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Accessibility:
Title:
  • Old Stone Bank Records
Author/Creator:
  • Old Stone Savings Bank (Providence, R.I.)
Call Number:
  • MSS 943
Record Level:
  • Collection
Physical Description:
  • 156 ft.
  • 50 RB, 8 AB, 5 HB, 2 LB, 62 OB, 254 vol.
Inclusive Dates:
  • 1819-1991
Bulk Dates:
  • 1819-1956
Cataloged By:
  • Rick Stattler, June 1999, Updated, 2006,
Summary:
  • Mutual savings bank, Providence, R.I.

  • Depositor records, minutes, accounts, reports and other records of Providence's first savings bank, originally known as the Providence Institution for Savings.

Cataloging Note:
  • This collection is only partially processed. While approximately 95% has been sorted into record series, the remainder is still in a state of disarray. Many of the loose papers are still in their original storage boxes, though fortunately they are in good order and accessible for research even in their present state. The inventory provides a complete list of the collection, but will need to be revised as the final sorting is done. Boxes and folders still need to be numbered consistently. Dedicated volunteer Edward Duggan continued processing work in Winter 2006.
Historical Note:
  • The Providence Institution for Savings was founded in 1819. As a mutual savings bank, it had no stockholders and no capital stock. It was supervised by a volunteer Board of Trustees. It shared a building with the Providence Bank (incorporated 1791) and remained closely linked with it for many years, although they were always distinct institutions. The office of the Institution was originally located in a three-story building at 43 South Main Street owned by Peter Grinnell & Son. This building was destroyed in a fire on December 14, 1837. Many of the Institution's records had been stored in a safe at the Providence Bank, and survived. However, "all the office furniture, together with a great quantity of books and documents were consumed." (see the cash journal of withdrawals and interest payments, series 38, vol. 1, inside cover and page 5). After seventeen years in temporary headquarters at 78 South Main, a new building was constructed at 86 South Main Street in 1854, which was expanded in 1898 into its present form. The building, with its renowned gold dome over its main room, is presently the property of Brown University. Two branch buildings were opened in Providence in the 1920s: at 186 Washington Street in 1925 (moved to a new location on Empire and Aborn Streets in 1929), and in the Olneyville neighborhood in 1927. Beginning in 1954, the bank became a state-wide institution, with 14 branches by 1966. In 1929, the Old Stone Safe Deposit and Trust Company was formed as an affiliate safe-deposit facility. This became the Old Stone Trust Company in 1965, when it began operation as a commercial bank. As such, it was able to offer checking services, which a mutual savings bank could not. Since the construction of the domed building in 1854, the bank had been unofficially known as the "Old Stone Bank". The name was officially changed to Old Stone Savings Bank in 1967. The Old Stone Corporation was formed as a holding company in 1969, and in 1974, both the Savings Bank and the Trust became wholly owned subsidiaries of the Old Stone Corporation. This corporation was absorbed by Citizens Bank in 1993 after 174 years of service. In August of 1995, its furnishings and supplies were sold at public auction.
Bibliographic References:
  • Haley, John Williams. The Old Stone Bank History of Rhode Island (Providence: Providence Institution for Savings, 1939), volume 3
Scope and Content:
  • The records in this large collection have been arranged by series. The series of greatest general interest is undoubtedly Series 8, the Signature Books. These 29 large volumes include information on individual depositors that is of immigration and genealogical interest. From 1844 to 1857, the books include only signatures with occasional comments. In 1857, the depositor's residence began to be recorded. As of 1863, these volumes recorded name, residence, occupation and remarks. Birthplace and age began to be recorded systematically in 1882. Marital status and names of parents were added in 1890. The books come to a halt in 1897. There is no index to these signature books, although the compilation of an index is planned. Through 1890, there is an index to account ledgers (series 7), which will lead to the date an account opened, and the depositor's signature will usually appear on that day in the signature books.;The account ledgers (series 7) are the only other series to include significant information regarding individual depositors. They give a daily log of deposits, withdrawals and interest paid, and are indexed through 1890. Beyond these depositor records, the collection also includes a nearly complete run of the most important general bank records, including minutes of meetings, general ledgers, expense books, loan books and investment books. Many of these series run from the early days of the bank through the 1960s.
Subjects:
Accession Number:
  • 1995.18.1-
  • 1996.100.1.1-
  • 2003.68
Provenance:
  • These records were donated by Citizen's Bank under a gift agreement signed by Rebecca Book, Vice-President, on March 21, 1996. The records were brought in to the Library in several batches between 1995 and 1999. One additional volume, the Standing Committee minute book dated 1880-1884, was purchased from a book dealer in 2003.
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