Page 29 - The History of Watertown Savings Bank_Neat

One of the bank’s first statements issued in 1896 showed resources
amounting to $33,258. By the end of 1920, the bank had built assets of
more than $4 million and nearly 10,000 depositors.

“This tremendous growth gave evidence that the people of Northern New
York had confidence and trust in their local bank,” a bank official stated.
It also inspired bank officials, under the direction of Mr. Hunt, to seek out
a more spacious and modern facility. They worked diligently to find a new
location that would be “a banking office second to none in Northern New York.”
After 28 years of renting space inside the Marble Block, Mr. Hunt had
found that perfect location - the newly completed Woolworth Building
across the street.
The building was located on one of the busiest blocks in Public Square,
and was described by the Watertown Daily Times as “the newest and most
up-to-date addition to the city and to Washington Street.”

It was the site of the first F.W. Woolworth five and dime store, started
by Frank W. Woolworth, a north country native. His vision of limited
pricing stores eventually transformed him into the owner of a worldwide
discount store chain.

In 1916 Frank W. Woolworth purchased the American Building (top), intending to replace it with a
much “grander” office building. Woolworth’s death in 1919 initially halted his plans, but the Woolworth
Corporation decided to move ahead with construction and the new six story Woolworth Building
(immediately above) opened its doors in 1921.

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