Page 11 - The History of Watertown Savings Bank_Neat

On Oct. 3, 1893, the vision of Mr.
Sherman, with support from Mr. Beach,
became a reality as the New York State
Banking Department certificate of
authorization to form Watertown Savings
Bank was filed in the Jefferson County
Clerk’s Office.

It was established as a mutual savings
bank with a board of trustees to oversee
its operation, and no stockholders. Mr.
Sherman had reached the age of 85 by the
time he helped to secure the bank’s opening,
and he became WSB’s first treasurer, while
Mr. Beach joined the first board of trustees.
But there was still work ahead for the
bank’s founders before they could open their
doors. They needed to establish their own
rules and guidelines for a business operation
that would ensure the future success of the
new bank. It was vital that this be done
right, because the bank’s founders had to
individually guarantee the deposits, and in
the process, they were taking great personal
financial risks in opening Watertown
Savings Bank.
As part of the initial organization, Mr. The Albany bank had required 60 days advance It was demolished to construct the Jane Deline
Sherman and several others reviewed the notice, but WSB opted for a shorter version of Family Center, which is part of the Watertown
bylaws and type of passbooks used by the 30 days, with an eye on its biggest competition, Family YMCA Building.
Albany Savings Bank, which had already Jefferson County Savings Bank, which had The bank rented a room (including its fixtures)
been in operation for 73 years by the time already adopted a 30-day notice. on the first floor of the building from owner Fred
Watertown Savings Bank was forming. Watertown Savings Bank opened its doors for Delong, who noted that it would be “heated by
While WSB officials adopted similar business on Jan. 2, 1894, at No. 17 Washington steam, at the owners expense,” according to the
bylaws and passbooks, they decided on Street in downtown Watertown. It occupied an bank minutes. The lease was for five years, and
their own terms for the number of days a 18’ by 25’ space in a front office. The location was called for the bank to pay rent of $200 a year for
customer would give for advance notice of a known at the time as the Marble Block. At one the first three years, and then $600 a year for the
withdrawal. point in time this location housed Jasper’s Bar. remaining two years.

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