Community Corner
Origin of Farmers and Mechanics Savings Bank
Incorporated in 1858, the bank's first depositors were largely Irish workers from the brownstone quarries
The former Farmers and Mechanics Bank, with its main office at 225 Main St. in Middletown, was purchased in 1996 by The Royal Bank of Scotland Group, the Governor and Company of the Bank of Ireland, and Citizens Financial Group, Inc. of Providence, RI. The newly formed institution was named Citizens Bank of Connecticut.
Farmers and Mechanics Savings Bank was incorporated in 1858, with a local physician, Dr. William B. Casey, as its first president. Most of the first depositors were Irish workers at the brownstone quarries, including Jerome Calif, who got a 3 percent dividend on his initial $10 deposit that first year.
The bank had its start in the same space in which Middletown National Bank first opened -- the former home of Nehemiah Hubbard Jr. on the west side of Main between Court and College. The bank rented it for $177 per year. The Hubbard house was later demolished in 1987 by the bank for its northern addition.
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For the next 50 years, the bank moved around quite a bit. It operated in the same space with the First National Bank on the east side of Main Street for a few years and then moved into the new offices built by The Middlesex Mutual Assurance Co. on Main Street in 1865. They constructed their own bank building in "The Bank Block" adjacent to the custom's house in 1880.
Since 1914, Farmers and Mechanics has been located in the brick structure they built at the northwest corner of Main and College streets. It cost $89,000 to build, and was expanded in 1933, 1964, and in 1987. Parking in the rear was added in 1958 and 1979; the latter came about after the demolition of the Danforth Pewter Shop.
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The bank was known for its progressive practices at the early part of the century. During a period of significant growth in the early part of the 20th century, the bank provided six-day banking, Christmas Club accounts and, beginning in 1936, a monthly mortgage plan.
In the 1960s and 70s, Farmers and Mechanics opened many branches; its first was in Colchester in 1964, followed by Lontville in 1972 and at Middletown Shopping Plaza in 1973. The bank's first drive-in opened on Main Street Extension in 1977.
Citizens Bank at 211 South Main St. -- the passive solar structure -- became part of Citizens Bank when it took over the City Savings Bank.
