Wappinger Savings Bank

IXTAPPINGER SAVINGS BANK

1869-1969

An important financial institution of Dutchess County celebrated its 100th birthday on April 25th 1969. On the 25th day of April 1869 af group of prominent men of Wappingers Falls were successful in obtaining a charter from the New York State Legislature for the establishment of a mutual savings bank in the village. A hundred years ago the Village of Wappingers Falls was in the Town of Fishkill. That Township later was broken into three townships, namely Fishkill, East Fishkill and Wappinger. The Village government of Wappingers Falls was established in 1871.

The twenty-three founders and incorporators had varied occupations, several merchants, a former postmaster, a village Trustee, a Supervisor, a school teacher, the pastor of St. Mary' Roman Catholic Church, farmers and manufacturers, truly a cross section of occupations and interests in the prosperous village. Their names were as follows: A. W. Armstrong, Elias Brown, Samuel Brown, Benjamin Clapp, Edward M. Goring, Irving Grinnell, Joseph Faulkner, Z. V. Hasbrouck, j. D. Harcourt, Andrew Jackson, Samuel W. Johnston, Thomas W. Jaycox, J. Nelson Luckey, Daniel McKinley, Henry Mesier, William B. Millard, Francis Myers, I. T. Nichols, John R. Phillips, Rev Dennis Sheehan, Abraham D. Smith, Henry Suydam and Clayton W. Sweet.

Samuel W. Johnson, the first president of the Wappinger Savings Bank, was a native of Stratford, Connecticut, and after graduating from Trinity College, came to Wappingers Falls to become a partner of Thomas Garner in the Dutchess Company. "Old Resurrection", a two wheel hose cart was given the fire company by Mr. Johnson, and the fire company today bears his name, The S. W. Johnson Engine Company. Mr. Johnson was a prominent member of the Zion Episcopal Church and his interests were many in the development of the Village. The site of the Dutchess Company is now an industrial center with several factories in operation. Prominent industries of Wappingers Falls in 1869, in addition to the Dutchess Company, were the Franindale Cotton Mill, Disbrow and Goring Iron and Brass Company, and the Independent Comb Company.

The organization meeting of the Wappinger Savings Bank was held in the Circulating Library, now known as the Grinnell Library Association, and after receiving the charter, the first deposits were accepted in Sweet and Barlow's store. In July 1871 banking operations were moved to the building now occupied by the Town of Wappinger offices, and these quarters were utilized until 1956 when the present bank building was built next door at 9-11 Mill Street. In 1869 the massive stone bridge in the heart of the Village was in use but somewhat narrower than today; the Wappingers Union School was in the alley now known as Reservoir Place; the Post Office was in Chan-

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ningville and the Grinnell Library, which recently had its centennial year, had its quarters on the second floor of the old Mesier building at the corner of Main and Market Streets. The Presbyterian Church in 1869 was on Fulton Street and its building was the former Dutch Reformed Church at New Hackensack, moved to Fulton Street in Wappingers Falls. This structure was remodeled some years ago and converted to an apartment house. The Methodist Church at that time was on Church Street in Channingville. There are records of daily stage coach service from Wappingers Falls to Poughkeepsie and New Hamburg.

Other important dates of the 1800's in the Village of Wappingers Falls include the organization of LaFayette Lodge, I. 0. 0. F. in 1838, Wappingers Lodge, F. 8z A. M. 1867, and the Garner Engine Company 1869. When the Wappinger Savings Bank was started the village was a growing community. There were many stores, important factories, churches representing several denominations, and two physicians are listed, Dr. William Baxter, Sr., and Dr. William H. Proal.

The Wappinger Savings Bank has had very competent management through the years; some of the leading citizens of the community have served as trustees and officers, and the bank has been loyally supported by depositors from a large surrounding area. In 1969 Carleton I. Relyea is the President of the Wappinger Savings Bank, and Kenneth Van Voorhis, the Secretary 1933-1952, Treasurer 1933-1956, President 1957-1964, is serving as Chairman of the Board of Trustees. Other Trustees are Dr. Chester H. Golding, Jr., Clinton Urey, Gerald J. Cerone, Douglas M. Deppe, Joseph E. Ludewig, Gordon A. Houran, R. Frederick Rowe, and Anthony R. Bottini. Anthony P. Silvestri is the Secretary-Treasurer and Robert W. Montross the Assistant Treasurer.

At its 100th birthday the Wappinger Savings Bank had deposits of over $13,700,000 and continues to be active in promoting home building in Dutchess County. Its mortgage portfolio was in excess of $11,000,000. There are six Mutual Savings Banks in Dutchess County; the youngest, the Pawling Savings Bank, celebrates 100 years of service in the community in 1970. The dates of the organizations of those predating Wappinger and Pawling are as follows: Poughkeepsie Savings Bank 1831, Fishkill Savings Bank 1857, Rhinebeck Savings Bank 1860, and Beacon Savings Bank 1866. The six banks have 126,000 accounts totaling more than $299,000,000, and total assets in excess of $330,000,000.

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