Financial and manufacturing.
It was not until the year 1826 that Cambridge
had any banking facilities of its own, although it had long been a wealthy town.
In March of that year the Cambridge Bank
The first meeting of its stockholders was held in Ebenezer Kimball's tavern, March 22, 1826. William I. Whipple
was elected moderator, and Thomas Foster
The act incorporating the ‘Cambridge Bank’ had been passed by the General Court, March 4, and at this meeting the charter was accepted.
Subscriptions for the stock were opened, and a board of directors elected as follows: James P. Chaplin
, William Hillard
, Newell Bent, Levi Farwell
, William Fiske
, John Trowbridge
, Charles Everett
, Isaiah Bangs
, and S. P. P. Fay
. Judge Fay
declined to serve, and at a later meeting, March 31, Asahel Stearns
was elected in his place.
The bank was capitalized at $150,000, and the stock was taken by residents of Boston
, Brighton, Sudbury
, and many of the towns of eastern Massachusetts
, but the larger portion was placed in Cambridge
In 1833, shortly after the organization of the Charles River
Bank, it was voted to reduce the capital stock to $100,000, and in the following year, 1834, the reduction was made.
It has remained at this figure ever since, although there were attempts made to raise the capital to $150,000 in 1853, and to $200,000 in 1854.
The board of directors held its first meeting March 27, at the house of Dr. Chaplin
(corner of Austin and Inman streets). Dr. Chaplin
was elected the first president of the bank.
Martin Lane was elected cashier, and Luke Hemenway's store was purchased for the bank's quarters.
The cashier was ordered to report for duty Monday morning, May 22, but it is probable
that the bank did not begin business until the following Monday
, the 29th.
It is said that it opened for business simultaneously with the inauguration of hourly coaches between Cambridge
The bank occupied Mr. Hemenway
's store until it bought the brick building numbered 689 Main Street, where it had its rooms on the second floor.
The bank remained there until 1870, when the brick building, which it now owns and occupies, was erected.
The young institution prospered.
In less than a year it paid a four per cent. dividend, and its stock was at a premium.
In 1843 an attempt was made to wind up its affairs, but the attempt did not succeed.
The bank reorganized as the ‘Cambridgeport
National Bank’ in June, 1865.
, the first president, died in October, 1828.
He was succeeded by Deacon Levi Farwell
, who resigned in January, 1832, to accept the presidency of the newly organized Charles River
followed Deacon Farwell
, resigning in December, 1842. Rev. Thomas Whittemore
held the presidency till his resignation, March, 1860.
finished out the year, and in the following October Rev. Dr. Lucius R. Paige
, at that time filling the position of cashier, was elected.
In March, 1863, Dr. Paige
resigned the presidency to accept the cashiership again, and Robert Douglass
was made president.
He carried the bank through the trying period of the reorganization, and resigned, on account of ill health, in January, 1882, and was succeeded by Hon. Asa P. Morse
, the present incumbent.
Since the organization of the bank, the following persons, in addition to those named elsewhere, have served on the board of directors: Thomas Foster
, E. T. Hastings
, E. W. Metcalf
, B. Bigelow
, N. Childs
, Francis Bowman
, John Hayden
, Ebenezer Kimball
, Charles Haynes
, Abel W. Bruce
, Phineas B. Hovey
, Hiram Brooks
, Leonard Stone
, Henry Potter
, Flavel Coolidge
, W. B. Hovey
, Daniel U. Chamberlin
, Jeremiah Wetherbee
, Charles Wood
, Edward Hyde
, Ira Stratton
, Alexander Dickinson
, Curtis Davis
, Samuel James
, and Martin L. Smith
The number of directors has changed several times in the bank's history: at first nine members constituted the board, later this was increased to twelve, then it dropped back to nine again; a little later it was reduced to seven, and finally to five, the present number.
Of the first board of directors William
served the bank the longest; he resigned in 1851, after twenty-five years of service.
The present board consists of Lucius R. Paige
, Asa P. Morse
, Charles James
, Frank H. Jones
, and Charles Bullock
was elected cashier in 1857, and he has served the bank continuously, in different capacities, since that time.
has been connected with the bank since 1860.
served the bank as cashier from its inception, 1826, till March, 1855, when he resigned on account of ill-health.
held the position till March, 1860.
, late principal assessor, followed Dr. Paige
, resigning in February, 1863. Dr. Paige
took the office again temporarily, until Seymour B. Snow
was elected in August, 1864. Mr. Snow
held the position just twenty years. He resigned in 1884, when Mr. Will F. Roaf
, the present cashier, was promoted to the position.
The report of the bank at the close of business February 28, 1896, showed a surplus fund and divided profits of $41,307, and deposits amounting to $171,919.
Middlesex Bank was chartered in 1832, and was located in East Cambridge.
was elected president, and William Whitney
The bank, after a short existence, was obliged to wind up its affairs; it redeemed its circulation, paid its depositors in full, and forty-two per cent. of its capital to its stockholders.
In 1853 the