From Historical Rutland: an illustrated history of Rutland, Vermont, from the granting of the charter in 1761 to 1911 by Rev. F. E. Davison, Rutland, Vt.: P.H. Brehmer, 1911, page 45:
Banking
The first bank in Rutland was chartered in 1824 under the name of "The Bank of Rutland" with a capital of $50.000. and with Robert Temple as president and William Page, cashier. It was located opposite the U. S. Court House in what is n ow the residence of L. H. McIntire. It retained its name until 1866 when it was reorganized as a National Bank with a capital of $300,000 and ocuupied the present Herald Building. This bank is not now in existence.
Rutland Savings Bank
This institution was incorporated November, 1850. Its first president and treasurer was Luther Daniels who served in that capacity for 29 years. Its 15,000 depositors have on interest $5,852,373.
Officers: H. O. Carpenter. President; Charles A. Simpson. Treasurer; Trustees. H. O. Carpenter, N. K. Chaffee, Egbert C. Tuttle, Walter R. Kinsman, Edward Dana, Fred A. Field, T. C. Robbbins. G. H. V. Allen, F. H. Farrington.
Its surplus and interest June 30, 1911, was $6,294,289.97. this is the second largest savings bank in Vermont and owns the building corner of Center Street and Merchants Row, where the bank is located.
Rutland County National Bank
This bank started as a State Bank in 1864 with a capital of $100,000. William Y. Ripley was the first president. James Merrill, the first cashier. William Ripley died September 27, 1875 and was [46] succeeded by his son William Y. W. Ripley. On June 10, 1867, Henry F. Field was elected cashier to fill the vacancy made by the resignation of James Merrill.
Officers: Henry F. Field, president; E. C. Lewis, vice-president; Carl S. Cole, cashier; Directors: Henry F. Field, E. McIntyre, R. L. Richmond, W. F. Burditt, C. W. Ward, E. C. Lewis, Chas. M. Smith, Fred R. Patch, E. R. Morse, E. C. Mcintyre.
Baxter National Bank
This bank was organized in the month of August, 1870, with a capital of $300,000, H. H. Baxter being president, J. N. Baxter, vice-president, and G. R. Bottom, cashier.
This building is a three-story structure built of pressed brick with iron trimmings and situated on Merchants Row, opposite the depot.
Officers: John A. Mead, president; Fred C. Spencer, cashier; Directors: John A. Mead, W. R. Kinsman, C. B. Hinsman, E. E. Keyes. Egbert C. Tuttle. W. W. Nichols, F. M. Butler, L. G. Kingssley, T. W. Moloney.
Clement National Bank
This institution has a fine banking house, at the junction of Merchants Rowand Evelyn Street valued at $60,000. At the present date a magnificent vault is being installed in the building. At the close of business June 7, 1911, this bank reported a capital of $100,000, surplus of $100,000, with deposits of $1,111,507.31. This bank also has a savings deposit.
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Officers: Wallace C. Clement, president; Charles H. Harrison, cashier; Directors. Wallace C. Clement, Percival W. Clement, Henry W. Clement, Charles H. Harrison, Harry F. Kingsley.
State Trust Company
Located in the Clement Bank Building.
Officers: P: W. Clement. president; W. C. Clement, vice-president; C. H. Harrison, treasurer; Board of Directors same as Clement National Bank. .
Marble Savings Bank
This bank is located in the Mead Building, and began business February 1. 1883. Its fifty-seventh semi-annual statement June 30th, 1911, shows resources of $2,139,915, with nearly 6.000 depositors.
Officers: John N. Woodfin. president; lvor S. MacFarlane, treasurer; Trustees. J. N. Woodfin, L. G. Kingsley. H. L. Clark. Charles E. Ross. W. F. Otis, M. E. Wheeler. E. C. Lewis.
Rutland Trust Company
Located opposite the Depot is one of the strongest institutions in the State, having a larger percentage reserved for deposits than any Savings Bank or Trust Company in Vermont.
Officers: G. T. Chaffee, president; G. K. Montgomery, treasurer.
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Killington National Bank
This bank is located on Merrchants Row opposite the Depot. Reported June 7, 1911,. resources of $500,226.60. It has a capital stock paid in of $100,000 and a surplus fund of $20.000.
Officers: E. P. Gilson, president; Directors. E. P. Gilson. J. N. Woodfin. George T. Chaffee. S. M. Wilson. H. O. Carpenter. W. H. Spaulding. Walter A. Clark.
The banking business of this city has risen to such proportions that at the present time Rutland has in the aggregate the largest banking capital of any city of its size. Its financiers are men of absolute probity and nation-wide reputation.