fbpx
Wikipedia

Provident Institution for Savings in the Town of Boston

December 03, 2023

The Provident Institution for Savings (est.1816) in Boston, Massachusetts, was the first chartered savings bank in the United States. James Savage and others founded the bank[1][2] on the belief that "savings banks would enable the less fortunate classes of society to better themselves in a manner which would avoid the dangers of moral corruption traditionally associated with outright charitable institutions."[3]

Provident Savings building (built 1833), adjacent to King's Chapel Burying Ground, Tremont Street, Boston, 1833-1856

History edit

19th century edit

"The leading citizens of Boston ... felt that participation in the administration of the savings banks in their [city] was an integral part of their civic duties."[3] Led by Savage, founders of the bank included William Ellery Channing, William Cochran, Thomas Dawes, Samuel Eliot, Jonathan Hunnewell, John Phillips, William Phillips, Jesse Putnam, Josiah Quincy, Richard Sullivan, Elisha Ticknor, Redford Webster. Boston's Catholic bishop, John Cheverus, provided significant start-up energy, since a savings bank would encourage virtuous thrifty behavior amongst his parishioners. Early meetings took place in the Exchange Coffee House.[1] They agreed the "object of the institution" was "to provide a safe and profitable mode of enabling industrious persons of all descriptions to invest such parts of their earnings or property, as they can conveniently spare, in a manner which will afford them both profit and security.[4]

In the first decades of its history, the Provident occupied several buildings in downtown Boston -- Court Street (ca.1817), in the courthouse; Scollay Square (1823–1833), in Scollay's building; Tremont Street (1833–1856), adjacent to King's Chapel Burying Ground; and Temple Place (beginning in 1856), in the former mansion of Thomas Handasyd Perkins.

At first, only people who lived in Boston or Charlestown were admitted as depositors. In 1822, the bank expanded its client base to include depositors from "Quincy, Milton, Dorchester, Dedham, Roxbury, Brookline, Waltham, Brighton, Newton, Weston, Cambridge, Watertown, West Cambridge, Medford, Saugus, Malden, and Chelsea."[1] Although the Provident operated as a bank, in its early years it avoided the word "bank" "for the purpose of avoiding a certain sentiment of antipathy, which, at the time, appeared to be entertained toward the existing 'banks' by the common people."[5] The amount of deposits increased dramatically through the years: deposits in 1820 totaled $233,034; in 1830, $986,959; in 1840, $2,071,095; and by 1900, $38,629,876.

Into the 19th century, the Provident's early spirit of civic benevolence and socio-economic inclusion may have diminished. According to one historian, the bank "sought large deposits, made timely loans to textile firms in which its directors were interested, and generally profiteered."[6]

20th century edit

In 1986 the Hartford National Corp. bought the Provident Institution for Savings in Boston for $87.2 million.[7] "The Provident became a wholly owned subsidiary of Hartford National. However, The Provident, which is the fourth-largest savings bank in Massachusetts, will continue to operate under the name it has been using since 1816."[8] The bank kept its original name through 1992. In 1993, the Provident was merged into Shawmut Bank.[9][10]

Images edit

  •  

    Courthouse, Court Square, where the Provident first kept offices, 1817

  •  

    Portrait of founder James Savage (1784-1873), by David Dalhoff Neal 1886

  •  

    Scollay's Building, Scollay Square, Boston, where Provident Savings kept offices 1823-1833

  •  

    Provident Savings building (at right, next to the Boston Museum), Tremont Street, Boston, 1833-1856

  •  

    Former house of Thomas Handasyd Perkins, Temple Place, Boston, occupied by Provident Savings beginning in 1856

References edit

  1. ^ a b c Provident Institution for Savings in the Town of Boston (1916), One Hundred Years of Savings Bank Service, Boston: Provident Institution for Savings, OCLC 11178812, OL 6620182M
  2. ^ George S. Hillard (1878). Memoir of the Hon. James Savage, LL.D., late president of the Massachusetts Historical Society. Boston: John Wilson and Son.
  3. ^ a b Lance Edwin Davis; Peter Lester Payne (1958). "From Benevolence to Business: The Story of Two Savings Banks". Business History Review. 32 (4). ISSN 0007-6805.
  4. ^ By-laws of the Provident Institution for Savings in the Town of Boston, 1816
  5. ^ "History of the Massachusetts Savings Banks". Banker's Magazine and Statistical Register. 43 (2). 1889.
  6. ^ Ronald D. Story (1977). "'That Damned Pack of Sharpers': Savings Banks and American Society in the Nineteenth Century". Reviews in American History. 5 (3): 335–341. doi:10.2307/2701009. JSTOR 2701009.
  7. ^ "Bank Purchase Approved". Boston Globe. March 1, 1986.
  8. ^ "Hartford Nat'l-Provident". Boston Globe. April 2, 1986. p. 66.
  9. ^ Bank Directory of New England. 1987–1992.
  10. ^ Financial Institutions Directory, Massachusetts Bankers Association, 1993

Further reading edit

  • Henry Lee (1893), A Massachusetts savings bank: being an account of the Provident Institution for Savings: together with a discussion of some problems of savings-bank management and legislation, Committee on Charities and Correction to Massachusetts Board of Managers, World's Fair, OL 601606M
  • Court, United States Supreme (1911). "221 US 660 Provident Institution for Savings in the Town of Boston v. Dana Malone". p. 660.
  • Walter Muir Whitehill (1966), The Provident Institution for Savings in the Town of Boston, 1816-1966, Boston{{citation}}: CS1 maint: location missing publisher (link)

42°21′30.79″N 71°3′35.23″W / 42.3585528°N 71.0597861°W / 42.3585528; -71.0597861

December 03, 2023
provident, institution, savings, town, boston, provident, institution, savings, 1816, boston, massachusetts, first, chartered, savings, bank, united, states, james, savage, others, founded, bank, belief, that, savings, banks, would, enable, less, fortunate, cl. The Provident Institution for Savings est 1816 in Boston Massachusetts was the first chartered savings bank in the United States James Savage and others founded the bank 1 2 on the belief that savings banks would enable the less fortunate classes of society to better themselves in a manner which would avoid the dangers of moral corruption traditionally associated with outright charitable institutions 3 Provident Savings building built 1833 adjacent to King s Chapel Burying Ground Tremont Street Boston 1833 1856 Contents 1 History 1 1 19th century 1 2 20th century 2 Images 3 References 4 Further readingHistory edit19th century edit The leading citizens of Boston felt that participation in the administration of the savings banks in their city was an integral part of their civic duties 3 Led by Savage founders of the bank included William Ellery Channing William Cochran Thomas Dawes Samuel Eliot Jonathan Hunnewell John Phillips William Phillips Jesse Putnam Josiah Quincy Richard Sullivan Elisha Ticknor Redford Webster Boston s Catholic bishop John Cheverus provided significant start up energy since a savings bank would encourage virtuous thrifty behavior amongst his parishioners Early meetings took place in the Exchange Coffee House 1 They agreed the object of the institution was to provide a safe and profitable mode of enabling industrious persons of all descriptions to invest such parts of their earnings or property as they can conveniently spare in a manner which will afford them both profit and security 4 In the first decades of its history the Provident occupied several buildings in downtown Boston Court Street ca 1817 in the courthouse Scollay Square 1823 1833 in Scollay s building Tremont Street 1833 1856 adjacent to King s Chapel Burying Ground and Temple Place beginning in 1856 in the former mansion of Thomas Handasyd Perkins At first only people who lived in Boston or Charlestown were admitted as depositors In 1822 the bank expanded its client base to include depositors from Quincy Milton Dorchester Dedham Roxbury Brookline Waltham Brighton Newton Weston Cambridge Watertown West Cambridge Medford Saugus Malden and Chelsea 1 Although the Provident operated as a bank in its early years it avoided the word bank for the purpose of avoiding a certain sentiment of antipathy which at the time appeared to be entertained toward the existing banks by the common people 5 The amount of deposits increased dramatically through the years deposits in 1820 totaled 233 034 in 1830 986 959 in 1840 2 071 095 and by 1900 38 629 876 Into the 19th century the Provident s early spirit of civic benevolence and socio economic inclusion may have diminished According to one historian the bank sought large deposits made timely loans to textile firms in which its directors were interested and generally profiteered 6 20th century edit In 1986 the Hartford National Corp bought the Provident Institution for Savings in Boston for 87 2 million 7 The Provident became a wholly owned subsidiary of Hartford National However The Provident which is the fourth largest savings bank in Massachusetts will continue to operate under the name it has been using since 1816 8 The bank kept its original name through 1992 In 1993 the Provident was merged into Shawmut Bank 9 10 Images edit nbsp Courthouse Court Square where the Provident first kept offices 1817 nbsp Portrait of founder James Savage 1784 1873 by David Dalhoff Neal 1886 nbsp Scollay s Building Scollay Square Boston where Provident Savings kept offices 1823 1833 nbsp Provident Savings building at right next to the Boston Museum Tremont Street Boston 1833 1856 nbsp Former house of Thomas Handasyd Perkins Temple Place Boston occupied by Provident Savings beginning in 1856References edit a b c Provident Institution for Savings in the Town of Boston 1916 One Hundred Years of Savings Bank Service Boston Provident Institution for Savings OCLC 11178812 OL 6620182M George S Hillard 1878 Memoir of the Hon James Savage LL D late president of the Massachusetts Historical Society Boston John Wilson and Son a b Lance Edwin Davis Peter Lester Payne 1958 From Benevolence to Business The Story of Two Savings Banks Business History Review 32 4 ISSN 0007 6805 By laws of the Provident Institution for Savings in the Town of Boston 1816 History of the Massachusetts Savings Banks Banker s Magazine and Statistical Register 43 2 1889 Ronald D Story 1977 That Damned Pack of Sharpers Savings Banks and American Society in the Nineteenth Century Reviews in American History 5 3 335 341 doi 10 2307 2701009 JSTOR 2701009 Bank Purchase Approved Boston Globe March 1 1986 Hartford Nat l Provident Boston Globe April 2 1986 p 66 Bank Directory of New England 1987 1992 Financial Institutions Directory Massachusetts Bankers Association 1993Further reading editHenry Lee 1893 A Massachusetts savings bank being an account of the Provident Institution for Savings together with a discussion of some problems of savings bank management and legislation Committee on Charities and Correction to Massachusetts Board of Managers World s Fair OL 601606M Court United States Supreme 1911 221 US 660 Provident Institution for Savings in the Town of Boston v Dana Malone p 660 Walter Muir Whitehill 1966 The Provident Institution for Savings in the Town of Boston 1816 1966 Boston a href Template Citation html title Template Citation citation a CS1 maint location missing publisher link 42 21 30 79 N 71 3 35 23 W 42 3585528 N 71 0597861 W 42 3585528 71 0597861 Retrieved from https en wikipedia org w index php title Provident Institution for Savings in the Town of Boston amp oldid 1172034148, wikipedia, wiki, book, books, library,

article

, read, download, free, free download, mp3, video, mp4, 3gp, jpg, jpeg, gif, png, picture, music, song, movie, book, game, games.