Providence Institution For Savings

This bank began its life in 1819 as the Providence Institution for Savings, an affiliate of the Providence Bank. It was the first savings institution in Rhode Island.

• 1929: The Old Stone Safe Deposit and Trust Company was formed as an affiliate safe-deposit facility of the savings bank

• 1965: The Old Stone Safe Deposit and Trust Company changes its name to the Old Stone Trust Company

• 1967: The institution officially changed its name to the Old Stone Savings Bank

• June 15, 1974: Old Stone Savings Bank and the Old Stone Trust Company are put under the umbrella of the Old Stone Corporation. Name changed to Old Stone Bank

• October 20, 1984: Old Stone Bank merged into and subsequently operated as part of Rhode Island Federal Savings and Loan Association in Providence

• January 29, 1993: Old Stone Bank closed by the Office of Thrift Supervision of the United States Department of the Treasury

• July 8, 1994: Citizens Financial Group wins bid for failed Old Stone Bank, outbidding Hospital Trust/Bank of Boston and Shawmut

Providence Institution for Savings on South Main Street.

Inside the bank vault, Providence Institution for Savings. Courtesy of the City Archives, City of Providence. Reprinted with permission.

An item from 1869.

A bank check from the 1870s, when the Providence Institution for Savings was affiliated with the Providence National Bank (later Industrial National Bank, and then Fleet).

Detail of bank façade on check.

The bank circa 1954. To the left is the former home of the Providence Bank. (Library of Congress.)

Interior of the Old Stone Bank. Courtesy of the City Archives, City of Providence. Reprinted with permission.

The bank building stands empty today.

The bank on South Main Street.

An advertisement from The Providence House Directory and Family Address Book, 1931-1932.