Granite Bank, Pascoag

According to Roger Durand, the Granite Bank was originally incorporated in June of 1833 as the Pascoag Bank in Pascoag Village, Burrillville. It seems to have run into some difficulties in the 1840s, alluded to in the court case of Pascoag Bank v. Hunt, in which the cashier was found guilty of embezzling funds that were lost speculating on bonds and mortgages.

In 1850, it was announced that:

“The president and cashier of the Pascoag Bank, Burrillville, report that the business of the bank remains in the same situation in which it has been the last three years; that in consequence of its situation they are unable to make a full and balanced exposé of its affairs; but that its receivables are far beyond its liabilities. They further report, that the bank has not issued any bills for more than seven years past; that the circulation, if any, is small, and that all bills are promptly redeemed on presentation. It is now more than two years since any bills have been presented to be redeemed.”

Bayles’ 1891 history of Rhode Island picks up the story from there:

“The Granite Bank was organized September 17th, 1851, at a meeting of the stockholders of the old Pascoag Bank, at which the following members were present: Whipple Sayles, Syra Sherraan, James M. Wilson, James Wilson, Angell Sayles, George W. Marsh, Jason Emerson, Thomas D. Sayles, Stephen Emerson, Leonard Mason, Daniel Salisbury, James S. Cook, Daniel S. Whipple, Albert L. Sayles, Burrill Logee, Whipple Walling, Arnold Ballon, Asa Ross, Augustus Hopkins, Nelson Walling and J. O. Clarke. Daniel M. Salisbury was elected president, and James S. Cook, cashier.

“July 5th, 1865, the bank was changed to a national one, under the name of the Pascoag National Bank. January 9th, 1883, John T. Fiske succeeded Mr. Salisbury as president, and he was succeeded, January 13th, 1885, by James O. Inman, who held the office till his death, and was succeeded by Olney T. Inman, July 14th, 1890. James O. Cook was succeeded by Philip O. Hawkins, the present cashier.” — Richard M. Bayles, ed. History of Providence County, Rhode Island, Volume I. New York: W. W. Preston, 1891.

When the institution became a national bank on July 5, 1865, it had a capital of $60,000 and was granted charter #1512. It issued $774,259 in national banknotes, in denominations of $1, $2, $5, $10 and $20. Only four of these notes are recorded in the National Bank Note Census. In 1898, Olney T. Inman was recorded as president and P. O. Hawkins, cashier.

On June 6, 1901, the Pascoag National Bank was absorbed by the Industrial Trust Company.

A map of Pascoag, showing the bank’s location on South Main Street, just below High Street (upper right). From D.G. Beers, Atlas of Rhode Island, 1870.

The Granite Bank later became part of the Industrial Trust company. This postcard shows Industrial’s location in Pascoag.