Sowamset Bank, Warren

Incorporated June, 1854 in Warren, Rhode Island. Operations begun August 6, 1855.

It issued notes in denominations from $1 to $100, with 12 different genuine designs known, as recorded by accounts of the day and current researchers. In some records, the bank’s name is listed as “Sowamsett.” Bowers notes that it had just over $41,000 of notes in circulation in 1862.

At the beginning of the national banking era, the Sowamset Bank was closed and, “left a deposit with [The First National Bank of Warren] to meet the redemption of all circulating notes,” according to the letter below.

The letter goes on to state that the board of directors of the closed bank assumed that, thirteen years later, no more old notes of the bank would be redeemed and they issued a dividend to the stockholders of the Sowamset in July of 1877.

The First National Bank of Warren was granted its national charter on December 30, 1864. It was absorbed by the Industrial Trust Company on August 24, 1904.

If you have any items from the Sowamset Bank, please contact me at Collector@ricurrency.com.

A letter concerning the Sowamset Bank of Warren.