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Centennial Monograph: Banking Institutions in Maynard


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Centennial Monograph: Banking Institutions in Maynard


A short history of banking in Maynard.




B. Koski



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Banking Institutions in Maynard

The first bank in Maynard was an adjunct of The Assabet Manufacturing Co. We do not have a record when it was instituted. It was either a savings or a share buying institution of the company for its employees. When the company went bankrupt or insolvent on January 1, 1899 it also involved the moneys of the employees. A newsnote of July 28, 1899 reports that people are still waiting for money deposited by them in Assabet Manufacturing Company.

August 4, 99 report is that 25% will be paid now-more later. September 8, '99- second payment of 35% will be paid in two-three weeks. February 23, 1900- final payment made - the 35% that was promised in September 1899. This loss of 40% of their savings under rather mysterious and cloudy circumstances engendered such bitterness towards the Maynard family that when two years later
American Woolen (which took over the Assabet Manufacturing Company) attempted to change the name of the town back to Assabet Village, vociferous support came from the depositors.

The need for asavings and banking institution is apparent and obvious for every community. And so it was with Maynard. April 3, 1903 news article tells us that a national bank is coming.