The Bank lobby circa 1910. Pictured William H. Young, Treasurer, and Myrick C. Young, Assistant Treasurer.
March, 22 2011
Provincetown, MA, March 2011 – Seamen's Bank, Cape Cod's oldest bank and the first community bank established on Cape Cod, will celebrate its 160th anniversary in April.
On April 14, 1851, Governor George S. Boutwell approved an act to incorporate Seamen's Savings Bank as a mutual bank to be operated for the benefit of the citizenry and not for the benefit of stockholders. The Bank would be located in the west end of Provincetown at the busy Union Wharf Complex which was the center of commercial activity and a convenient location for the populace which was then settled in the west end and on Long Point. Keeping close to its constituency and with prudent growth, Seamen's now has offices on Commercial Street and Shank Painter Road in Provincetown, and on Route 6 in Truro, Wellfleet and Eastham.
Even in the 1800s, some banks were taking money garnered here off Cape. As a community bank, Seamen's reinvested its deposits in homes and businesses in the areas they served. With their strong local roots, the Bank's Officers understood the vagaries of the economy and were committed to their neighbors. This allowed them to act on the behalf of the people they served when other banks could not.
According to John K. Roderick, President of Seamen's Bank, "Seamen's Bank continues to operate according to the principles set when we were founded. Our decisions are made locally and deposits are invested in this community. As always, it is our mission to be large enough to make a difference and small enough to be close to the people we serve."
From the start, Seamen's was also integrally involved in the community as a whole. Officers of the Bank were on the original Board of the Pilgrim Monument and were among the founders of the public library. When the Provincetown Art Association was founded in 1914, the first President was William H. Young, also President of Seamen’s Savings Bank.
Employees of Seamen's Bank continue to serve on the boards and volunteer for numerous worthy organizations including AIDS Support Group of Cape Cod, Cape Cod Children's Place, Cape Cod Commercial Hook Fishermen's Association, Chambers of Commerce, Community Development Partnership, Council on Aging, Elks, Fine Arts Work Center, Helping Our Women, Libraries, Lions Club, Lower Cape Lighthouse Lions, Lower Cape Outreach, Provincetown Art Association and Museum, Pilgrim Monument and Provincetown Museum, Provincetown Portuguese Festival, Recreation Programs, Swim for Life, Truro Agricultural Fair, Truro Educational and Enrichment Alliance, Truro Treasures, Wellfleet Food Pantry, Wellfleet Harborfest, Wellfleet Oyster Festival, and others.
Generous contributions made through the Seamen's Bank Long Point Charitable Fund to worthy cultural, health and educational non-profits grow annually.
While the country has experienced dramatic economic swings and banking crises over the last 160 years, Seamen's Bank remains an independent, locally-managed and well-capitalized institution. Roderick added, "I know I can speak for our employees and our Board of Trustees when I say it is a privilege to serve the communities of the Lower Cape. We are grateful to the customers who provide us with this opportunity."
Historical perspective
1851 Seamen's Savings Bank incorporated
1853 Provincetown Town Hall built on High Pole Hill
1860 Abraham Lincoln became President of the United States
1861 The Civil War started
1876 Alexander Graham Bell demonstrated the first telephone
1879 Thomas Edison perfected the lightbulb
1903 First Trans-Atlantic radio broadcast made from Marconi Station in Wellfleet
1910 Completion of the Pilgrim Monument