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PostPosted: Sun Feb 11, 2007 12:32 am 
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The first approach, probably, to a bank in Manchester was the system the Amoskeag Manufacturing Company adopted, not long after its operations had assumed a con siderable magnitude, which enabled those in its employ to trust their earnings to its keeping. This plan was begun in 1842 and continued till September, 1856, when the Company refused to receive any more deposits. At that time the sum in its hands was not far from two hundred thousand dollars, and it was gradually paid back as the depositors called for it. About three thousand dollars were left in 1863 and a few hundreds remained five years later, but the money has since been all paid out. The whole system was merely incidental to the Company s business. No especial investments or loans were made on account of the deposits, the paymaster did this business as he did the rest, and the accounts were kept as in other departments of the Company’s business.

The Manchester Bank, chartered by the state in December, 1844, was organized in 1845 with the following directors : Samuel D. Bell, Hiram Brown, Jacob G. Cilley. Isaac C. Flanders, Walter French, William C. Clarke and Nathan Parker. At the annual meeting in July, 1845, James U. Parker, Samuel D. Bell, David A. Bunton, Hiram Brown, Jonathan T. P. Hunt, William C. Clarke and Isaac Riddle were chosen directors. James U. Parker was elected president, and Nathan Parker cashier, both continuing in office till the bank ceased to do business.

The bank began operations September 2, 1845, in Patten’s building, with a capital of fifty thousand dollars, which was increased in 1847 to seventy-five thousand and in 1848 to one hundred thousand dollars. In 1850 ten thousand dollars were added, and, two years later, fifteen thousand, making a capital in 1852 of one hundred and twenty-five thousand dollars.

In 1848, upon the resignation of Mr. Bell, George W. Pinkerton was elected a director in his place, and in 1849 Daniel Watts of Londonderry was chosen to succeed Mr. Clarke, resigned. Mr. Pinkerton resigned in 1853 and went to Derry, David Gillis being chosen in his place. In 1854 Mr. Brown resigned and went to California and John H. Maynard succeeded him. Patten s building was burned February 5, 1856, and the bank was moved to Merchants Exchange, being taken across the street in the fall to the rooms on the corner of Elm and Market streets now occupied by the Manchester National Bank.

In 1858, upon the death of Mr. Watts, Gilman H. Kimball was elected a director. In 1860, upon the resignation of Mr. Gillis and his removal to Nashua, Benjamin F. Martin was chosen to succeed him, and in 1864 Phinehas Adams succeeded Mr. Riddle. In 1865, upon the decease of Mr. Hunt, Charles Chase was elected in his stead and the officers were as follows : James U. Parker, president ; Nathan Parker, cashier; James U. Parker, David A. Bunton, John H. Maynard, Phinehas Adams, Benjamin F. Martin, Charles Chase, directors. In 1866 the bank ceased doing business, and in that year and the spring of 1867 the stockholders were paid dividends of one hundred and forty dollars per share, and there is still a small balance of profits to be divided among them. The semi-annual dividends were about four per cent, on an average.

The Manchester National Bank, which succeeded to the business and location of the old Manchester Bank, was organized in April, 1865, under an act of Congress, by the choice of the following officers : Nathan Parker, president; Charles E. Balch, cashier; Nathan Parker, Benjamin F. Martin, Phinehas Adams, Oilman H. Kimball, John H. Maynard, David A. Bunton and Horace P. Watts, directors. The only change was made in February, 1874, when Aretas Blood was elected to fill the vacancy caused by the death of Mr. Kimball. The bank began business in 1865 with a capital of one hundred thousand dollars, which was increased, April 2, 1872, to one hundred and fifty thousand.

It has paid semi-annual dividends of five per cent, and now has a surplus of fifty-five thousand dollars. The Manchester Savings Bank, which occupied rooms in common with the Manchester Bank during its existence, and now shares those of the Manchester National Bank, was chartered July 8, 1846, beginning business the same year. It was organized with the following officers : Samuel D. Bell, president ; John A. Burnham, Daniel Clark, Herman Foster, Nahum Baldwin, George Porter, David Gillis, William P. Newell, Hiram Brown, trustees. Nathan Parker was chosen- treasurer and has held the office ever since.

In 1847, upon the resignation of Mr. Bell as president and trustee, Hiram Brown was elected in his stead as president, and Nathan Parker as trustee. The same year George W. Pinkerton was chosen to succeed Mr. Burnham, resigned. At the annual meeting in 1848 William P. Newell was elected president, continuing such to the present time, and Daniel Clark, Herman Foster, Nahum Baldwin, George Porter, David Gillis, Oliver W. Bayley, George W. Pinkerton and Nathan Parker, trustees. They were re-elected in 1846, with the exception of Mr. Bayley, who was succeeded by Phinehas Adams. In 1852 Messrs. Porter and Pinkerton were succeeded by William C. Clarke and J. T. P. Hunt. In 1856 Josiah Crosby was chosen in the stead of Mr. Gillis. In 1864 David A. Bunton was elected in place of Mr. Baldwin. In 1865, upon the death of Mr. Hunt, Benjamin F. Martin was elected a trustee, and in 1872 Charles E. Balch was chosen to fill the vacancy caused by the death of Mr. Clarke. By the decease in the early part of 1875 of Messrs. Crosby and Foster two vacancies were caused in the board. The present officers are: William P. Newell, president; Nathan Parker, treasurer; Charles E. Balch, cashier; Daniel Clark, Phinehas Adams, Nathan Parker, Benjamin F. Martin, David A. Bunton, Charles E. Balch, trustees. The deposits at present are about two million seven hundred and fifty thousand dollars, and the interest paid depositors up to July, 1873, has been equal to six and a half per cent,annually.

The Amoskeag Bank was incorporated by the state June 24, 1848, and began business in October of that year with a capital of one hundred thousand dollars, which was in creased, August 5, 1850, by one-half, and, August 7, 1854, was raised to two hundred thousand dollars. At the first meeting of the bank, October 2, 1848, Richard H. Ayer, Samuel D. Bell, Mace Moulton, Stephen D. Green, John S. Kidder, Stephen Manahan and Edson Hill were elected directors. Richard H. Ayer was chosen president, and Moody Currier, cashier. In 1849, Mr. Green having left the city, Robert Read was elected a director in his place. In 1850, Mr. Hill having left the city and Mr. Manahan having sold his stock, there were caused two vacancies in the board of directors, which were filled by the election of Isaac C. Flanders and Walter French.

In 1852 Ezekiel A. Straw was elected a director to succeed Mr. Read, who had gone to Nashua. At a directors meeting, February 14, 1853, Mr. Ayer having deceased, Herman Foster was elected a director in his place, and Walter French was chosen to succeed him as president.

Reuben D. Mooers was elected a director to fill the vacancy caused by the resignation of Mr. Bell. At a directors meeting, May 9, 1853, John S. Kidder was elected president to succeed Mr. French, who was killed by a railway accident at Norwalk, Conn. The latter s place in the board of directors was filled at the annual meeting of 1854 by the election of Amos G. Gale, and James M. Berry was chosen to fill the vacancy caused by the resignation of Mr. Flanders.

In 1855 Adam Chandler was elected a director in place of Mr. Berry, deceased, and in 1861 Henry Putney was elected a director in place of Mr. Gale, deceased. In 1862, Mr. Mooers having left town, Edson Hill was chosen a director to succeed him. March 1, 1866, a new bank having been organized under United States control, the stock of the old bank was reduced to one hundred thousand dollars ; July 1, to twenty thousand dollars; and, October 1, the balance was paid to the stockholders. In 1868, Messrs. Moulton and Putney having died and Mr. Chandler having resigned, Daniel F. Straw, Lucien B. Clough and George B. Chandler were elected directors in their stead. The affairs of the bank were closed that year.

It had already been practically succeeded by the Amoskeag National Bank, which was organized November 1, 1864, with a capital of one hundred thousand dollars, which was increased, June 12, 1865, to two hundred thousand dollars. At the time of organization Moody Currier was elected president and George B. Chandler cashier, both of whom still hold their respective offices. The directors elected at that time were : Moody Currier, John S. Kidder, Stephen D. Green, Edson Hill, Henry Putney, Adam Chandler, Daniel Clark, Darwin J. Daniels and Horace Johnson. January 9, 1866, Mr. Daniels having died, Stevens James was chosen in his stead. January 8, 1867, Otis Barton and John S. Elliot were elected to fill the places of Messrs. Clark and Putney. In place of Adam Chandler and Mr. Johnson, Reed P. Silver and Henry Chandler were chosen, January 14, 1868. January 10, 1871, Herman Foster was elected to fill the vacancy caused by the death of Mr. James. January 13, 1874, David B. Varney was elected in the stead of Mr. Barton. At a meeting of the directors, March 1, 1875, John B. Varick was chosen to fill the vacancy caused by the death of Mr. Foster.

From its start in 1848 till June, 1870, the bank had occupied the rooms in the second story of Union building on Market street now used by the Manchester Gas-Light Company, but then it exchanged them for its present quarters in Merchants Exchange. The present officers are : Moody Currier, president ; George B. Chandler, cashier ; Moody Currier, John S. Kidder, Stephen D. Green, Edson Hill, John S. Elliot, Reed P. Silver, Henry Chandler, David B. Varney, John B. Varick, directors.

The Amoskeag Savings Bank, which has occupied rooms with the state and national bank of the same name, was chartered June 19, 1852, and held its first meeting four days later, when Walter French was elected president ; Isaac C. Flanders, William Richardson, Frederick Smyth, Samuel H. Ayer, Jacob G. Cilley, John S. Kidder, Timothy W. Little and Stephen Manahan, trustees. At the first meeting of the trustees, June 24, Moody Currier was appointed treasurer. At the first annual meeting, June 30, 1853, Mr. Ayer declined a re-election and Oliver W. Bayley was chosen in his stead, and Mace Moulton was elected president in place of Mr. French, deceased. June 28, 1855, Joseph Knowlton was elected in place of Mr. Smyth.

July 2, 1857, Stephen D. Green, Stevens James and Warren L. Lane were chosen to succeed Messrs. Flanders, Kidder and Bayley. Stevens James was succeeded, June 24, 1858, by Jacob F. James.

June 30, 1859, Moody Currier and Justus D. Watson were chosen to fill the vacancies caused by the death of Messrs. Manahan and Lane. June 27, 1861, William Whittle was elected to fill the vacancy caused by the death of Mr. Richardson. June 26, 1862, Darwin J. Daniels was chosen in the stead of Mr. Currier. June 25, 1863, Messrs. Daniels and Little having died, Moody Currier and Benjamin F. Martin were elected in their stead. June 30, 1864, Stevens James was chosen in place of Mr. Watson, deceased.

June 29, 1865, Mace Moulton and Henry C. Merrill were elected, one in place of Mr. Knowlton, deceased, and the other in place of Mr. Martin. At a special meeting, March 13, 1867, Mr. Moulton having died, Moody Currier was elected in his stead as president, and George B. Chandler as trustee. June 25, 1868, Joseph E. Bennett was chosen to succeed Stevens James. June 24, 1869, Lucien B. Clough was elected in the stead of Mr. Whittle. June 30, 1870, James A. Weston was chosen to succeed Mr. Chandler. June 29, 1871, George W. Riddle was elected to fill the vacancy caused by the death of Mr. Cilley.

The present officers are: president and treasurer, Moody Currier ; trustees, Moody Currier, Stephen D. Green, Jacob F. James, Henry C. Merrill, Joseph E. Bennett, Lucien B. Clough, James A. Weston, George W. Riddle. The amount of deposits is about three million dollars.

The City Bank was chartered by the state July 2, 1853, and was organized that year with the following officers : Isaac C. Flanders, president ; Edward W. Harrington, cashier ; Isaac C. Flanders, Samuel W. Parsons, Joseph Kidder,William C. Clarke, Oliver Bayley, William H. Hill, Andrew G. Tucker, directors. In 1859 Joseph A. Haines was elected a director to succeed Mr. Bayley, who went to Boston. In 1863 Clinton W. Stanley took the place of Mr. Clarke and David R. Leach succeeded Mr. Hill.

The bank commenced business in 1853 with a capital of one hundred thousand dollars, which was increased to one hundred and fifty thousand the next year. It paid annual dividends of eight per cent, while it remained a state bank.

In August, 1865, it was converted into the City National Bank, at which time Isaac C. Flanders, who had been its president from the organization, presented his resignation as president and director. He was succeeded in the former capacity by Clinton W. Stanley and in the latter by Alpheus Gay. In 1868 Mr. Tucker was succeeded by Thomas Morgan. Daniel W. Lane, who had been connected with the bank since 1855, became in 1865 assistant cashier. The bank at first occupied rooms in the block on the southern corner of Elm and Hanover streets, built by P. B. Putney and George A. Barnes, but a few months later it was moved into the building now occupied by the post-office which was built by Col. Thomas P. Pierce, then postmaster, and Isaac C. Flanders, president of the bank. In December, 1870, it was moved to its present location in the south-east corner of Merchants Exchange. The present officers are : Clinton W. Stanley, president ; Edward W. Harrington, cashier; Daniel W. Lane, assistant cashier; Clinton W. Stanley, David R. Leach, Samuel W. Pardons, Joseph Kidder, Thomas Morgan, Joseph A. Haines, Alpheus Gay, directors. The bank has paid eight annual dividends of eight per cent, since it started, and now has a surplus of seven thousand dollars.

The City Savings Bank, which has occupied the same rooms as the City Bank and its successor, was chartered June 25, 1859, and was organized in August with the following officers : Joseph Kidder, president ; Edward W. Harrington, treasurer ; Samuel W. Parsons, James Hersey, John D. Bean, R. N. Batchelder, James S. Cheney, Andrew G. Tucker, J. C. Ricker, Bradbury P. Cilley, James S. Cogswell, John F. Duncklee, trustees. In 1861 John C. Young was elected to succeed Mr. Duncklee, who removed to Boston. In 1863, upon the death of Mr. Cogswell, Lewis W. Clark was chosen in his stead. In 1864 William H. Boyd was elected to succeed Mr. Hersey, deceased. In 1867 Mr. Batchelder was succeeded by William B. Johnson, and Mr. Tucker by Henry Chandler, both of the retiring trustees removing from the city. In 1870 Hilas Dickey was elected to succeed Mr. Clark, and the latter was chosen in 1872 to fill the vacancy caused by the death of Mr. Cheney.

The present officers are : Joseph Kidder, president ; Edward W. Harrington, treasurer; Samuel W. Parsons, William H. Boyd, Jedcdiah C. Ricker, Lewis W. Clark, John D. Bean, John C. Young, Bradbury P. Cilley, Hilas Dickey, William B. Johnson, Daniel W. Lane, trustees. The total amount of deposits is about half a million dollars, and the bank has paid an average of six per cent, annually on deposits.

The Merrimack River Bank was chartered by the state July 14, 1855, with a capital of one hundred and fifty thousand dollars, and its first officers were : William G. Means, president; Frederick Smyth, cashier ; David Cross, Waterman Smith, John H. Moor, William Whittle, William P. Newell, Benjamin F. Martin, William G. Means, directors.

In 1857 Phinehas Adams was elected to succeed Mr. Whittle. In 1859 Benjamin F. Martin was elected president and Joseph B. Clark, director, both in place of Mr. Means. The next year Messrs. Martin, Newell, Moor and Adams were succeeded as directors by Aretas Blood, William W. Brown, Natt Head and R. N. Batchelder, Waterman Smith being elected president. The annual dividends averaged about ten per cent.

In 1865 the name of the bank was changed to that of the First National Bank of Manchester, and it was put under United States jurisdiction, becoming a government depository and disbursing agent of the United tates. Thomas Wheat succeeded Mr. Blood as a director in 1868 and in 1870 Frederick Smyth was elected to take Mr. Batchelder’s place. Dr. Brown died in 1874. The present officers are : Waterman Smith, president ; Frederick Smyth, cashier ; David Cross, Waterman Smith, Joseph B. Clark, Natt Head, Thomas Wheat, Frederick Smyth, directors.

The bank has always occupied rooms in Smyth s block. Its dividends have averaged ten per cent., and it has a surplus of seventy-five thousand dollars.

The Manchester Five Cents Savings Institution was chartered June 26, 1858, and organized with the following board of officers : Waterman Smith, president ; David Gillis, George Porter, vice-presidents ; Frederick Smyth, treasurer; Benjamin F. Martin, Joseph B. Clark, Isaac Smith, William B. Webster, Frank A. Brown, George Thompson, John B. Clarke, Peter S. Brown, Frederick Smyth, Josiah S. Shannon, John L. Kelly, James M. Yarnum, Alonzo Smith, Thomas Wheat, Warren Page, Albe C. Heath, Warren S. Peabody, Joseph A. Haines, trustees. The president and vice-presidents were ex-officiis members of the board of trustees.

In 1859 William G. Perry was elected a trustee in place of Frank A. Brown, deceased. In 1860 Benjamin F. Martin and William G. Perry became vice-presidents in place of Messrs. Gillis and Porter, C. W. Johnson and David Cross succeeding Messrs. Martin and Perry as trustees.

The same year Stephen Palmer was elected a trustee to succeed Isaac Smith. In 1861 George Thompson succeeded Mr. Martin as vice-president, and the former s place on the board of trustees was filled by Natt Head. In 1863 Stephen Palmer was chosen vice-president to take Mr. Thompson’s place, Ebenezer Ferren was elected trustee to succeed Mr. Palmer, and Mr. Thompson was again made a trustee, to succeed Peter S. Brown, deceased. In 1865 Charles H. Ba/tlett was elected to fill the vacancy in the board of trustees caused by the death of Alonzo Smith.

In accordance with an act of the legislature, June 30, 1865, the bank assumed the name of the Merrimack River Savings Bank.

In 1866 Joseph F. Kennard, John Brugger and Joseph L. Stevens were elected trustees in place of Messrs. Thompson, Haines, and Peabody. In 1867 Martin V. B. Edgerly was chosen a trustee to fill the vacancy caused by the death of Mr. Johnson. In 1868 Charles Williams was elected a trustee to succeed Mr. Webster. In 1869 Freeman Higgins was chosen to fill the vacancy in the board caused by the death of Mr. Page, and A. 0. Dillingham was elected a trustee in that year. In 1871 Joseph L. Stevens became vice-president, succeeding Mr. Perry, and Francis B. Eaton became a trustee, taking Mr. Ferren s place. In 1873 William W. Brown was elected a trustee in place of Mr. Williams, and upon his death in the next year was succeeded by William Crane of Candia. Francis B. Eaton then became vice-president, succeeding Mr. Stevens, and his place as a trustee is yet unfilled.

In the present board of officers the president is Waterman Smith ; vice-presidents, Stephen Palmer, Francis B. Eaton ; treasurer, Frederick Smyth ; trustees, Frederick Smyth, Natt Head, Joseph B. Clark, John B. Clarke, Josiah S. Shannon, John L. Kelly, James M. Varnum, Thomas Wheat, A. 0. Dillingham, David Cross, Albe C. Heath, Martin V. B. Edgerly, Charles H. Bartlett, Joseph F. Kennard, John Brugger, Freeman Higgins, William Crane, thepresident and vice-president, ex-officiis. The amount of its deposits is about one million two hundred thousand dollars, and its dividends have averaged about seven per cent. The bank occupies rooms in common with the First National Bank.

The People;s Savings Bank was organized in August, 1875, and began business on the first of October, with the following officers : president, Person C. Cheney ; cashier, George B. Chandler ; trustees, Person C. Cheney, Elijah M. Topliff, Atherton W. Quint, Henry M. Putney, Moody Currier, Charles H. Bartlett, Abraham P. Olzendam, Edson Hill, George W. Riddle, George B. Chandler. It was formed on the guarantee principle, and a fund of fifty thousand dollars, as security for depositors, was subscribed before it began business. Its deposits, March 1, 1875, were a little over a hundred thousand dollars. It occupies rooms with the Amoskeag National Bank.


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