The history of our banking headquarters continued
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| Third Location: East Cambridge Savings Bank, 292 Cambridge Street. East Cambridge Savings Bank archives |
(First location used exclusively for Bank business)
In the spring of 1894, the East Cambridge Five Cents Savings Bank was notified that the County of Middlesex, to satisfy its rapid growth needs, was planning to move its Registry of Deeds location from Harvard Square, and to erect a new Registry of Deeds and Probate building on the entire block bounded by Second, Third, Cambridge and Otis streets in East Cambridge (the site of our second banking location since 1873).
May 29, 1894
At a Special Meeting of the Trustees, they rejected the County of Middlesex’s offer of $9,000. It was voted that the Treasurer be authorized to sell the bank property to the County for such price as the Investing Committee may direct. It was also voted that the Investing Committee be authorized to lease or purchase a suitable location for the use of the bank.
May 29, 1894
The Investing Committee informed Mr. Fairbairn, an agent for the County, that the Trustees had fixed the sale price of the bank at $12,000. Mr. Fairbairn stated that he was authorized to offer no more than $10,000. After discussion it was voted that the $10,000 offer be accepted on the condition that the bank and its tenants be allowed to occupy the premises for six months from the sale date without paying rent.
It was also voted that the Treasurer be authorized to convey the premises to the County within 30 days.
September 4, 1894
A Special Meeting of the Trustees was held to act upon a report of the Investing Committee concerning the securing of a location for the new bank. The Committee reported the purchase of the Wiggins Estate on Cambridge Street (292 Cambridge Street) for $6,000.
After reviewing three sets of plans for a new bank building by different architects, it was voted to adopt the plans of architect Eugene Harrington subject to modifications that the Investing Committee may find necessary to enable the Committee to present to the Trustees at a future meeting an approximate cost estimate for a new building.
It was also voted that the “Investing Committee have charge of the erection of a new building” and that the Treasurer be authorized to sell at public auction the building now on the Wiggins Estate.
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| Photo of the interior of the third location, believed to be taken in the early 1900s. From the East Cambridge Savings Bank archives. |
A Special Meeting of the Trustees was held to consider a cost estimate as prepared and presented by Mr. Harrington. Based on a description of the building contemplated by Mr. Harrington, a local contractor provided an opinion that the building could be erected for an estimated $12,000.
It was voted that the plans of architect Eugene T. Harrington, be adopted, and a building be erected as planned for an estimated $12,000; and that Mr. Harrington be instructed to prepare working plans and specifications by which final estimates may be obtained from several contractors.
October 22, 1894
The Investing Committee voted to “ask several builders of good reputation” to prepare estimates of the cost of erecting the new building and submit bids “by Monday next” (one week later).
October 29, 1894
At an Investing Committee meeting, bids from several contractors (four, ranging from $13,862 to $21,930) for the erection of the new bank building were opened and considered, and it was voted that the contract be awarded to John Quinn of East Cambridge subject to full Board of Trustees approval.
October 31, 1894
A Special Meeting of the Trustees was held regarding the new building.
Upon review of the four contractors’ bids, it was voted that the contract be awarded to John Quinn upon his proposal of $13,862.
It was also voted that the plans and specifications furnished by Eugene Harrington be accepted and that Mr. Harrington be employed as architect to “superintend the erection of the building.”
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| Photo of the interior of the third location, believed to be taken in the early 1900s. From the East Cambridge Savings Bank archives. |
A Special Meeting of the Trustees was held to consider construction delays.
It was voted that the contractor be given one month additional time (until May 1, 1895), to complete the building and that “he be required to forfeit the sum of $15 for each and every day of delay beyond that time.”
July 3, 1895
At a Trustees Meeting it was voted that the furnishing of the new building be referred to the Building Committee with full powers.
September 23, 1895
At an Investing Committee Meeting, with architect Harrington and contractor Quinn present, the matter of settlement of the construction contract and acceptance of the building was discussed.
Voted that the Treasurer be authorized to pay contractor John Quinn $268 above his contract price for “extras” in settlement of the contract.
Then voted to accept the building.
October 2, 1895
At a Trustees Meeting it was voted that the matter of providing some kind of electric alarm for the safety of the bank be kept with the Building Committee.