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Old National Bank, Providence

Per an account from 1891:

“The Old National Bank, organized in the days when the national class of banks was unknown, was incorporated as the National Bank, in October, 1833. When it was reorganized as a national bank, the name ‘Old’ was prefixed to give some indication of its new character. Its capital in 183S was $100,000; in 1841, $120,000; in 1853, $140,000; in 1855, $160,000; in 1858, $200,000; in 1860, $350,000; in 1861, $500,000; and that limit has since been maintained. Its location was at 11 Market Square; in 1859, at 19 Weybosset street; and in 1867, at 21 Weybosset, where it still remains. E. Wade was succeeded as president, by George W. Hallett, about 1843; the latter continuing during a long term, and being succeeded in 1879 by John O. Waterman. He was followed in 1881, by Christopher Lippitt. who remains at the present time.

“Three successive cashiers have served about as follows: Ezra Bourn, to 1855; Henry C. Cranston, 1855 to 1865; Francis A. Cranston, 1865 to the present time. The directors are Henry C.Cranston, lames E. Cranston, Christopher Lippitt, Fred W. Arnold, William T. Barton, Charles J. Wheeler, D. Russell Brown and Julius Palmer.” — Richard M. Bayles, ed. History of Providence County, Rhode Island, Volume I. New York: W. W. Preston, 1891.

Other events in the bank’s timeline:

• January, 1859: The City Savings Bank of Providence was incorporated and shared banking rooms and executive officers with the National Bank.

• May 15, 1865: The Old National Bank was granted federal charter #1151. According to the National Bank Note Census, the institution issued $2,389,620 in notes, with denominations ranging from $1 to $100. 21 examples of these are known to be in collectors’ hands today.

• January 14, 1902: Edward P. Metcalf elected president of the Old National Bank. Metcalf had formerly been national bank examiner for Rhode Island and Connecticut. He would go on to be the president of the Atlantic National Bank, where his embezzlement caused that institution to fail. He left Old National in April, 1906 and took the position of president of Atlantic National in May, 1906.

• June 13, 1903: City Savings Bank is liquidated.

• July 20, 1906: Old National Bank absorbed by the Industrial Trust Company.

* This institution should not be confused with the Old National Bank of Providence, Kentucky or the Rhode Island National Bank.







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