After serving Richfield Springs residents for 124 years, what is now
known as Bank of America will be closing its doors and moving east,
leaving behind a solid history of service to the community.
After 2 p.m. Friday, March 3, 2006, Bank of America customers will
have to travel into West Winfield to do their banking. “There are other
ways customers will be able to bank with us,” said Diane Wagner,
national media relations spokesperson. “But we understand switching is
possible and (may be) customer preference.”
The move is part of an ongoing process by the bank to “continually
evaluate our banking centers,” and in no way reflects the financial
stability of the bank, Wagner said. “The bank is doing just fine.”
According to Consumer Market Executive Christine Snow, the “transfer
will automatically occur,” and customers will not have to do anything.
“There will be no interruption in your banking service and you’ll have
access to your accounts at all times.”
This will not be the first time the bank, founded as the First
National Bank in Richfield Springs, which opened in April, 1882, has
undergone a move. In 1966, 10 years after the bank had merged with the
State Bank of Albany, the physical location was changed from 51 Main
Street to the current location, 108 Main Street. Since that move, the
bank has merged a number of times, although the location has stayed the
same.
In 1984, the name was changed to Norstar Bank of Upstate NY, then in
1988 it was merged to State Norstar Bank of Callicoon. The name was
changed back to Norstar Bank of Upstate NY until 1992, when at that
time the name was changed to Fleet Bank of New York, and then to just
Fleet Bank, in 1994. Three years later, the bank merged to form the
Federal Fleet Bank of North America. They became the Bank of America in
2004.
According to historical information provided by the bank’s vice
president and manager, Michael Marmet, the original bank, at 51 Main
Street, used only one-third of the main floor. The rest of the main
level was used as a store and the upper levels were living quarters.
Marmet said that at one point, an additional responsibility of the bank
tellers was to empty chamber pots of the residents living upstairs from
the bank. “Can you imagine being a teller and having to empty chamber
pots,” he asked with a chuckle.
The bank survived two world wars and the Great Depression, with the
community rallying together and flourishing when most of the rest of
the country was struggling with the troubles of the day. It was “one of
the only banks that did not go under during the depression,” Marmet
said, because much of the investments were real estate and bonds, not
stocks. By 1933, it was the only solvent bank in Otsego County.
In a manuscript entitled The History of Banking in Richfield
Springs, by Greta G. Hughes, and dated Aug. 10, 1957, the bank
patriotism in Richfield Springs was strong during the war years, with
over $1 million worth of Liberty Loan Bonds sold during World War I.
Again during World War II, more than $2 million in bonds were sold by
the bank.
“In all the Bond Drives, more than the allotted quota was sold and,
notwithstanding, the considerable amounts withdrawn by depositors, the
total monies on deposit were larger at the end of each Bond Drive than
they were at the beginning,” Hughes wrote.
Her manuscript mentions the original Richfield Springs Mercury
publication numerous times, noting that “throughout the summer season
of 1890, the bank advertised in the Mercury that it was buying and
selling foreign exchange as well as acting as agent for the Inman and
White Star Lines by issuing ‘Passage tickets to and from the Old
Country and prepaid Excursion Tickets for First Cabin, Second Cabin or
Steerage.’ This was one of its contributions toward the support of the
Resort industry.”
The bank also maintained a civic presence, with reference again to
The Mercury. “An account of the ‘Bank Playing Santa’ at the Tuller
House is to be found in the Mercury’s files. Local youth organizations
received contributions among which was a $50 donation on July 28, 1949
for the Girl Scout Camp Minnetoska.”
The bank apparently worked closely with local farmers and businesses
from as early as 1870, according to Hughes, providing “at least part of
the capital for nearly every enterprise that has started in Richfield
Springs and its surrounding territory and has had a very liberal loan
policy which has aided the individual personal borrower as well as the
merchant, farmer and manufacturer.”
Their close involvement with the community is attributed to the
success of the village in its early days. Back then the village was
beginning to realize its potential as a resort area, with four hotels
and several boarding houses flourishing as summer retreats. In
1871, the railroad came through from Utica to Lake Street.
Farmers also began to realize the village could be a viable market
for their produce and goods. The village suffered a brief setback
during the depression of 1873-1878, according to Hughes, but throughout
the depression Thomas R. Proctor modernized and renovated hotels and
hot spring bath houses. By the depression’s end the village was home to
two hot spring bath houses, seven hotels and “an institution of
learning” with the creation of the Richfield Springs Seminary in the
Derthick House. This school was managed until 1886, at which time the
Bronner Street High School was opened.
Referring to The Mercury from 1898, Hughes ended her manuscript on
the bank’s history by quoting the paper. “The Mercury’s comment
Nov. 24, 1898 held true through Sept. 23, 1956: ‘This institution has
proven through its career the financial bulwark of Richfield Springs
and one guided by the soundest business methods.’”
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