Village Bank, Smithfield

The Village Bank was chartered in 1815 under the name Burrillville Agricultural Bank. It opened for business in February, 1818, and in June of that year, changed its name to Burrillville Agricultural and Manufacturers Bank. Its location was the village of Slatersville in Smithfield, Rhode Island, founded by Samuel and John Slater for their expanding textile business. By June of 1822, its name was changed to the Village Bank.

John Slater served as its first president and Henry S. Mansfield as its cashier.

In 1838, it was reported that the bank’s operations were suspended and that the Suffolk Bank of Boston was no longer accepting its bills. This was most likely tied to the Financial Panic of 1837. A year later, in 1839, Slater was succeeded by his son, William S. Slater* in the president’s role and H. S. Mansfield Jr. became cashier. Manfield Jr. was replaced by William H. Seagrave in April, 1846.

In 1850, the Slater Company built a commercial block close to their mills and the Village Bank occupied quarters there (now 7 Main Street) in 1851.

The Village Bank joined the national banking system in May of 1865 and became the First National Bank of Smithfield.

*One report says this transition happened in 1843.

Six-month promissory note for $3,000 from August 11, 1851 to be paid to an Isaac Brown at the Village Bank of Smithfield. The sum was borrowed by A.D. Lockwood & Co., which leased mills from Slater.