Page 42 - The History of Watertown Savings Bank_Neat

Changing Times

The Watertown Savings Bank had a well-
established location inside the F.W. Woolworth
Building for many years after relocating in 1921,
and its operations continued to grow and prosper.

But a significant change was taking place
following World War II, which would eventually
lead bank officials to start searching for a new
location.
It was the growth of the automobile industry.

By 1956, President Dwight Eisenhower had
signed the Interstate Highway Act, an investment
in more than 42,500 miles of highways across the
nation. It was a time when the average working
person could afford to purchase a car, and mass
marketing had significantly increased car ownership.
As automobiles became more widespread, so
did the demand for related bank services, such
as drive-thru bank teller windows. Another issue
also came to light – a lack of sufficient parking
spaces downtown for WSB customers.

By the late 1950s, the increase in automobile
traffic prompted WSB President James H.
McGowan and the board of trustees to start
discussing a move out of the downtown area –
an idea that had prompted considerable debate. The growing automobile industry made parking and easy automobile access increasingly important to bank customers.
The suggestion of moving a bank from the
downtown into what was essentially a residential “The present quarters of the bank in the Woolworth By 1958, the bank’s assets had grown to more
neighborhood at the time had initially drawn Building offer no possibility of the convenience of than $29 million. It was time for Watertown
some skepticism. parking or drive-up banking,” WSB officials stated Savings Bank to move forward again in order to

But while the downtown location had served at the time. “In addition, the present site is entirely keep up with the changing times and continue to
the bank well for several decades, WSB needed inadequate for the current operating needs of the provide the best service possible to its customers.
room to expand and modernize in order to meet bank, which has increased its assets nearly tenfold
the changing needs of its customers. since occupancy in 1921, nearly 40 years ago.”

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