Northfield Savings Bank FOUNDED 1867 140 YEARS OF HISTORY Foreword he Northfield Savings Bank is a strong presence in Northfield, Vermont. Its many branches are locatedT throughout the central part of the State and the greater Burlington area, important institutions within their communities. The Bank—and its Flying Pig mascot— are well known throughout Washington, Orange, Windsor, and Chittenden Counties. Unfortunately, much of the Bank’s history is not so visible or well known. A good portion of the Bank’s historical archives, including many photographs, were destroyed in a flood a number of years ago. Although the Bank is obliged to save financial records—its vault contains many dusty ledgers— the history of the Bank as a physical place, and as an employer and presence in the community, is not to be found in these documents. This history is intended to fill some of those gaps. Drawn from a limited amount of archival material and from interviews with Bank officials and community members, its intent is to provide an accurate picture of how the Bank changed—and how it stayed the same—over the years. We apologize for any omissions, glaring or otherwise. Russell J. Belding, August 2007 1 The Bank’s Beginnings he first train of the Vermont Central Railroad chugged proud depot had been nearly emptied of its contents, and The new Bank was located in the Edgerton Block on the through the village of Northfield on October 11, 1848. Northfield’s importance as a regional hub had diminished. south side of the Common, in the corner store of James Cary CharlesT Paine, president of the railroad, lived in town, and, Barrel Thayer. As treasurer of the Bank, Thayer seems to not surprisingly, located its main headquarters here. But Shortly after the Civil War, two nearly simultaneous have held a more important job than the Bank’s president. Vermont Central soon ran into financial trouble, and in events occurred to boost Northfield’s standing. A fire on His was the Bank’s only paid position. Historian Luther B. 1853—the year Paine died—its base of operations moved the grounds of Norwich University in 1866 destroyed the Johnson notes that storekeeper Thayer “conducted it [the to St. Albans. Within the next few years, the town’s once school’s principal building. Unable to find the financial Bank] as a side line, keeping the valuables in an ordinary iron support necessary to make good its loss and continue sided safe.” operations in Norwich, Vermont, the school began looking for a new home. Eighty-two Northfield citizens offered The wisdom of such a casual arrangement was put to the test financial assistance to encourage the military college’s move on the morning of September 30, 1882, when Thayer opened to their town, and in the fall of 1866, the first classes of the the store to find the Bank had been burglarized: newly relocated school were held in Northfield. … An entrance had been first made into the The following year, one of Norwich’s professors—who room over the Bank, but as the trap door would later become the school’s president—led the effort to leading to the room below had been nailed create a mutual savings bank in Northfield. As the Bank’s up the would-be burglars were compelled centennial pamphlet noted: “Rev. Bourns was an immigrant to seek other means of entrance and finally from Ireland where the churches were active in organizing pried open the door at the rear. A small mutual banks for the encouragement of thrift. No doubt his hole was drilled in the safe door and the experience in Ireland led him to the decision to form a bank safe was covered with cloths to deaden the here in Northfield.” Reverend Edward Bourns was one of sound when the charge was fired. Instead of the Bank’s eleven original incorporators. The others included blowing open the safe, as they had expected, George M. Fisk, Alvin Bradley, A.G. Button, Edwin K. the inside plate was blown in while the Jones, Pearly Knapp, John Lynde, George Nichols, Jasper outside plate remained firm and they were Orcutt, Elbridge G. Pierce, and John W. Rowell. unable to get at the contents… Although the Bank was incorporated on November 21, 1867, Within a few days, two suspects, Frank Gifford and George its first board meeting was not held until February 2, 1869, Bates, were apprehended. Bates, unable to raise $1,000 bail, and it did not open for business until May 29, 1869. (At the was jailed in Montpelier. Gifford voiced confidence that risk of flouting bank confidentiality laws, we note here that he could raise his $500 bail, and so was allowed to return Daniel H. Downing made the first deposit—$230—on May to Northfield with Officer Charles F. Russell. Historian 29. The first loan—for $100—was made to Newton Martin Johnson continues the account: two days later.) …According to Officer Russell, Gifford was The Northfield Savings Bank building in its original state, circa 1910. reasonably quiet during the early part of the 2 A Decade of Growth and Expansion: 1910-1919 night, though very nervous, and at about Soon after this unfortunate event, in January 1883, a two o’clock he was allowed, on some pretext, committee was formed “to look for suitable banking rooms.” he Bank’s assets reached the $1 million milestone in to go down to the office, his hands being On June 27, it was voted to purchase a portion of the old 1910. The institution’s steady monetary growth called hand-cuffed in front of him. While there he hotel ground, a lot north of Huntley’s Block on Main Street forT physical expansion as well, and this was accomplished made a dash for the door and bounded into facing the Common. It was here that the Bank planned to in 1911, after the board approved $10,000 for the project. the street. Russell was sharp after him and build “a three story brick building, 23 x 48, with vaults for While major renovations were in progress, the Bank moved commenced firing, but although one ball the safe-keeping of the Bank’s funds.” to temporary headquarters next door in the Mayo Block. seemed to have grazed Gifford’s head it did The Bank was back in its old place of business on November not stop him. He started down the street On the last day of 1883, Treasurer Thayer moved into 18, 1911: in the direction of the town bridge with the the new block, which a local newspaper described in the officer in hot chase, and when just at the following terms: …In place of the old brick and mortar left of the bridge Gifford struck the plank vault, are two vaults either of them railing and was thrown over it and down …three stories, faced with yellow larger than the old. The lower one for the the bank into the river. Milwaukee brick, with heavy iron protection of books and papers and the trimmings, and two large plate glass storage of large packages for its patrons and A locomotive was standing near the arch windows. The front room is finished in the one on the main floor, for the very best bridge and by the light Russell could see black ash and the back room in pine, both protection of the securities and safe deposit Gifford in the water. He drew his revolver with black walnut trimmings. There is a boxes… The door on the lower vault is and ordered him to come out, which he did. large brick vault, resting on a heavy stone fireproof, while on the main vault there Just as he got him up the bank he thinks foundation. A burglar proof safe and a hangs a massive, new, specially constructed, that either Gifford or a confederate shot at counter for the front room are soon to be solid steel door ten inches thick over all. him as he found his vest on fire when he got put in. The two upper stories will remain The vaults have the further virtue of being back to the hotel. unfinished until next spring. The building entirely surrounded by an open space so faces west, looking across the square to the that no drilling could be done without depot, and is an ornament to the village. immediate knowledge… He had hardly landed his prisoner at the hotel when [Gifford] again bounded into The Bank building acquired a new safe and a new furnace the street and this time started up Main The lobby in the main office is ample for the in 1900. The safe took “the place of the old one which was Street with Russell in hot chase. When convenience of the public and has a long not suited to the needs of the institution. [It] weighs over about at the top of the hill Gifford turned settee against the south wall for those who four tons, has an inside steel case, time lock and is burglar and dashed down the street again, shouting, are waiting, and a desk with pen and ink… proof. The door of the vault and a portion of the fixtures “Here he goes! Here he goes!” evidently had to be removed to allow it to be put in position.” In 1905, intending to make the officer think that he the Bank installed safety deposit boxes. And in a further The scheme of the offices in the Bank is was somebody assisting him. But Russell concession to modernity, the Bank’s board voted on February solidity rather than display.