rodman, John C. Borden, and Richard Borden were elected directors, and at a subsequent meeting of the directors, May 3, 1825, David Anthony was chosen president, and Matthew C. Durfee cashier.

David Anthony, after a service of forty years, resigned the office of president on account of ill-health in 1865, and was succeeded by Col. Richard Borden, who died in 1874, and was succeeded by Guilford H. Hathaway, the present president.

Matthew C. Durfee continued as cashier until 1836, when he resigned, and was succeeded by Henry H. Fish, who served twenty-seven years, resigning in 1863. George R. Fiske was elected his successor, and served until 1873, when he resigned, and was succeeded by Ferdinand II. Gilford, the present cashier.

The first banking-house of the Fall River Bank was a brick building, erected in 1826, on the corner of Main and Bank Streets. It was destroyed by the great fire in 1843, but rebuilt of the same material the same year.

The present officers are as follows : President, Guilford H. Hathaway; Cashier, Ferdinand H. Gifford; Directors, G. H. Hathaway, William L. Slade, John P. Slade, Richard B. Borden, Isaac Borden, Henry S. Fenner, F. H. Gifford.

The Massasoit National Bank. - The Massasoit Bank was organized June 2, 1846, with an authorized capital of $100,000. Jason H. Archer was elected president, Leander Borden cashier, and Jason H. Archer, Oliver S. Hawes, Azariah Shove, Nathan Durfee, Henry Willard, Irani Smith, and Benjamin Wardwell a board of directors. The bank commenced business in December, 1846, with a paid up capital of $50,000, which was increased in the following March to $100,000. In January, 1854, the capital stock was again increased to $200,000.

In October, 1852, Dr. J. H. Archer, having removed from the town, resigned his office as president, and Israel Buffinton was chosen his successor. In October, 1864, Charles P. Stickney was elected president, vice Israel Buffinton, resigned. Charles P. Stickney resigned Sept. 11, 1878, and Irani Smith elected president. Leander Borden resigned Nov. 1, 1881, and E. W. Borden elected cashier.

In December, 1864, the bank was converted into a national banking association, under the name of the Massasoit National Bank. It was also made a depository and financial agent of the United States.

The bank when first established occupied rooms in the north end of the Mount Hope Block, corner of Main and Franklin Streets. It continued here for thirty years, or until 1876, when it was removed to its more commodious and convenient banking-house at the Four Corners, the northeast corner of Main and Bedford Streets.

The present officers are as follows: President, Irani Smith; Cashier, Eric W. Borden; Directors, Irani Smith, Southard H. Miller, Edmund Chase, William Mason, Bradford D. Davol, Charles M. Shove, George A. Chace, Nathaniel B. Borden.

The Metacomet National Bank. - The Metacomet Bank was incorporated by the Legislature of 1852-53, with a capital stock of $400,000, which was soon after increased to $600,000. It was organized in the summer following by the choice of Jefferson Borden as president, Azariah S. Tripp cashier, and a board of nine directors, viz. : Jefferson Borden, Nathan Durfee, William Lindseyj Philip D. Borden, Thomas J. Bor- den, Daniel Brown, William Carr, William Marvel, and Joseph Crandall. The bank was located in the brick building corner of Water and Pocasset Streets, and commenced business in December, 1853, with a capital then as large as that of any bank in the commonwealth outside of Boston.

In 1865 the institution was converted into a national' banking association, under the name of the Metacomet National Bank of Fall River, No. 924. After having been located on the boundary of the " Border City," it removed in 1876 to its present commodious and complete banking-house in the Borden Block, corner of South Main and Pleasant Streets.

Mr. Borden remained president until January, 1880, when he was succeeded by William Lindsey, the present incumbent. Mr. Tripp has remained cashier of the bank from the first, a period of nearly thirty years, and is one of the oldest bank officials in term of service in the commonwealth.

The Pocasset National Bank. - The Pocasset Bank was incorporated by the General Assembly of the State of Rhode Island in May, 1854, Moses Baker, Oliver Chace, and Joseph Osborn being named in the charter. The bank was organized June 3, 1854, by the choice of Oliver Chace, Samuel Hathaway, Weaver Osborn, Gideon H. Durfee, and Moses Baker, of Tiverton, and John C. Milne and William H. Taylor, of Fall River, Mass., as directors. Oliver Chace was elected president, and William H. Brackett cashier.

The bank was located in the Fall River Union Bank building, corner of South Main and Rodman Streets, then in Tiverton, R. I. In 1856 the town of Tiverton was divided, and that part wherein the bank was located became Fall River, R. I. In 1862 the boundary line between Rhode Island and Massachusetts was changed, Fall River, R. I., being set off to Massachusetts, and the bank, by authority of the Legislature, became a Massachusetts institution, and was removed to the office in the northwest corner of the market building, now City Hall, on Main Street.

Feb. 1, 1865, the bank was organized as a national bank under the title of the Pocasset National Bank, No. 679. In 1872 the bank purchased the lot on the southeast corner of Main and Bedford Streets, and erected on the " Four Corners," so called, a fine granite building of three stories high, with a mansard roof. In January, 1873, the bank was removed to its present eligible location on the lower floor of this building.

At the annual meeting of the board of directors, Jan. 6, 1882, Oliver Chace resigned the presidency, and on the following day William H. Hathaway was elected to fill the vacancy.

Dec. 9, 1862, William H. Brackett resigned, and was succeeded by the present cashier, Mr. Edward E. Hathaway, who has been connected with the bank since its organization in 1854.

his death, when he was succeeded by Mr. Weaver Osborn, the present president. Only three of the original board of directors are living, viz., Weaver Osborn, John C. Milne, and Gideon H. Durfee. Mr. Osborn and Mr. Milne are members of the present board.

The present board is as follows: Weaver Osborn, Nathan Read, Danforth Horton, Linden Cook, Foster H. Stafford, John C. Milne, E. E. Hathaway. Capital, $200,000; surplus, $40,000; undivided profits, $37,475.13.

The First National Bank was organized Jan. 23, 1864, with a capital of $200,000. Hon. John S. Brayton was elected president, and Mr. Charles A. Bassett cashier. In March, 1865, the capital stock was increased to $400,000, which is its present figure. From the date of organization until 1870 it was a United States depository and financial agent. The bank is located at No. 14 Granite Block, on the corner of Main and Central Streets, the southwest of the " Four Corners," so called. Mr. Charles A. Bassett, cashier, having in 1877 been elected treasurer of the Fall River Savings-Bank, was succeeded by Mr. Hezekiah A. Brayton, who remained cashier until April 28, 1880, when he was succeeded by Mr. C. E. Hendrickson, the present incumbent. The present officers of the bank are as follows : President, John S. Brayton ; Cashier, Charles E. Hendrickson ; Directors, John S. Brayton, William B. Brayton; H. A. Brayton, D. A. Brayton, Jr.

The Second National Bank is a successor of the Wamsutta Bank, which was incorporated as a State bank June 4, 1856, with a capital of $100,000. The first board of directors were S. A. Chace, Hale Remington, James B. Luther, Brownell W. Woodman,

E. C. Kilburn, Thomas F. Eddy, and Thomas Almy. S. A. Chace was chosen president, and officiated in that capacity until 1878, when he resigned, and Thomas

F. Eddy was elected to that position. Charles J. Holmes was elected cashier, and has continued to the present time. In May, 1864, the bank was reorganized as the Second National Bank of Fall River, and the following year the capital was increased to $150,000. The present board of directors are Thomas F. Eddy, E. C. Kilburn, C. J. Holmes, C. E. Fisher, Leontine Lincoln, Albert Winslow, and A. B. Sandford. Capital, $150,000 ; undivided earnings, $34,000.

The Fall River Savings-Bank was incorporated March 11, 1828, and Oliver Chace, James Ford, Henry Chace, Bradford Durfee, John C. Borden, Clark Shove, and Hezekiah Battelle were constituted a corporation by the name of the Fall River Institution for Savings.

The organization of the institution was completed by the election of Micah H. Ruggles as president, Harvey Chace secretary, and James .Ford treasurer. The first board of trustees were as follows: David Anthony, Samuel Chace, Nathaniel B. Borden, John C. Borden, Harvey Chace, Joseph Gooding, James

Ford, Bradford Durfee, Richard Borden, John S. Cotton, Clark Shove, Philip R. Bennett, Joseph C. Luther, Jesse Eddy, Enoch French, Hezekiah Battelle, Matthew C. Durfee, and William H. Hawkins. Enoch French, David Anthony, Matthew C. Durfee, Jesse Eddy, and Harvey Chace were constituted a board of investment.

May 28, 1828, the bank was opened for business, and sixty-five dollars was deposited on that day by four depositors. During the first year there was three thousand two hundred and twenty-four dollars received from fifty-eight depositors, but of this amount five hundred and eighteen dollars was withdrawn. The first dividend was made in October, 1828, amounting to thirteen dollars and four cents.

The act of incorporation provided for its continuance for a term of twenty years. In April, 1847, by special vote of the Legislature, the act was continued without limitation. In April, 1855, the name of the bank was changed to " The Fall River Savings-Bank. " \

The bank has had but four presidents, viz., Micah H. Ruggles, from 1828 to 1857 ; Nathaniel B. Borden, from 1857 to 1865 ; Job B. French, from 1865 to 1882; | and William Lindsey, from 1882 to the present time. Its original place of business was in the office of James Ford, the first treasurer. In 1830 it was removed to the store of Hawkins & Fish, southeast corner of Main and Bedford Streets, Mr. William H. Hawkins having succeeded Mr. Ford in the office of treasurer. In July, 1833, Mr. Hawkins was succeeded by Mr. Henry H. Fish, who was in turn succeeded in 1836 by Mr. Joseph F. Lindsey. Mr. Lindsey devoted the best years of his life to the interests of the bank, and upon his retirement in 1877, after forty years' service in an office which he had conducted with marked honesty, ability, and courtesy, was complimented with the appointment of vice-president of the corporation. His successor as treasurer was Mr. Charles A. Bassett, who has continued to the present time. Mr. Bassett had been cashier of the First National Bank of Fall River for thirteen years.

The bank continued in Mr. Fish's store till some time in 1841, when an increase of business demanded more room, and a small building in the rear of the old post-office on Pocasset Street was procured. It remained here about a year, and was then removed to the basement of a house on North Main Street, owned and occupied by Dr. Nathan Durfee. This house was destroyed in the great fire of July, 1843, and a private dwelling was occupied by the bank until the next January, when the Mount Hope House Block was completed on the site of the former office. The bank was then moved into the office in the southwest corner of this block, where it remained until the erection of its own banking-house on North Main Street in March, 1869, which is one of the most complete in the State.

of four and a half per cent, was paid, which made good to the depositors the deficiency of 1879. The total dividends from organization up to and including October, 1882, amount to three hundred and thirtythree and a half per cent., making an average of six per cent, since its organization.

Previous to the spring of 1878 the bank had continuously increased its deposits, until the amount reached an excess of $6,000,000. The well-known local financial irregularities of that and the following year caused universal distrust, and it was deemed expedient that the bank should take the benefit of the restrictive act limiting payments, known as the " Pay Law." It was first applied to the bank in July, 1878, and continued in force until April 1, 1880, when the bank resumed payment under its by-laws, and has since paid upon demand all sums desired by the depositors, and the managers can now confidently say that in their opinion it is as sound and safe as never before. The present deposits amount to over $4,400,000.

The present officers are as follows : William Lindsey, president; A. S. Tripp, vice-president; Isaac B. Chace, clerk; Trustees, J. B. French, A. S. Tripp, Caleb B. Vickery, Robert C. Brown, Guilford H. Hathaway, Benjamin Earl, William Lindsey, Isaac B. Chace, Thomas J. Borden, James C. Eddy, Bradford D. Davol, Newton R. Earl, Crawford E. Lindsey, Samuel R. Buffinton, Henry C. Hawkins, Henry K. Braley, Clark Shove, Ferdinand H. GifFord, Robert Henry; C. A. Bassett, treasurer; N. R. Earl, secretary board of trustees; Board of Investment, William Lindsey, Guilford H. Hathaway, Robert C. Brown, James C. Eddy, Henry C. Hawkins.

Citizens' Savings-Bank. - " In 1851 the October session of the General Assembly of the State of Rhode Island passed an act incorporating ' The Savings-Bank,' to be located in Tiverton. Oliver Chace, Jr., Cook Borden, Thomas Borden, Clark S. Manchester, and their associates and successors, were created a body politic, under the name and style of ' The Savings-Bank,' with perpetual succession. The amount of deposits to be received was limited to four hundred thousand dollars.

" The bank was organized Nov. 15, 1851, by the election of Joseph Osborn, president ; Charles F. Searle, secretary; William H. Brackett, treasurer; and a board of fifteen trustees. Cook Borden, Oliver Chace, Jr., Weaver Osborn, William C. Chapin, and Samuel Hathaway were chosen a board of investment. The bank was opened for business Dec. 1, 1851, at the office of the Fall River Union Bank, and on that day the first deposit was made.

"In June, 1854, the bank was removed to the office in the southwest corner of the Fall River Union Bank building, on South Main Street, corner of Rodman Street, and continued there until the change in the boundary line between Rhode Island and Massachusetts, March 15, 1862, when it became a Massachu- setts institution, under the name of the Citizens' Savings-Bank, and was removed with the Pocasset Bank to the northwest corner of the market building, now City Hall. In January, 1873, the bank was again removed to the office prepared for it, in connection with the Pocasset National Bank, in the latter's new building, erected for a banking-house and other purposes, on the corner of Main and Bedford Streets.

" In December, 1862, William H. Brackett resigned the office of treasurer on account of removal to another city, and Edward E. Hathaway was elected to fill the vacancy.

The Fall River Five-Cent Savings-Bank was incorporated April 10, 1855, with the following incorporators : S. Angier Chace, Hale Remington, Walter C. Durfee, James Buffinton, E. P. Buffinton, B. H. Davis, A -a P. French, and Alvan S. Ballard. The institution was organized on the 25th of the following October, with S. Angier Chace, president; Hale Remington, secretary; Charles J. Holmes, Jr., treasurer; and S. Angier Chace, Asa Eames, E. P. Buffinton, Abner L. Westgate, and Kobert K. Remington, a board of investment. Mr. Chace remained president until 1878, when he resigned, and was succeeded by Walter

C. Durfee. Mr. Bemington continued as secretary until October, 1856, when John P. Slade was elected to that position. There has been no change in the office of treasurer, Mr. Holmes having officiated during the twenty-seven years of the bank's existence. The present deposits amount to $1,100,000 ; surplus, $30,000. The present board of investment is as follows: Walter C. Durfee, E. C. Kilburn, Iram Smith, S. M. Brown, and Edwin Shaw.

The Union Savings-Bank was incorporated April 24, 1869, with Gardner T. Dean, Edwin Shaw, and Lafayette Nichols as corporators. An organization was immediately effected by the choice of Augustus

Chace, president; James M.Morton, Jr., secretary ; D. A. Chapin, treasurer ; and a board of twenty-five trustees. The board of investment consisted of Cook Borden, William B. Durfee, Gardner T. Dean, Lafayette Nichols, and Alphonso S. Covel. The bank opened for business in May, 1869.

Its present officers are as follows : President, Augustus Chace; Secretary, Abraham G. Hart; Treasurer, Daniel A. Chapin ; Board of Investment, Nathan Chace, William B. Durfee, Gardner T. Dean, Lafayette Nichols, A. S. Covel.