Bank building, corner of Albion Street and Railroad Avenue, circa 1868

Title:

Bank building, corner of Albion Street and Railroad Avenue, circa 1868

Creator:

D'Onofrio, Jayne M.

Publisher:

Wakefield, Mass. : Wakefield Municipal Gas & Light Department,

Date:

2001

Description:

Photo courtesy of the Wakefield Historical Society.

"The South Reading Mechanic and Agricultural Institution and the National Bank of South Reading, were both located in the Bank Building at the corner of Albion Street and Railroad Avenue, now North Avenue. The hours of operation for both banks were 8 to 11:30 a.m. and 2:30 to 4:30 p.m. every weekday. The South Reading Mechanical and Agricultural Institution was incorporated in 1833 and was the first bank to open in the town. It opened witha capital of $10,000 and in 1885, the interest rate was '4 per centum interest per annum, paid on deposits, beginning on the first of each month.' It was established two years after the Reading M & A Institution, a banking institution described as a bank of discount and deposit. The Reading bank's customers were largely 'engaged in trade with the Southern States.' The National Bank of South Reading, was organized as a State bank, the South Reading Bank, on May 16, 1854 with a capital of $100,000. It was reorganized as a National Bank in 1865. In 1902, the National Bank of South Reading changed its name to the Wakefield National Bank, and in 1916, it became the Wakefield Trust Company. It shared quarters with the Wakefield Savings Bank on Main Street from 1902 to 1924 when the Trust Company moved into its stately building at the opposite corner of Main and Chestnut Streets." -- Text from calendar by Jayne M. D'Onofrio.

Subject:

Albion Street (Wakefield, Mass.);Railroad Avenue (Wakefield, Mass.);South Reading Mechanic and Agricultural Institution (Wakefield, Mass.);National Bank of South Reading (Wakefield, Mass.);Bank Building (Wakefield, Mass.);Wakefield National Bank (Wakefield, Mass.);Wakefield Trust Company (Wakefield, Mass.)

Wakefield (Mass.) -- History -- Pictorial works.

Collection :

Wakefield Municipal Gas & Light Department calendars

Tags :

Citation :

D'Onofrio, Jayne M., "Bank building, corner of Albion Street and Railroad Avenue, circa 1868," in NOBLE Digital Heritage, Item #11892, http://heritage.noblenet.org/items/show/11892 (accessed November 1, 2014).