Richmond Bank, Alton

This Richmond Bank was founded in May, 1856 in Alton, a village in Richmond, a township in Washington County, RI. The area was originally agricultural, but saw the introduction of wool and cotton mills along its rivers during the first half of the 19th century. Banks like this one, while small, played a necessary role in financing the growth of local industry, which otherwise would have little access to the capital of financial centers like Providence or Boston.

Francis Brayton Segar (1794-1862) was its first president and Joseph B. Potter, cashier. The directors were F. B. Segar, D. L. Aldrich, H. P. Clarke, Jesse Potter, A. G. Nichols, E. Barber, T. T. Hoxsie and C. A. Crandall. It began with a capital of $50,000.

Francis Segar’s career mirrored the changes occurring in this area of southwestern Rhode Island over this period. He was a tanner and currier for 25 years, then a farmer for 10, before becoming a merchant in 1850. In addition, he served as a colonel of a local regiment, justice of the peace, postmaster and sheriff.

Possibly around 1860, the bank moved seven miles north to the village of Wyoming in Hopkinton, RI. There, it occupied a building on Main Street, next door where Segar’s son William Francis Segar (1826-1900) operated a store.

Amos G. Nichols (1829-1902) took over as president after Segar passed away in 1862. He was involved in the Nichols & Langworthy Machine Co. and New York Safety Steam Power Co., both of which manufactured steam engines. He was also instrumental in the construction of the Wood River Branch Railroad, which ran 5.6 miles in Hope Valley and operated from 1874 to 1947, and the Langworthy Public Library.

In 1863, the Federal Government introduced the national banking system to help finance the Civil War. On February 13, 1865, the Richmond Bank joined and was reorganized as the First National Bank of Hopkinton. Shortly thereafter, it moved to Hope Valley, also in the town of Hopkinton. It remained in this location until 1914, when its declined to enter the new Federal Reserve system and its assets were taken over by the Washington Trust Company of Westerly.

(On September 4, 1866, a vote was passed to close up the affairs of the state bank on October 20, 1866.)

For more on the First National Bank of Hopkinton, click here.

J.B. Potter has signed all of the issued banknotes below as cashier. The $1, $2 and $5 have A.G Nichols’ signature as president, while the $10 was issued during F.B. Segar’s tenure.

Check from 1858, which identifies the location of the bank as Richmond, Rhode Island.

Bank check from 1864.

Bank check from 1865, which identifies the location of the bank as Alton.

In this photo from March, 1974, the former W.F. Segar store is in foreground (then Connie’s Tavern). Behind it stands the Pierce-Cook House, which is where the Richmond Bank was located when it was in Wyoming.

The same view today. At 1139 Main Street, Wyoming, stands the Wood River Inn (formerly the Segar store, built in 1850). In the background, at 1141 Main Street, is the structure built in 1860 that once housed the Richmond Bank.

The bank’s former home, now a private dwelling.