History of Banking at Willimantic, Connecticut
The Windham Bank was incorporated August 8th, 1842, being located in
the central village of Windham. The following persons were then made
directors: John Baldwin, George Spafford, Justin Swift, Stephen Hosmer,
Thomas Gray, William C. Dorrance, John Webb, Chauncey F. Cleveland, John
A. Rockwell and Abner Hendee. The officers were: John Baldwin, president;
Joel W. White, cashier. The salary of the cashier was fixed at $350 a
year, to begin when he should give his bonds for $50,000. September 17th
Mr. White resigned, and Samuel Bingham was unanimously appointed in his
place as cashier, which position he held until March 17th, 1886. April 3d,
1850, Henry S. Walcott was elected president, to fill the vacancy caused
by the death of John Baldwin. The bank was organized as a national bank
June 21st, 1865. January 9th, 1872, Thomas Ramsdell was elected president,
to fill the vacancy caused by the death of Mr. Walcott. In March, 1879,
the bank was removed from Windham to the borough of Willimantic. Mr.
Ramsdell resigned the presidency, and Guilford Smith was elected in his
place January 12th, 1886. March 17th, 1886, the resignation of Samuel
Bingham was accepted, and H. Clinton Lathrop was elected cashier in his
stead. The capital stock of the bank is at present $100,000; surplus,
$7,500; profits, $11,753; deposits, $182,882. The present officers are:
Guilford Smith, president; Mason Lincoln, vice-president: H. Clinton
Lathrop, cashier. The directors are Guilford Smith, Mason Lincoln, Henry
Larrabee, Charles Smith, Thomas Ramsdell, George Lathrop, Frank F. Webb,
Albert R. Morrison and Charles A. Capen. A robbery occurred to the bank in
the year 1854, the particulars of which are given from the personal
recollection of one of its officers as follows
" Friday, November 17th, 1854.-Windham Bank was entered by three men, with
false keys, about eight o'clock last evening, and when the clerk, James
Parsons, who slept in the bank, entered about nine o'clock, he was taken
by two of the men, in the dark, after he had locked the door; a
handkerchief was put over his eyes and he laid on the bed and watched by
one man while the others broke open the vault and took about $7,000 in
specie and about X2,000 of other bank bills and $13,000 of Windham bank
bills. After gagging Mr. Parsons and confining his hands and feet, they
locked the door and went to Bingham's Crossing on the N. L. N. Railway and
waited while one went to Willimantic and took a hand-car from the Hartford
& Providence Road and took them to Norwich, where they arrived about 5:30
in the morning. They were frightened when they heard that the news had got
there before them, and crossed the river, entering the woods between
Laurel Hill and Allyn's Point, where they were watched until the steamboat
train arrived for New York. They then boarded the steamboat. There the
sheriff and his assistants were waiting with Mr. Tingley, who pointed them
out to the officers, and they were arrested. About $21,000 of the money
was found while the boat was going from Allyn's Point to New York,
Saturday night. At their trial in Windham they gave the names of Jones,
Crandall, Scott & Wilson.
"About November 1st, 1854, a large man came to Willimantic and stopped at
the hotel then kept by William Tingley on the south side of the river (The
Hebard House). It was afterward thought that his business was to make
arrangements for the men to rob Windham Bank. He stayed but a short time,
then disappeared. On or about November 2d, three men stopped at the same
place. They went out in the evening but came back. about ten o'clock and
took an early morning train to New York, via Hartford. While they were at
breakfast Mr. Tingley felt of their carpet bag and was satisfied that
there was a bit-stock and other burglars' tools in it. He came to the
conclusion that they were there for the purpose of robbing some place in
Willimantic. One of the arrested men in reply to some questions, stated
that they came there at the time named above and walked to the Windham
Bank to rob it that night. They broke their key and went -back to New
York, made another key and were gone two weeks, before they came to
complete the business. When the lock was taken from the outside door of
the bank, the piece of a key was found in it, which helped to confirm his
story."
The Willimantic Savings Institute was incorporated by act of legislature
in 1842, .approved by the then Governor Chauncey F. Cleveland of this
county. The incorporators were Oliver Kingsley Jr., John Tracy, Lloyd E.
Baldwin, James D. Hosmer, Joshua B. Lord, Royal Jennings, Samuel Lee,
Horace Hall, William L. Jillson; Laban Chase, Newton Fitch, Lewis Gager,
Lucien H. Clark, Amos Palmer and Waterman C. Clark. The first meeting of
incorporators was held June 18th, 1542. The first officers then chosen
were: Oliver Kingsley, Jr., president; Royal jennings, vice-president;
John Tracy, secretary and treasurer; William L. Jillson, Lloyd E. Baldwin,
Joshua B. Lord, Horace Hall, Laban Chase, directors. Oliver Kingsley, Jr.,
held the office of president until his death, in 1846. He was succeeded by
Horace Hall, who acceptably filled that position until 1870, when John
Tracy was chosen president. Mr. Tracy had acted as treasurer since the
incorporation, a period of 28 years, and a resolution acknowledging his
fidelity and ability in that position was unanimously given him by the
board. At this time Henry F. Royce was chosen secretary and treasurer. In
1869 a fine brick and stone building was erected on the corner of Main and
Bank streets, which affords excellent facilities for, the transaction of
banking business in the corner room on the first floor. The balance of the
building, on the ground floor and the second and third floors, used as
stores and offices. On the death of Mr. Tracy, in May, 1874, Whiting
Hayden, who had for a long time been vice-president, was elected
president. He continued in that capacity until his death, which occurred
June 20th, 1886, when he was succeeded. by Edwin A. Buck, the then
vice-president, who still remains at the head of the institute. Henry F.
Royce, having held the position of secretary and treasurer since 1870, was
suspended March 23d, 1888, and Frank F. Webb was appointed, at first
temporarily, and in June following elected by the trustees at their annual
meeting, to the office of secretary and treasurer, which place he still
holds. This institution, from a small beginning increased with the growth
of the place until the deposits amounted to nearly $1,000,000, and has
divided a large' amount of profits with its -depositors.
The Dime Savings Bank of Willimantic was organized in May, 1872, and was
incorporated-under the state law in the same year. Its original
incorporators were Silas F. Loomer, James Walden, Horace Hall, James G.
Martin, Henry G. Taintor, Ansel Arnold, George W. Burnham, Madison
Woodward, Porter B. Peck, John M. Hall, Hyde Kingsley, James M. Johnson,
William C. Jillson, Fred. Rogers, S. O. Vinlen, George Lincoln, George `V.
Hanna, E. P. Packer, J. Dwight Chaffee and George W. McFarland. The bank
commenced business September 21st, 1872. Its first officers were: Silas F.
Loomer, president; O. H. K. Risley, secretary and treasurer. The amount on
deposit October 1st, 1888, was about $600,000. Its present officers are:
James Walden, president; John L. Walden, secretary and treasurer.
James Walden was born in Exeter, Conn., October 26th, 1825, and came to
Willimantic with his parents in 1828. He was the youngest son of Silas and
Jane (Rose) Walden, and commenced at the age of thirteen to work in the
Windham Company's mill, being engaged in the dressing department. About
1850 he engaged in the book and stationery business in Willimantic, which
he carried on successfully till 1887, but during this time was also agent
for Adams Express Company. He was also postmaster and had charge of the
telegraph office here. He was elected president of the Dime Savings Bank,
July 21st, 1880, and since that date has devoted' much of his time to that
institution. He married Amanda M., daughter of James Hempstead, and has
three children-James H., a resident of New York city; Jessie L., wife of
H. C. H. Palmer, of Sing Sing, N. Y.; John L., born in Willimantic, April
10th, 1861, and married Bell N., daughter of Henry Herrick, and who is the
present secretary and treasurer of the Dime Savings Bank of Willimantic.
The Merchants' Loan & Trust Company, organized for the double purpose of
doing the business of a trust company and a general banking business,
opened for business February 1st, 1871. A. C. Crosby was president, and J.
F. Preston, treasurer; William C. Jillson, vice-president, and O. H. K.
Risley, assistant treasurer. In March, 1873, the two latter became
respectively president and treasurer. The company continued doing active
banking business until July, 1878, when that department was turned over to
the First National Bank, and the company continued to do simply a trust
business until the present time. The officers last mentioned remain to
-the present time. The company has a capital of $50,000, and its office is
with the First National Bank.
The First National Bank was organized in June, 1878, with a capital of
$100,000. Its officers were: William C. Jillson, president; Ansel Arnold,
vice-president; Oliver H. K. Risley, cashier. They remain in their
respective positions at the present time. The first board of directors
were as follows, all except those marked * remaining in the board at
present. Those marked have withdrawn, and their places have not been
supplied, so the board nov numbers but six: William C. Jillson, Ansel
Arnold, O. H. K. Risley, James M. Johnson,* Hyde Kingsley, Amos T. Fowler,
Silas F. Loomer,* E. Stevens Henry, Stephen G. Risley.
The United Bank Building, one of the finest business blocks in the town,
standing on the north side of Main street, in the heart of the borough,
was erected in 1884, by the First National and Dime Savings Banks. The
imposing front is made attractive by artistic designs in terra cotta work,
and still further set off by plate-glass windows at the first story,
surmounted by circular transoms in cathedral style. The interior
arrangement is in accord with the best modern ideas of convenience and
comfort; the plumbing, heating and lighting represent the latest improved
methods, and the polished cherry woodwork and hardfinished walls give a
pleasing effect. The first floor is occupied by the banks, one on either
side of the spacious central entrance, which gives access to the offices
above.
One of the largest business blocks in the borough is the Turner block. It
was. erected in 1877, and is a substantial five-story. brick structure
with a three-story extension. The main building; with the exception of the
store floor, is occupied as the Hotel Commercial, a well-kept house under
the popular management of Mrs. P. A. Babcock. The block is named in honor
of Mr. A. S. Turner, a leading druggist, who occupies an elegant store in
the extension.
Loomer Opera House is one of the most substantial buildings in the
borough. It is built of brick, the walls being not less than sixteen
inches thick in any part. The fronts on Main and North streets are of
pressed brick. The size of the building is 72 by 125 feet, four stories
high. The ground floor is occupied by stores, while the upper floors along
the Main street front are occupied by offices of various kind. Back of
these on the second floor is' the opera house, one of the finest
entertainment halls in the state. The architectural plans were furnished
by the designer of the first class theatres of New York city. It is
furnished with all the modern appointments, elegant and com plete scenery
and properties, a stage 35 by 60 feet, twelve dressing rooms, four
proscenium boxes, two balconies, best opera chairs in parquet and first
balcony, heated by steam and thoroughly ventilated, and capable of seating
1,100 persons. The audience room and its appointments were finished at an
expense of some twenty thousand dollars. The building was commenced in
April, 1879, and was completed so far that the corner store was occupied
by Mr. Murray March 15th, 1880. The opera house was completed on the 12th
of the following November. The proprietor of the building is Mr. Silas F.
Loomer, who came to Willimantic and started in the lumber and coal
business in 1862. At that time there was no lumber or coal business
carried on here, and the wiseacres- advised Mr. Loomer not to risk his
money and enterprise in so hazardous and unpromising a field. But the
remarkable success of that business as well as the rapid development of
the village since that time proves those caution's to have been not well
timed.
Back to: Willimantic,
Windham County, Connecticut History
Source: History of Windham County, Connecticut,
Bayles, Richard M.; New York: W.W. Preston, 1889 Back to: Windham County, Connecticut
Genealogy |
Windham Townships
Connecticut Resources
Genealogy Resources
|