American Bank, Providence
As reported in 1891:
“The American Bank, at first located at 23 South Main street, was incorporated in October, 1833. Its capital was at first $200,000, but this was gradually increased, until in 1856, it reached the sum of $2,000,000. At this figure it remained until the reorganization of the bank under the national system, as the American National Bank, in August, 1865, with a capital of $1,437,650. At this amount it has since remained. Henry P. Franklin was president until about 1849; Amos D.Smith followed for a year or two; Stephen Harris succeeded about 1851, to 1855; Shubael Hutchins, 1855 to 1868; Stephen Harris, 1868 to 1879; F. W. Carpenter, 1879 to the present time.
“The cashier’s office has been successively held by: S. K. Rathbone, up to 1856; William H. Dart, 1856 to 1861; William Olney, 1861 to 1881; Horatio A. Hunt, 1881 to the present time. The location of the bank was changed to 21 What Cheer Building;, about 1852; in 1868 it was at 25 Market Square, and in 1877 it was at 97 Westminster street, where it remains at the present time. The directors are Thomas Brown, E. H. Robinson, William Grosvenor, Francis W. Carpenter, Alfred A. Reed, George C. Nightengale, Jr., Jeffrey Davis and Stephen H. Arnold.” — Richard M. Bayles, ed. History of Providence County, Rhode Island, Volume I. New York: W. W. Preston, 1891.
As the American National Bank, the institution was granted charter #1472 and issued $3,860,270 in national currency. In 1901, its address was listed as the Banigan Building, at 10 Weybosset Street.
The Hospital Trust Company took over American National on January 10, 1906. The move was somewhat of a surprise to those in Providence’s financial circles, as rumors had been circulating at the time that it would be consolidated with the Merchants National Bank.
The What Cheer Building, which housed the Phenix National Bank, the Blackstone Canal National Bank, the Fourth National Bank, the American National Bank and the Connecticut Mutual Life Insurance Company. The Roger Williams National Bank and the Globe National Bank were in the building adjacent to the right. (Rhode Island School of Design’s Chace Center now occupies this site on North Main Street.)
A vintage image showing the Banigan Building with the American National Bank’s office on the ground floor at left. Built in 1896, the Banigan Building was Providence’s first skyscraper.
10 Weybosset, the Banigan Building, former home of the American National Bank.
February 1, 1836 receipt for payment on the second installment of five for five shares of American Bank stock, paid by William J. Pearce, $62.50. Signed by Daniel C. Cushing, the bank’s cashier.
Blank bank check from the 1870s.