Page 49 - The History of Watertown Savings Bank_Neat

James H. McGowan James H. McGowan had joined Watertown After graduating from Watertown High

Watertown Savings Bank Savings Bank in 1935, taking over the duties of School in 1918, Mr. McGowan worked for a
assistant secretary and assistant treasurer. He
President worked his way up through the bank, eventually short time at Marcy, Buck and Riley, a group
of local coal dealers. He completed his college
1953 - 1964 becoming president in 1953, a position he held degree at the Wharton School of Finance at the
for 11 years before retiring in 1964. University of Pennsylvania in 1923. Following his

It was under Mr. McGowan’s leadership that college graduation, he became a certified public
Watertown Savings Bank officials made the accountant.
decision to move from their downtown location He joined Burns Brothers and Haley, local
in the F.W. Woolworth Building into a new office contractors, to help oversee their finances for five
built on Clinton Street in 1960. years before moving to New York City, where he
Although a controversial decision at the time, accepted a position with the accounting firm of
Mr. McGowan believed the move was necessary R.G. Rankin and Company.
in order to meet the changing needs of bank Mr. McGowan returned to Watertown in
customers, including the increasing use of the 1935 and joined WSB as assistant treasurer and
automobile that had created a large demand for assistant secretary. He was later made secretary in
drive-thru banking services and parking. 1936, and named to the joint office of secretary
His decision to relocate was praised in a and treasurer in 1942.
Watertown Daily Times editorial appearing in When Mr. McGowan started at Watertown
the newspaper on the morning of the ground Savings Bank, the assets were just more than $6
breaking ceremony. The paper noted that it was million. By the time he was elected president of
the first new bank building being constructed in the bank, the assets had grown to more than $19
the city in approximately 30 years. million, and the bank was paying a 2.5% dividend
“These are prosperous times for banking, rate. When Mr. McGowan retired in 1964, assets
symbolized today by the new Watertown Savings had reached more than $38 million.
Watertown Daily Times photo Bank building on Clinton Street,” the editorial
Mrs. Alice E. LaForty became the 100,000 customer to open a
regular savings account. She is presented with a U. S. Savings Bond stated. “The Watertown Savings Bank is to be
by Bank President James H. McGowan. congratulated on its courageous undertaking.”

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