Page 17 - The History of Watertown Savings Bank_Neat
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Over the years, Watertown Savings Bank
officials reached out to their customers with
reassuring messages about both the security and
importance of their bank deposits, At left are
two examples of customer communications.
In the first, dated 1896, bank trustees use their
names and reputations to personally guarantee
the safety of deposits.
much by their banking experience,
but rather, their status in the
community. It was not unusual for a
bank trustee, upon his death, to be
replaced by a brother or son with no
formal bank training.
Byron B. Taggart served as the
first president of Watertown Savings
Bank from 1893 to 1897. After his
death in 1897, he was replaced as
president of the board of trustees
by his brother, William W. Taggart,
who co-owned the family paper-
making business.
William Taggart had not been a
member of WSB’s board of trustees
when he was appointed to replace
his brother (the initials B.B. were
During those early years, it was actually the crossed off a printed list of board members,
bank’s treasurers who were responsible for the replaced by the handwritten initials “W.W.” when
management and day-to-day operations - they he took over as president). A large part of the Watertown Savings Bank mission
were essentially the bankers. Mr. Sherman served After the Taggart Brothers finished their terms, was to promote the ease with which working people
as the bank’s first treasurer from 1893 until the bank’s third president was Albert Bushnell, a could save regularly. Being open Saturday evenings
shortly before his death in 1896, and was followed well-established downtown merchant. He served as allowed workers to come directly to the bank at the
by Oscar P. Hadcock, who served from 1896 to president from 1905 to 1907. end of their work week and deposit their earnings.
1906. An interesting dynamic was in place at the time A review of bank deposit records indicates that
This created a system whereby the successors Watertown Savings Bank was formed. Because Saturday evenings were a popular time for depositors
on the bank’s board of trustees were chosen not so most of the banks at that time were not in direct to visit the bank.
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