The Bridgeport evening farmer., 1915-12-10
BANK WILL RAzE 5-STORY BLOCK
 FOR NEW HOME
Bridgeport Savings Bank Announces Plan to Tear
 Down Big Structure.
BUYS ADJOINING
 STATE ST. LAND
Decides Against Continuing Rental of Property Above
 Counting Rooms.

Announcement was made today by Samuel M. Hawley, treasurer. of the Bridgeport Savings Bank corner of State and Main streets, that the hand some fve-story brick building now oc- Ecupied by them as a bank and office building, together with the adjoining property at 150=61 State street will soon be torn down to be replaced by handsome one-story banking <edif1ce that will not only beautify the section but care for their enormously in- pressing business.
 It is expected that the new structure will rear it's walls and be ready for occupancy by the summer of 1916, if plans and construction work can be
 expedited. During the reconstruction process the bank will occupy tempo rary quarters in the Court Exchange building, Broad and State streets. The demolition of the present fve- story structure built in 1878 and re- great surprise to realty men throughout the city and determination upon the bank officials to rebuild only a one-story building is taken to indi- cate that upstairs rentals are consid- cred of small profit in financial sec- tions.
 The new building will have front age of 6s feet on State street, a depth of 50 feet on Main street and the
 westerly wall will extend south on the Platt-Ritch property to a depth Of 73 feet.
 The present banking structure, of red brick five stories in height, at present houses IA tenants, including lawyers, studios and offices of the Mountain Grove Cemetery association, all of whom will have +n seek rentals elsewhere about January 1.
 The Platt-Rich building at 159 State street was formerly occupied on the lower floor by Baer Brothers for near 1y 14 years. The upper stories are rented by a barber shop and apart ments The structure is four stories brick, covered with stucco.
 The determination to rebuild o11icIe ly is said by bank officers to result from the enormous growth ofkhe bank during the past year, from December to December, figures of which show that 4,887 new deposit accounts have beeen opened in this one bank alone, an average of 16 per business day The number of transacti0ns in the de- sposit department of the savings bank alone increased from 44,S00 a year ago to 67,200 this year-a 50 per cent. in- crease. in one years time. The bank now has 19,450 depositors.
 Deposits in the Bridgeport Savings bank during the twelve month passed the nine million mark, being ss,o72,- 686.40, a gain of $6o3,0O0 from De> cernber to December.
 The bank started in 1s42 and the amount of dividends paid during Al consecutive semi-annua4 periods is an nounced today as $9,5S7, ,635.38. This year alone the bank paid dividends of $329,796.50. The bank has loaned on real estate during the past six months $61O 851.60, showing that it has dono a large share towards the develop ment of the city.
 It is believed that during the next six months the business will have fn- creased greatly over the ratio shown for the past year, as the greater vol I1rne of business has been done during the past three months and every tnd1- cation towards increase in every de- partment is now shown.
 The Bridgeport Savings Bank was incorporated in 1s42 Prior to that western Connecticut Nine banks had been charttred but of these only six now exist.
 The incorporators of the Bridgeport Savings Bank as shown by the rec ords of 1s42 were numerous and tn- cluded the most prominent men of the community at that period
 Business was first transacted in the iron and steel warehouse or George Sterling on Water street The to the northwest corner of Water and Wall streets now occupied bv Max Blumberg,s shore store. In 1845 the bank removed to 21 Wall street and in 1850 purchased land at the south west corner of State and Main streets from Joseph Banks and Poll Sterling, They occupied small two-story bufld{ ing until 1878 when a brick structure was erected, which was renodeled within the present decade.
 Among the presidents during this | period of time are Sherman Sterling, I V O { l Lemuel Coleman Thomas Sterling, Higby and Edmund s. Hawley.
 The present officers are Frederick B. Haw1ey, president; Arthur w. Bur- rftt and Edgar w. BassfcE. vice pres idents; Samuel M. Hawley, treasurer; George c. Edwards, Hamilton s. She1- 1 ton. Charles w. HawIey, John 1 Pullman, Isaac w. Birdsey, William R. Brewster. Stiles F. Goodse11 and 1 Willis F. Hobbs, trustees.