Page 30 - The History of Watertown Savings Bank_Neat

Woolworth Building bank interior 1921

When Watertown Savings Bank moved into the new Woolworth
Building in 1921, it took over space that was four times the size of its
original banking office.
Watertown Savings Bank formed a committee of the bank’s trustees to
negotiate the lease for space inside the F.W. Woolworth Building. The
initial lease was signed for 20 years, with the first five years rent set at
$11,000 annually.

The bank had its new office designed with “modern conveniences” to
take care of its growing lines of depositors. Even the ladies room was
recognized for “its comfortable chairs, writing desks, and telephone, to provide
a popular place for tired shoppers.”

While the bank changed its location, it did not change its message.
Watertown Savings Bank continued to stress the importance of savings
as a way to prevent people from becoming “dependent on society” when
they could no longer work.

The bank’s continued efforts to assure customers Watertown Savings
Bank could provide a safe and trusted way to plan financially for their
future would prove to be invaluable as the decade came to a close with
the Stock Market Crash of 1929.
The financial disaster wiped out millions of investors, and the Great
Depression that followed had lasted until 1939. It was considered the
worst economic downturn in the history of the industrialized world.
The stock market crash had also set off a nationwide banking panic.
People were left extremely susceptible to rumors spreading of impending
financial disaster. Many businesses started limiting their spending and
investments, leading to a large decline in production and employment.

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