Union Bank

Historical Excerpts About Union Bank

The following excerpts have been taken from the publication, “More About Morristown- 1860 to 2010”

Rebecca Skillin and Francis Favreau have taken these excerpts from the LAMOILLE NEWSDEALER Hyde Park, VT.

Published by S. Howard Jr., the VERMONT CITIZEN and the NEWS & CITIZEN and other publications.

6 November 1890
Among the bills introduced in the Senate last week was one by Senator Morse, incorporating the “Union Savings Bank & Trust Company of Morrisville.”

2 July 1891
When the books closed on Monday nearly $70,000 had been subscribed for the stock of the new bank by about 90 different subscribers.

16 July 1891
Rumor has it that the new bank is to be located between Currier’s store and the hotel – the best location, we think, in the village

The new Savings Bank & Trust Co. commenced business Monday morning in its temporary quarters in Hendee & Fisk’s office, under most flattering circumstances. The deposits for the first two days amounted to $22,092.92.

10 September 1891
 The new savings bank is showing a marvelous growth.

17 September 1891
 The contract for the new bank building has been let and ground will be broken next week.

24 September 1891
Ground was broken today for the new bank building. It is to be located on Main Street, adjoining Dr. Hall’s block. It will be a two story brick, the upper floor to be occupied by the library. E. M. Prouty of Swanton has the contract

1 October 1891
The cellar for the new bank building is excavated, the gravel been used for improvements on High street and in other places.
With the new hotel, bank and other buildings under construction will make thirty- six new tenements, houses and blocks that have been built in the last 16 months. Who says Morrisville is not getting to be a metropolis.

25 October 1891
The new bank building is rapidly approaching completion. It is built by a syndicate of eight gentlemen and the first floor is to be rented to the bank at a nominal rent. The upper story will be occupied by the free library. A large vault is being put in which will be provided with boxes where for a small rent people can deposit their valuable papers. The banking room will be as fine as any in the state. The building is brick and will be by far the finest and best- looking building in Lamoille County. The deposits in this bank are rapidly approaching $100,000. The president, Carlos S. Noyes, is chairman of the investment committee and the people of Lamoille County know that in his hands their money is perfectly safe.

19 November 1891
A tin roof was put on the new bank building last week

3 December 1891
The sewer job and all outside work on the bank building was finished up last week, just in time to avoid the cold.

11 February 1892
The inside wood finish is now being done in the bank building. The plastering and hard finish had dried out in first class shape, with fire kept it one night and nothing but cotton cloth over the windows.

3 March 1892
At town meeting the benefit of a free public library was put before the voters in a very clear manner by Mr. Gleed, and the requested appropriation of $125 was speedily granted – which fact settles the question concerning more roomy quarters for the library and reading room, and the second floor in the new bank building will be occupied as soon as it is in readiness. Resolutions were also adopted expressing the hearty willingness to accept a large portrait of the late Judge Poland and his daughter, Mrs. Rankin Cushman, which will be hung in the library.

10 March 1892
The woodwork is completed in and about the new bank building, and the interior is now in the hands of Professor Kirby, who is bringing out that handsome oak grain in fine style.

17 March 1892
The removal of the Public Library to new quarters in the bank building is close at hand; and in consequence of this and the fact that some of the volumes need repairing, it is requested that all books now out be returned by March 22. No more books will be sent out until after moving.

9 June 1892
Issue notable for the cut of the Union Savings Bank & Trust Company building.

8 September 1892
The Union Savings Bank & Trust Company, with a little over thirteen months of existence, showed these remarkable figures September 5th. Total deposits $189,715.86.  Of these $135,655.72 are saving deposits, with $54,060.14 subject to checking.

1 December 1892
A new furnace is in place in the bank building. A. M. Churchill put it in.

24 Jan. 1895
The annual meeting of stockholders of the Union Saving Bank & Trust Company was held. It is a matter of much satisfaction to us as a community that an institution of this kind has in three and ½ years’ existence reached such a degree of prosperity. The president is Carlos Noyes; vice president, G. W. Hendee.

25 April 1895
Mr. Rich has been treasurer of the Union Savings Bank & Trust Co. since its organization, and is a careful, conservative, well-posted business man, whose duty it has been, with the trustees, to negotiate the village water & electric bonds.

11 August 1897
Walter M. Sargent, the well-known clerk at the bank, left here Monday morning for a 10 day outing on his wheel, expecting to make a trip through the White Mountains.

20 October 1897
The assets of our new bank now past the half-million mark. Cash on hand is $80,000.

Hon. Carlos S. Noyes, a gentleman of the old school, was born in Hyde Park in 1816. His father was Breed Noyes, first merchant in that town. His paternal grandfather, Oliver Noyes, and his maternal grandfather, Aaron Keeler, were Revolutionary soldiers and early settlers. He was formerly a merchant in his native town, first cashier of the National Bank of Hyde Park chartered 1854, and held many town offices. He was President of the Union Savings Bank & Trust Co. until he died in 1897. He married Louisa Ritterbush of Eden, who died 12 March 1898. He is the sole survivor of a family of four children and lives in the noble brick mansion built by Jedediah Safford.

10 November 1909
Note: Walter M. Sargent made Treasurer of the Union Savings Bank and Trust Company.

20 July 1910
The Union Savings Bank and Trust Company has purchased a new vault, which will arrive in a few weeks.

8 February 1911
$2,000 or $10,000 – more or less – can now be deposited in the Union Savings Bank & Trust Company of Morrisville and the bank pays all the taxes.

25 June 1913
The work of moving the books and other furnishings of the Morrisville Centennial Library from the rooms in the Union Savings Bank building to the new Library will began Monday, 30 June. No more books will be loaned from the old building and those out must be returned. Anyone wishing to help in the work of moving, either by the use of team or by working themselves, is requested to leave their name at the A. R. Campbell jewelry store, as such services will be appreciated by the Library Association.

16 May 1917
The Union Savings Bank and Trust Company of Morrisville advertises the Liberty Bonds & will soon have them for sale.

8 August 1917
In order to accommodate the customers and the public in general, the Union Savings Bank & Trust Company of Morrisville has decided that on and after one September 1917, to keep open during the noon-hour, but will close at 3 o’clock instead of 4 o’clock as heretofore

13 August 1919
At a meeting of the directors of the United Savings Bank last week it was voted to purchase the Tinker property (the corner lot opposite the hotel) for the purpose of erecting an up- to- date bank building thereon. The Bank has had an option on the same sometime and decided to close the trade, which made necessary by the large incurring business of the institution.

We are not informed when the new building will be erected but when it is a fine substantial building will be a credit to both the Bank & the town, taking the place of the antiquated structure now on that corner.

5 April 1922
The Union Savings Bank & Trust Company of which Hon. C. H. Stearns is president and W. M. Sargent Treasurer, has savings deposits considerably in excess of $1,000,000.

4 February 1925
Union Saving Bank & Trust Company has just installed a new burglar alarm in its bank building on Main Street. The equipment consist of a heavy gong operated by electric push buttons, distributed in eight different locations in the bank building. In case of need, but pushing a button the alarm sounded and it is expected that citizens will assist in driving off or capturing the hold- up men. Anyone meddling with the vault at night will sound the alarm. The equipment was installed at heavy expense, which shows the additional interest this bank is taking to protect its customers.

15 April 1925
The Union Savings Bank and Trust Company have erected last week one of the handsomest signs in the state. The large gilt letters are hung on a steel frame that brings them out prominently and with pleasing effect.

26 November 1930
The officers of the Union Savings Bank and Trust Company of Morrisville have entered into a contract with the federal laboratories at Pittsburgh for the installation of tear gas dischargers over every clerk’s window and over the doors of the bank.

This installation will be made as a protection in case of a holdup and for the protection of customers doing business in the bank who might be the victims of a bandit’s gun if the bandit was not in some manner quickly overcome.

The gas, which is discharged automatically from the containers placed over the window and directly toward the place where a gangster would naturally stand in holding up a clerk, will render the bandit helpless in an incredibly short time; in fact, two fifths of a second. There is no permanent injury and anyone affected will be absolutely free from the effects in 15 minutes.

Banks and other institutions to the number of 6,000 equipped with us harmless but effective gas also displays warning signs, which are recognized by a holdup man and given a wide berth by them.

The activities of the holdup man had created the necessity for this modern new protective measure, which assures customers they need not fear a holdup while in the bank.


14 January 1931
Morrisville Bank is Fully Equipped to Combat Bank Robbers
Morrisville will be a decided unhealthy place for Bank Bandits and gunman. Militant measures to ensure itself against the indignities and dangers of daring daylight holdup activities has been adopted by the Union Savings Bank & Trust Co. of Morrisville in the form of built in tear gas apparatus, guaranteed to reduce the toughest and most daring stick-em-up men to a state of blubbering imbecility in less than a second.

From accounts of daylight robberies that have occurred in New England bandits have made this business of bank holdups in broad daylight pretty much an exact science. No hap hazard methods are employed by these hard- eyed gentlemen who are so persuasive they could induce the most skeptical bank cashier to hand over wads of money without even being asked to identify themselves.

Now for a detailed account of how the new scientific device to check crime works. Four or five gangsters slip in-obtrusively into the bank, say, and suddenly whip out revolvers with a command to the teller AStick- em- up and shove over that coin. Even when the clerk obeys – – as most bank officials order them to do when such a emergency arises, to prevent loss of life – – it takes the gang. by actual timing, from 20 to 40 seconds, roughly about half a minute to, makes its haul and escape.  Sometimes, therefore, it needed that works faster than the bandit can, and teargas is the answer. As the teller raises his hands at the barked command, he presses with the foot. There is a loud warning sound, then a hissing, and a second later clouds of the gas – – which is called chloracetophenone – – darts out from vents and tanks that are concealed behind the cornices over the tellers cage.

All this happens in less time than it takes to read about it. In fact, it happens in less than the 20 seconds that is the minimum time for completion of a holdup. Therein lies the chief advantage of this method. It gets the bandit before they can get the coin and gets them without any injury to the bank clerk, customers or the eggs themselves.

In no institution where this equipment is installed has a substantial attempt holdup been successful. It is declared, and the New York Times states that a reduction of 25 percent in bank robbery insurance rates on all banks which install an approved system of tear gas protection was announced recently by the National Surety Company., which declared that results that tear gas is the most effective physical protection against daylight robbery that is available today.

4 February 1931
George C. Carter, writing in the  New Hampshire  Banker, a magazine  printed in Manchester, N. H., and covering  all New England, had the following article relative to the Union Saving Bank and Trust Co., installing tear gas for the protection of it’s depositors:

“The Golden  Nugget  of  exchange  information  passed  among  the  Bankers  at  the  annual  Whitefield  Convention  are  always interspersed with splendid good fellowship and much laughing gas. In fact, some of the Chesterfields among the New Hampshire bankers are noted as bubbling over with effervescence of this sort.

“It remains for a Vermont bank, however to install apparatus for gas discharge of another kind and for another purpose. The Union Savings Bank and Trust Co. of Morrisville, VT. has entered into a contract with Federal Laboratories at Pittsburgh Pennsylvania., for the installation of tear gas discharges over every clerk’s window of the bank.

“The installation was made as a protection in case of a holdup and for protection of the customers doing business in the bank who might be the victims of a bandit’s gun if the bandit was not in some manner overcome.”

22 January 1936
The election of Edward J. Welch of Morrisville as Assistant Treasurer of the Union Saving Bank and Trust Co., reminds one that opportunities are still in existence in Vermont as well as in larger states of the Union. Mr. Welch is a young man, of sterling character, and good, sound judgment, and under the guidance of the Treasurer, Walter M. Sargent, will surely develop into a valuable member of this banking firm.

17 May 1973
Union Bank Goes Into the Hole And Morrisville is Richer for It
By GEORGE KEMON  – Walter Sargent, Treasurer of the Morrisville Village Association, and vice president of Union Savings Bank and Trust Co., told the association members at their bi-weekly meeting at the Charlmont Restaurant that the bank reached agreement with Donald Schmuck to purchase the two cellar holes on Portland Street.

The merchants  have been seeking ways to  do  something with  the two lots not  rebuilt on  following the Constitution (Centennial) Block fire two years ago.

Mr. Sargent indicated that the bank was interested in  earmarking the properties for future bank expansion, but that he was willing that the Village Association put the grounds to some kind of community use, and asked that suggestions be submitted as to the possible use of the area.


4 July 1991
What Will Morrisville Be Like In 50 Years?

Ken Gibbons, “I think the Union Bank will be the Union Bank – still owned by a small number of stockholders,” said Ken Gibbons, President of the bank. “I plan to be retired (in 50 years!) ,” said Gibbons grinning, but he’d probably thought about the area’s future quite a bit because he had many thoughts on the subject.

“The thing I see in banking … there will be fewer banks nationwide, but they will have considerably more services they can offer. But the small community banks will be strengthened,” said Gibbons. He said the big banks will stress volume and the little banks – service.

Gibbons thinks in 50 years there will be more small, high tech cottage industries in Morrisville. “I still think that there will be farmers in Lamoille County 50 years from now,” he noted.

“Hopefully the level of State regulation will not be greater than the present level… The county will still be a tourist attraction and there’ll be more second homes in the area and more retired people with retirement homes, ” he thinks.

“Lakefront property will be even more in demand than now,” he predicted, also noting that the county population will be “a little bit higher.”

“I can also see that there’ll be a lot closer trade association with Quebec,” Gibbons commented. He also thinks business people in Lamoille County will have “a much stronger alliance –  a much tighter affiliation.”

Gibbons is optimistic about Morrisville and Lamoille County’s future. He says we have the mountains, good water, good land, and beyond that “there is a spirit of Lamoille County…that you can feel,” he said.

Spunky Lamoille faces the future with hope and determination.

5 July 2006
Crawford noted the needs of the Union Bank must also be taken into consideration. The bank is anxious to purchase the current town office building in order to expand its downtown offices. He said the best use of the current Town Clerk’s office building is to be an economic development force for the bank and for the downtown.

“They are very interested in owning this building,” Crawford said of Union Bank. They are ready to add people and they need the space. Meanwhile, Crawford noted, that space is no longer adequate for the town and it does not meet the accessibility requirements for a public building.

4 August 2006

Morristown to sell town offices for $235K
Selectboard signs 5-year lease on Tegu Building for quick fix
By Lisa McCormack

It’s Tegu time for the town government. The Morristown Select Board on Monday voted unanimously to sell the Municipal Office Building on Main Street to the Union Bank and sign a five-year lease on the Tegu Building a block away.

29 March 2007
Union Bank Plans a Makeover
By Lisa McCormack

Union Bank plans a major makeover for its building in the center of Morrisville. The renovations will give a historic look to the bank facade at Main and Portland streets. The building, known as the Green Mountain Block, houses the Union Bank offices, a sporting goods shop, and accounting and insurance offices.

The building sits where the Centennial building was once located. That structure, built as the 1900s began, was an ornate three- story brick structure. It was torn down in 1972 and replaced by a more modern- looking building, the Green Mountain Block. Historical preservationists have complained that the building is ugly and looks out of place among the historic buildings surrounding it. Union Bank agreed to renovate the building when it bought the property next door — the former Morristown town offices — for $235,000 last year. The buildings, which share a common wall, have since been combined. The town offices have since been converted into storage and office space for the bank, which is wrapping up other interior renovations.

Union Bank President Ken Gibbons told select board members Monday that contractors were invited Friday to bid on the renovation work, and he expects construction to start this summer and wrap up this fall.

“We’re looking at doubling the number of windows on Portland Street,” Gibbons said. “A lot of the ornate finish work of the original building will be incorporated.”

As part of the renovation, all the brick on the building’s facade will be replaced with new bricks, in a color that will blend better with the surrounding buildings. Gibbons said.

None of the tenants in the building will be displaced during the renovation, although they may have to shorten their hours during certain phases, he said.