Worcester Bank

The Worcester Bank was organized in 1804 when 183 subscribers pledged $150,000 for shares in the company. The bank received its charter from the state in March 1804, and Daniel Waldo (1724-1808) was chosen the first president. Land was purchased on Main Street and a brick building was constructed. Daniel Waldo, Jr. (1763-1845) was elected the second president and the new bank was opened in October 1804. In 1812 the bank's charter was renewed by the state and its capital was increased to $200,000. Stephen Salisbury (1798-1884) was elected the thrid president in 1845 after the death of Daniel Waldo, Jr. The bank made large loans to the federal government during the Civil War. In May 1864 the bank changed it name to the Worcester National Bank in compliance with the National Banking Act, and its capital was increased to $300,000. In 1917 the Worcester Bank merged with the Worcester Trust Company to for the Worcester Bank and Trust Company.