THE
PASSUMPSIC SAVINGS BANK [St. Johnsbury,VT] was incorporated in 1852
and commenced business February 24, 1853. The original cooperators were
Joseph P. Fairbanks, Edward C. Redington, Ephraim Chamberlin, Barron Moulton,
Samuel W. Slade, David Hibbard, Gustavus A. Burbank, Jesse P. Bancroft,
Charles Blinn, John Morse, Asa L. French, and T. Jefferson Cree. The board
of officers elected at its first meeting was as follows: President, Barron
Moulton; vice-president, Jesse P. Bancroft; secretary, E. A. Cahoon; treasurer,
Edward C. Redington; trustees, Samuel W. Slade, William B. Hale, Samuel
A. Chandler, David Hibbard, Moses Kittridge, John McLean, Gustavus A. Burbank,
T. Jefferson Cree, John Morse. The first meeting was held at the St. Johnsbury
House, and when organized, the business was transacted at the rooms of
the old Passumpsic bank, of which Edward C. Redington was cashier, Upon
the election of Henry H. Deming as treasurer, which occurred March 10,
1858, the books and papers of the bank were transferred to the store of
Boynton & Deming. Here the business was transacted until March, 1861,
when Hon. Jonathan R Ross became treasurer and the books were moved to
his office. Here they remained until March, 1869, when upon the election
of David Boynton as treasurer they were moved back into the old store of
Boynton & Deming. At this time the amount due depositors was $98,000
in round numbers. The business of the bank soon outgrew its present quarters
and in 1879 a room was fitted up over Bingham's drug store and the institution,
for the first time in its history, became separate and distinct from any
other business and assumed the dignity of an independent banking institution.
The
amount due depositors had now swelled to $600,000, and the number of depositors
had increased to 3,145. In 1885 the present commodious quarters became
the property and home of the bank. The building is a handsome and commodious
three-story structure of thirty feet front by sixty in depth. Its walls
are solid brick and every part of it is constructed in the most substantial
manner. The banking rooms are large and well-lighted and attractively finished
in native cherry. The ceilings are of corrugated iron. For the protection
of its books and papers it has a large fire-proof vault. The building is
located on Main street where formerly stood the residence of William Fuller.
During a period of fifty years this bank has never passed a dividend and
has paid over to its depositors after deducting expenses and taxes and
accumulating a good surplus the sum of $1,398,000 in dividends as follows;
One dividend at 1 ½ per cent. for two months, two dividends at 1
¾, percent. for six months, four dividends at 1 ½ percent.
for six months, twenty-eight dividends at 2 per cent. for six months, seven
dividends at 2 ¼ per cent. for six months, fifty-two dividends
at 2 ½ percent. for six months, four dividends at 3 per cent. for
six months, and four extra dividends at 6 ¾ percent.
Its
board of officers is as follows: President, T. M. Howard; vice-president,
W. P. Smith; treasurer, W. S. Boynton; trustees, T. M. Howard, W. P. Smith,
W. S. Boynton, T. C. Fletcher, H. N. Turner, L. B. Hartshorn, E. F. Brown,
A. B. Noyes, Jonathan Ross; bookkeeper, C. S. Adams; teller, R. C. Baker;
assistant, A. B. Moore.
The
bank is conducted solely for the benefit of its depositors, to whom belong
the entire assets. Its surplus stands as a guarantee against loss, and
not only that, but it is the property of the depositors. There being no
stockholders to absorb the earnings, this surplus will eventually be divided
among the depositors. It is purely a mutual benefit savings association
and makes no attempt to do a general banking business only so far as to
accommodate its many customers. What better and safer investment can be
provided for the small earnings of the working and saving people of the
land. A thousand men win competence by quietly saving their spare money
where one gets rich by crazy speculation.
Source:
Successful Vermonters, William H. Jeffrey, E. Burke, Vermont, The Historical
Publishing Company, 1904, page 104-106.
Prepared
by Tom Dunn, August 2005
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