Turning Back Time #3: A New Home for Millbury Savings Bank--1881
Our Turning Back Time series takes a look back at numerous turning points, milestones, and important moments in Millbury Savings Bank’s 160-year history. Sure, we may be waxing nostalgic, but we also think it’s important to acknowledge the role the bank has played in our community all the way back to the mid-19th century.
In 1881, Millbury Savings Bank left its location in the Farnsworth block, and built and moved into its present location on Elm Street. According to the Centennial History of the Town of Millbury, the move was made in order to provide the bank with better safe and vault security than it had at its previous location. For the next 23 years, Millbury Savings Bank and Millbury National Bank operated as separate institutions, but actually were housed in the same rooms!
In 1904, in order to comply with Massachusetts laws mandating a separation of national and savings banks’ operations, permanent glass partitions were installed to divide the two banks into two distinct establishments. Millbury Savings Bank, it was reported, occupied the upper or westerly side of the banking rooms, while the National Bank occupied the lower or easterly side. Further, a double vault was constructed that offered customers safe deposit boxes (but only on the National Bank side), and an electric alarm was also installed. (Millbury National Bank, of course, later moved into its present 18 Main St. location.)
For more than 133 years, the bank has remained in this same location, occupying a significant place in the heart of downtown Millbury, and servicing the families that have made their homes and established businesses all along the Blackstone River and within the Blackstone Valley.