Page 7 - The History of Watertown Savings Bank_Neat
P. 7

The Early Years


                                                                                                                    Watertown’s industrial center along the Black River.
           The story of Watertown Savings Bank begins
         with a group of prominent and dedicated city
         residents who wanted to establish a new mutual
         savings bank that would be owned by
         its depositors.
           The diligent city residents who joined
         together to establish Watertown Savings Bank
         in 1893 were working during a time when the
         city of Watertown was a thriving and bustling
         community. The era of railroad building had
         already taken place, linking Watertown to Rome,
         Utica and Ogdensburg and beyond,
         with connecting lines in towns throughout
         Jefferson County.
           As industry was booming and the labor force
         was on the rise, the city became ripe for the
         formation of a new bank that would serve the
         working class.

           The great wealth generated by these successful   It was a time when America’s rapid           used to develop the fast-growing paper industry
         business operations had created a larger pool of   industrialization was enticing many people to   along the Black River.
         working class residents, or “wage earners.” As   relocate to expanding cities, and Watertown was   By 1882, there were five large and thriving
         the number of workers grew, so did the number   no exception. By the late 1800s, Watertown had   paper mills harnessing that abundance of water
         of people who were in a position to start saving   become a growing center of trade and industry in   power for their operations. Those mills included
         some of their money.                            New York State.                                 Taggart Brothers Paper Mill, the Remington

           It was this economic expansion happening        Although the city had been incorporated in    Paper Company, C.R. Remington, Knowlton
         in the late 1800s throughout the north country   1869, the most rapid increase in population    Brothers, and the Watertown Paper Company.
         that helped set the stage for the creation of the   occurred between 1880 and 1900, when water   The paper-making industry had become a major
         Watertown Savings Bank.                         power was becoming a major source of energy     employer in Watertown.


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