1854-1984
Guide to the Collection
Restrictions on Access
The bulk of the Woburn Five Cents Savings Bank records (except for oversize) is stored offsite and must be requested at least two business days in advance via Portal1791. Researchers needing more than six items from offsite storage should provide additional advance notice. If you have questions about requesting materials from offsite storage, please contact the reference desk at 617-646-0532 or reference@masshist.org.
Abstract
This collection consists of the records of the Woburn Five Cents Savings Bank, including minutes of the board of trustee meetings, customer records, and bank history materials.
Historical Sketch
The Woburn Five Cents Savings Bank was founded in 1854, opening its doors for business on June 3. Sixty-four accounts were opened on that day with deposits totaling $864.64. Woburn was a thriving community at that time with a population that included mechanics, shopkeepers, manufacturers, and professional men, although many of the town's citizens were employed in its principal industry, leather.
The bank's first location was in Nathan Wyman's store, but it outgrew those quarters within the first year of business. It moved to the store of William Woodbury on Main Street. Continual growth necessitated the bank's removal to four more locations until 1888, when the bank erected its own building on its current site. It occupied the second floor of the building until 1912, when the city's post office (it had been incorporated as a city in 1888) moved from the first floor of the bank building to a new post office building.
Although it remained on the same location, the bank outgrew its 1888 building, resulting in the construction of its present structure in 1931. Above the windows are symbolic carvings representing Capital, supported by Prosperity and Wealth; Mechanics, Art, and Agriculture; and Industry, supported by figures representing Banking and Recording; and the Beehive of Industry.
The Woburn Five Cents Savings Bank was acquired by the Sterling Bank of Waltham in 1991. In August 1994, the Sterling Banks were acquired by Fleet Bank.
Sources
100th Anniversary 1854-1954: A Century of Community Service. April 7, 1954, Woburn Five Cents Savings Bank, Woburn, Massachusetts (Boston: L. E. Muran Co.), 1954.
Collection Description
The records of the Woburn Five Cents Savings Bank consist of 57 volumes stored offsite in 17 record cartons and one oversize box stored onsite at Ms. N-347. The collection has been arranged into three series: I. Bank records, 1854-1984; II. Customer records, 1854-1906; and III. Bank history materials, 1854-1954.
Series I. Bank records contain minutes of the board of trustee meetings, 1854-1984, most including the records of the Committee of Investment; early financial records of the bank, including early account books, 1854-1882; and quarterly audit receipts, 1854-1881. The bank records also include the minutes of the Cambridge University Trust bank, 1926-1973.
Series II. Customer records contain three volumes listing customer names by savings account numbers from 1854 to 1906. Most also list the customer's address, and some note family or occupational information. The bulk of the series consists of individual savings account records kept by account number in what appear to be three series (see container list for a detailed volume list), 1854-1906. Carton 17 contains five volumes of alphabetical indexes to the customer records from name to account number.
Series III. Bank history materials contains one folder of miscellaneous historical materials, including the first bank book of J. P. Converse; two copies of 100th Anniversary 1854-1954; A Century of Community Service (Woburn, Mass.: Woburn Five Cents Savings Bank, 7 April 1954); an oversize folder containing photographs and drawings by Marjorie A. Kenneally of bank and town scenes used in the pamphlet; and several copies of the dedication edition of Woburn Daily Times, 21 Sep. 1931.
Restrictions on Access
The bulk of the Woburn Five Cents Savings Bank records (except for oversize) is stored offsite and must be requested at least two business days in advance via Portal1791. Researchers needing more than six items from offsite storage should provide additional advance notice. If you have questions about requesting materials from offsite storage, please contact the reference desk at 617-646-0532 or reference@masshist.org.
Acquisition Information
The Woburn Five Cents Savings Bank records were the gift of the Sterling Bank, August 1994.
Processing Note
In July 2001, the records were appraised and processed. As a result, the collection was reduced from 47 record cartons to 11 record cartons, 6 XL record cartons, and 1 oversize box.
Minutes of the trustees were kept to the most recent date (1984), while the remainder of the collection was weeded extensively. Detailed financial information can be found only in the customer records and in early bank records. Detailed customer accounts were retained through 1906; this is the date through which there are lists of customer names with demographic information and for which there are alphabetical name indexes.
In February 2024, some of the XL volumes were rehoused, expanding the XL part of the collection from 6 XL record cartons to 9 XL record cartons.
See the curator of manuscripts for more information.
Detailed Description of the Collection
I. Bank records, 1854-1984
A. Trustees' minutes, 1854-1984
1. 1854-1 July 1877
2. 9 July 1877-4 Oct. 1882
3. 6 Oct. 1882-1 July 1889
4. 5 July 1889-Apr. 1903
5. 3 July 1903-31 Dec. 1906
6. 4 Jan. 1907-6 Jan. 1911
7. 30 June 1911-6 Oct. 1916
8. 5 Jan. 1917-22 Nov. 1921
9. 6 Jan. 1922-2 Apr. 1926
10. 2 July 1926-2 Jan. 1931
11. 3 Apr. 1931-5 Oct. 1934
12. 4 Jan. 1935-1 Apr. 1938
13. 1 July 1938-2 Jan. 1942
14. 4 Apr. 1942-6 Apr. 1945
15. 6 July 1945-1 Apr. 1949
16. 1 July 1949-4 Apr. 1952
July 1952-July 1959 missing
17. 9 Oct. 1959-13 Apr. 1962
18. 13 July 1962-8 Jan. 1965
19. 9 Apr. 1965-14 Apr. 1967
20. July 1967-Oct. 1970
21. 12 Jan. 1927-10 Oct. 1972
22. 9 Jan. 1973-8 Jan. 1974
23. 9 Apr. 1974-8 Apr. 1975
24. 8 July 1975-13 Jan. 1976
25. 13 Apr.-19 Oct. 1976
26. 18 Jan.-19 July 1977
27. 18 Oct. 1977-17 Oct. 1978
28. 30 Jan. 1979-16 Oct. 1979
29. 15 Jan. 1980-21 July 1981
30. 19 Apr. 1983-17 Apr. 1984
31. Cambridge University Trust stockholders' minutes, 1926-1973
B. Early bank records, 1854-1931
1. Ledger (interest, depositors, loans, etc.), 1854-1880
2. Ledger (cash, deposit, interest, etc.), 1878-1882
3. Quarterly audit receipts, 1854-1875
4. Quarterly audit receipts, 1876-1881
5. Waste book, 1854-1879
6. Lists of officers, salary information, building improvements, 1854-1931
II. Customer records, 1854-1906
A. List of subscribers by account number, 1854-1906
Some names include address, family information, and occupation of the individual account holder.
1. 1854-1887
2. 1888-1901
3. 1901-1906
B. Individual account balances, kept by account number, 1854-1906
Series 1
#1 - 1519, 1854-1862
#1 - 1968, 1862-1871
#1 - 2125, 1871-1880
#1 - 9815, 1880-1893
Series 2
#8120 - 9799, 1873-1880
#9800 - 11,799, 1880-1893
#11,800 - 13,999, 1884-1900
#14,000 - 15,999, 1888-1900
#16,000 - 18,000, 1890-1900
#18,001 - 20,000, 1893-1906
#20,001 - 22,000, 1895-1906
Series 3
#2 - 11,796, 1893-1901
#3 - 11, 796, 1901-1906
C. Indexes to individual account numbers
Indexes to B. Individual accounts above. As with accounts, indexes appear to overlap.
III. Bank history materials, 1854-1954
Contains one folder of miscellaneous historical materials, including the first bank book of J. P. Converse; two copies of 100th Anniversary 1854-1954: A Century of Community Service (Woburn, Mass.: Woburn Five Cents Savings Bank, 7 April 1954); an oversize folder containing photographs and drawings by Marjorie Keanneally of bank and town scenes used in the pamphlet; and several copies of the dedication edition of Woburn Daily Times, 21 Sep. 1931.
Preferred Citation
Woburn Five Cents Savings Bank records, Massachusetts Historical Society.
Access Terms
This collection is indexed under the following headings in ABIGAIL, the online catalog of the Massachusetts Historical Society. Researchers desiring materials about related persons, organizations, or subjects should search the catalog using these headings.