History of Banking in Woonsocket

As you look at the history of the Blackstone Valley in general, and Woonsocket in particular, it is easy to focus on the areas textile past. By the mid-nineteenth century, Woonsocket and the Blackstone Valley had grown to become one of the countrys great textile manufacturing centers. As the textile industry grew, so did industries related to manufacturing. It is interesting to look at some of these related industries. In transportation, for instance, one of the countrys earliest canals- the Blackstone Canal- was completed in the Blackstone Valley in 1828. As steam power replaced other power sources in the mid-nineteenth century, the Providence & Worcester Railroad replaced the canal in 1846 foreshadowing a trend that would be repeated throughout the country. In public utilities, Woonsocket had one of the countrys earliest high-pressure water systems, gas distribution systems, and electric generation and distribution systems. In many areas, the development of the textile industry also led to the development of other industries in which Woonsocket and the Blackstone Valley became leaders. Today we will talk about one of those industries banking. As Woonsocket grew in the nineteenth and twentieth centuries, so did the need for banks to meet the needs of its citizen and industry