Lucius Beebe Memorial Library, Wakefield, Mass.

Title

Bank building, corner of Albion Street and Railroad Avenue, circa 1868

Description

"The South Reading Mechanic and Agricultural Institution and the National Bank of South Reading, were both located in the Bank Building at the corner of Albion Street and Railroad Avenue, now North Avenue. The hours of operation for both banks were 8 to 11:30 a.m. and 2:30 to 4:30 p.m. every weekday. The South Reading Mechanical and Agricultural Institution was incorporated in 1833 and was the first bank to open in the town. It opened witha capital of $10,000 and in 1885, the interest rate was '4 per centum interest per annum, paid on deposits, beginning on the first of each month.' It was established two years after the Reading M & A Institution, a banking institution described as a bank of discount and deposit. The Reading bank's customers were largely 'engaged in trade with the Southern States.' The National Bank of South Reading, was organized as a State bank, the South Reading Bank, on May 16, 1854 with a capital of $100,000. It was reorganized as a National Bank in 1865. In 1902, the National Bank of South Reading changed its name to the Wakefield National Bank, and in 1916, it became the Wakefield Trust Company. It shared quarters with the Wakefield Savings Bank on Main Street from 1902 to 1924 when the Trust Company moved into its stately building at the opposite corner of Main and Chestnut Streets." -- Text from calendar by Jayne M. D'Onofrio.

Image from the Wakefield Municipal Gas and Light Department annual calendar, 2001

Photo courtesy of the Wakefield Historical Society.

Contributor

Institution: Lucius Beebe Memorial Library

Wakefield Municipal Gas & Light Department (Wakefield, Mass.)

D'Onofrio, Jayne M.

Coverage

Massachusetts--Middlesex (county)--Wakefield

Albion Street (Wakefield, Mass.)

Railroad Avenue (Wakefield, Mass.)

Date

ca. 1868

Format

image/jpeg

Publisher

Wakefield, Mass. : Wakefield Municipal Gas & Light Department

Subject

South Reading Mechanic and Agricultural Institution (Wakefield, Mass.)

National Bank of South Reading (Wakefield, Mass.)

Bank Building (Wakefield, Mass.)

Wakefield National Bank (Wakefield, Mass.)

Wakefield Trust Company (Wakefield, Mass.)

Banks and banking

Type

still image

Photographs

Original Format

1 picture : b&w

Extent

24 x 26 cm.