Newport Exchange Bank

Founded in January of 1834, Samuel Carr was its first president and Stephen H. Norman its cashier. It became the National Exchange Bank of Newport in 1865 (charter #1565).

The Island Savings Bank, incorporated on June 6, 1873, was closely associated with the National Exchange Bank (and shared the same offices, see photo below). Its first president is listed as Samuel Carr (likely a descendant of the Exchange’s 1834 president).

About 1892, the bank built a brick structure to replace its wood-framed home at 38 Washington Square. That structure still stands today and is listed on the National Register of Historic Places.

There was a minor run on the bank in 1920 when it was discovered that one of the institution’s tellers, Everett Greason, had embezzled $15,000. He lost all the money “in a gambling house on Thames Street.”

On February 26, 1926, the bank merged with Aquidneck National Bank, to form the Aquidneck National Exchange and Savings Bank of Newport. The new bank changed its name to the more succinct Aquidneck National Bank of Newport on November 7, 1934, but issued no currency with this title.

In 1950, the Aquidneck National Bank was absorbed by Hospital Trust.

A photographic print, probably made from a glass plate negative, of the National Exchange Bank at 38 Washington Square. Also visible is the sign for the
Island Savings Bank, on side of building, the sister organization of the Exchange. The steeple of St. Paul’s Methodist Church is visible in the background.
© Newport Historical Society. Reprinted with permission.

The bank as depicted on a check from 1880. The sign for the Island Savings Bank is visible on the right side of the building.

From January 22, 1880.

From January 27, 1880.

From February 18, 1899.

The original wooden building was replaced by this brick structure in 1892. Later, the National Exchange Bank merged with the Aquidneck Bank. This institution was, in turn, absorbed by Hospital Trust in 1950. This photo shows the former Exchange Bank building as a Hospital Trust branch, circa 1970s.

The National Exchange Bank still stands today.