New Bedford Five Cents Savings Bank Incorporated April 18 1855 Organized May

Cover New Bedford Five Cents Savings Bank Incorporated April 18 1855 Organized May
New Bedford Five Cents Savings Bank Incorporated April 18 1855 Organized May
George H H Allen
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Arthur Beauvais and associates of a new National Bank, the Citizens, which some twenty years ago was merged with the Mechanics National Bank, and it was voted to subscribe for 100 shares of this stock.
(Foi tx) Another item of local history is furnished by the loan May 8, 1875 to T. S. Corson of $3, 000, on his new brick block on William St. , corner of Bethel, just east of the first home of the New Bedford Institution for Savings.
The cotton business of Fall River had expanded rapidly and more
... capital being required than could be locally supplied, applications by her corporations and citizens to the Bank for loans opened another field for investment and the resources permitting such loans, Nov. 13, 1875 it was voted : — "That Alex. H. Seabury and the President be a committee to investi- gate the standing of Fall River Corporations and men. " Their report being favorable a new outlet for the Bank's funds was found.
It had been the practice for many years to take interest in advance or discount personal security loans, but this was stopped by vote of April 14, 1877.


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