Middlebury register. (Middlebury, Vt.) 1886-1937, 1919-01-31
THE BANKS HISTORY

The Legislature of 1868 granted d
charter to: +. c. Kennedy, Francis
Leclair, Peter Leclair, George P Woods,
A. J. Stevens, Elisha Allen, +. W.
Chase. II. w. Barrett, R. S. Taft, Ed
ward Hungerford, A ] Crane and o.
mond Cole to organize the Winooski
Savings Ldnk.
The incorporators met on January
%, 1869, in the Office OF Peter Leclair'
over what is now Richards drug store
The meeting was called to order and
elected George P Woods president, +
W. Chase vice president and +. l
Kennedy treasurer. The trustees were
F. c. Kennedy, Peter Leclair, George
P. Woods, Elisha Allen, E. W. Chase
H. W. Barrett, A. J. Stevens and Or,
mond Cole Peter Leclair and Ormond
Cole were appointed a committee &c
prepare bylaws The members OF the
corporation who were not present were,
A. J. Stevens, A. J. Crane, Edward
Hungerford and R. 5. Taft.
Twenty-six persons have served as
trustees of the bank. Two, F. I Ken
nedy and w L. Greenleaf declined re-
election; four, Ira Allen, Elisha Allen
George p. Woods and Peter Leclair
severed their connections by removal
from the State; one, Orman T. Kay
resigned Ten have died while hoidine
the office of trustee, as follows; A. }
Stevens, Samuel Bigwood, E. W. Chase
H. w. Barrett, H Richardson, b
Small. w. T. Herrick, William b. Yves
ton. Sidney H Weston and Ormonc
Cole. The bank has had six presidents
George p. Woods S. II. Weston, sam
uel Bigwood, DR.. ]. B. Small, y. +
Raw and Ormond Cole.
The bank had its first office with the
Burlington Wooden company, and wa'
there about four or five years. 1t wa
then moved to the town clerks office
for the next four years, and for the two
wears following was in the building
where the fruit store is at present, be
between w. E. McBrides store and the
Strand theatre At the end OF thi'
time the bank was moved into its pre-
sent quarters.
When Mr. Cole took the office Of
treasurer. while the bank was in the
town clerks Office, the fixtures con
sisted of a single desk, high stool,
small sized safe, and a pocketbook con
tanning the securities. The first foui
wears that the bank was organized ant
while at the Burlington Wooden com
panv's Office, it increased Sl6,OOO
wear. the second four years the bank
Increased $1,000 a year, making tht
banks assets at that time Sl35,OOO
with an actual surplus OF Sl,3OO tt
IS135O. or about one per cent OF the
assets At the end of the first II year:
there were less than Sl50,000 of assets
From this you can judge something OF
the difficulty there was in getting
mutual savings bank started on a goot
sound, financial footing.
At the end OF 40 years from the OF
ganization of the bank, it had asset
of 81. $40, 350OS, deposits of 81 ,393,SOA.O "
and a surplus Of Sl36,546N At the
end of the next five years it had asset:
of 81, 102, 1866, deposits of Sl,S9S, l3OS'
and a surplus of $20i,6l60l.
At the present time, the total asset
are S3.267. 70S 46, showing an increase
for the five wears of Sl,l6496l6 60, anc
for the ten years of Sl,737 ,35S3S. The
total deposits are $2,945,946.J showlnS
an increase in deposits i0r the hive
wears of Sl,0i7,Sl565, and for the ter
wears of sl,552,lI- IS. The surplus l.
$3OS1. S22. 3S, showing On increas n SUI
plus for the fvc years OF SlN. 30
and fof the On years r. SIP "b.Si
From this it can So THAT th'
hank has IT. A; aimed the percentage o
-i--..-..A- IL ar, annr cent lO