Westcott, Denison & Co.

“The want of a bank has long been deplored in this village, and we are glad to be able to announce that the want will soon be supplied, as Messrs. Dennistown [sic], Westcott & Co. are about to open a private banking institution in one of the stores in Scully’s Block, which is now being altered and fitted up.” “A safe weighing 6500 lbs is lying at the railway station…” [FFG 15 Oct 1881; 2]. The moving of the safe to its new location caused a great deal of interest in the village , and the Bank opened for business on November 1st. The bank company included H.T. Denison, F. Westcott (who conducted the business of the bank) and E.J.L. Crease [FFG 5 Nov 1881; 3 (ad)]. This was the first bank in the Village, and it died quickly. On Monday, July 18th, 1882, “…Westcott, who had charge of the business, bade farewell… and left for New Hamburg to join his partner, who is doing so well he is in need of assistance. The bank was a great convenience during its short career, but we feared from the first that it would not do enough to justify its continuance, and such … has proved to be the case” [FFG 22 July 1882; 2]. Hand surmised that the reason for the failure was the public’s lack of trust in a private venture. The bank premises were later fitted up as part of Crandell’s Hotel.

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