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Producers Bank, Woonsocket

As recorded in 1891:

“The Producers’ National Bank, formerly the Producers’ Bank, was organized under a state charter in May, 1852, with a capital stock of $50,000, and a place of business was established on Monument Square. In January, 1879, the bank was moved to the Edwards Block, and in January, 1888, to its present fine offices in the Foss Memorial Building [185 Main Street].

“In August, 1865, the bank was nationalized with a capital stock of $160,000, which was subsequently increased to $200,000. Libbeus Gaskill was the first president and served until October, 1864, when he was succeeded by Charles Nourse, After the death of the latter, in March, 1886, Charles E. Thomas was elected president and still serves. The first cashier, Elijah B. Newell, continued until January, 1864, when Theodore M. Cook was appointed, and he was succeeded by the present cashier, Samuel P. Cook, in August, 18S5. In 1889 the bank’s national notes outstanding were $174,700, and the accumulated surplus was §75,000. The affairs of the bank were controlled by directors: George C. Wilder, Charles E. Thomson, Jervis Cooke, James M. Cook,-R. O. Cooke, Walter E. Parker, S. P. Cook, J. B. Farnum and S. B. Aldrich.” — Richard M. Bayles, ed. History of Providence County, Rhode Island, Volume I. New York: W. W. Preston, 1891.

For a time, its president was Charles Norse, who was also superintendent of the Social Manufacturing Company, one of the largest mills in Woonsocket. During the national banking era (under charter #1421), it issued $4,574,550 in notes (from Original Series to 1902 Plain Backs). The National Bank Note Census has records of 20 large notes in collectors’ hands today.

In January of 1926, Producers National was absorbed by Rhode Island Hospital Trust.

For more information, see History of Banking in Woonsocket by Erik Eckilson.

 

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Producers Bank

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