Newport Exchange Bank
Founded in January of 1834, Samuel Carr was its first president and Stephen H. Norman its cashier. It became the National Exchange Bank of Newport in 1865 (charter #1565).
The Island Savings Bank, incorporated on June 6, 1873, was closely associated with the National Exchange Bank (and shared the same offices, see photo below). Its first president is listed as Samuel Carr (likely a descendant of the Exchange’s 1834 president).
About 1892, the bank built a brick structure to replace its wood-framed home at 38 Washington Square. That structure still stands today and is listed on the National Register of Historic Places.
There was a minor run on the bank in 1920 when it was discovered that one of the institution’s tellers, Everett Greason, had embezzled $15,000. He lost all the money “in a gambling house on Thames Street.”
On February 26, 1926, the bank merged with Aquidneck National Bank, to form the Aquidneck National Exchange and Savings Bank of Newport. The new bank changed its name to the more succinct Aquidneck National Bank of Newport on November 7, 1934, but issued no currency with this title.
In 1950, the Aquidneck National Bank was absorbed by Hospital Trust.