The Dedham Bank was a
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
in
Dedham, Massachusetts
Dedham ( ) is a town in and the county seat of Norfolk County, Massachusetts, United States. The population was 25,364 at the 2020 census. It is located on Boston's southwest border. On the northwest it is bordered by Needham, on the southwest b ...
. It was located on the corner of
High and Pearl Streets.
Those involved with the establishment of the bank in 1814 include
Elijah Crane, Willard Gay,
Samuel Haven, John Guild,
Jabez Chickering, Horatio Townsend, Jeremiah Baker, and
Martin Marsh.
Early meetings of the bank were held at the
Norfolk House
Norfolk House, 31 St James's Square, Westminster, was built between 1748 and 1752 as his London townhouse by Edward Howard, 9th Duke of Norfolk (1686–1777) to the design of Matthew Brettingham (1699–1769), "the Elder", and was demolishe ...
.
The founders asked
Nathaniel Ames
Nathaniel Ames (July 22, 1708 – July 11, 1764), a colonial American physician, published a popular series of annual almanacs. He was the son of Nathaniel Ames first (1677–1736) and the father of Nathaniel and Fisher Ames. The family was ...
to be a director, but he declined, citing the large number of lawyers involved with its creation. Ten months after creation, however, the bank had 66 shareholders in Dedham, Boston, Bellingham, Medway, Dover, Walpole, Franklin, Needham, Woburn, Roxbury, Medfield, Sharon, Wrentham, Hopkington, Bridgewater, Canton, and Sherburne.
Its first president was Willard Gay who lived and carried on the business of packing beef and pork at
West Dedham. He resigned his office May 20, 1829 and was succeeded by
John Worthington Ames. Upon the decease of Ames in 1833, Dr.
Jeremy Stimson was elected on February 14, 1834. Stimson held the office of president until the bank was reorganized as a national bank on February 7, 1865. At that time he a reelection and Lewis H. Kingsbury was elected. Kingsbury resigned May 20, 1873.
Ezra W. Taft was then elected and served at least until 1884.
Cashiers of the bank include Chickering from March 25, 1814, to December 19, 1823, Ebenezer Fisher, Jr. from December 19, 1823, to January 1, 1847, Kingsbury from January 1, 1847, to February 7, 1865, John H.B. Thayer from February 7, 1865, to his death in April 1873, and Kingsbury from May 20, 1873, to at least 1883.
In January 1824, the public became aware that Chickering had gone bankrupt and went to New York to try and recoup some of his money. On February 2, the directors and shareholders of the Dedham Bank, where Chickering was a cashier, were informed that $35,000 was also missing. His widow was eventually able to pay off the bank and other individuals to whom Chickering owed money. In 1820, the
sued the bank for the irregular way they handled banknotes, drafts, and loans.
The Dedham Bank was established with a capital of $100,000.
The capital of the bank in 1839 was $150,000
and in 1883 was $300,000.
Notes
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{{Dedham
Banks based in Massachusetts
American companies established in 1814
1814 establishments in Massachusetts
Banks established in 1814
Companies based in Dedham, Massachusetts