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Excerpt from A Massachusetts Savings Bank: Being an Account of the Provident Institution for Savings; Together With a Discussion of Some Problems of Savings-Bank Management and Legislation
The first savings bank in this country to do business was the Philadelphia Savings Fund Association, in November, 1816; it started before it was incorporated.
On the 13th of December, 1816, the Provident Institution for Savings was incorporated. The forty-eight persons named in the Act of Incorporation included the lieutenant-governor, the United States Marshal, two judges, four lawyers, three Clergy men, thirty-two merchants and tradesmen, and five mechanics; some of them eminent, all of them respectable Citizens.
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