Old Stone Bank

For the historic site in Shepherdsville, Kentucky that also went by "Old Stone Bank", see Bank of the Commonwealth (Kentucky).
Old Stone Bank building on South Main Street

Old Stone Bank was a popular Rhode Island banking institution. It was founded as a mutual savings bank, officially named the Providence Institution for Savings, in 1819.[1] In the early 1970s the bank adopted as its mascot and "spokesperson" cartoon character Fred Flintstone, who would say in commercials "Yabba-dabba-doo, love that Old Stone Bank!"[2]

The bank's ATMs were called "Ready Freddy".[3]

Old Stone Bank collapsed in the 1980s after the federal government convinced it to take over two failed savings and loan institutions, but reneged on its promise that it would not hurt the bank to do so.

In 1992, Old Stone filed a lawsuit against the government alleging breach of contract. They were awarded $192 million in 2004, but an appeals court reduced the award to 74.5 million, and the Supreme Court declined to hear a further appeal.[4]

Old Stone Bank Building

Old Stone Bank in 2013

The landmark Old Stone Bank Building, from which the bank derived its popular nickname and which housed the bank's flagship branch, is located on South Main Street in Providence. The granite edifice with a distinctive gold leaf, spired dome was designed by C.J. and R.J. Hall in 1854 and is a prime example of the style of bank architecture, prevalent from the mid-19th to the mid-20th Century, which communicated stability, strength and permanence.

It was sold by the Resolution Trust Corporation to Brown University for $1.15 million in 1995 to house the Haffenreffer Museum of Anthropology's collection of Native American artifacts.[5] In 1999 Brown decided it was unfeasible to house the collection in the building as the necessary alterations would have altered the historic character of the building. In April 2009 Brown sold the building to Gold Dome Properties, LLC for $2.14 million.[6]

References

  1. ↑ "Library Catalog Search". Rhode Island Historical Society. Retrieved 2008-07-12.
  2. ↑ James, Caryn (May 27, 1994). "The Flintstones (movie) - Movie - Review". The New York Times.
  3. ↑ http://www.macfilms.com/financial%20Services.htm
  4. ↑ Downing, Neil (2007-03-25). "Old Stone: Who gets what?". Moneyline (The Providence Journal). Retrieved 2008-07-12.
  5. ↑ http://island-rhode.com/old_stone_bank.html
  6. ↑ http://www.pbn.com/Brown-sells-Old-Stone-Bank-for-21M,41748


This article is issued from Wikipedia - version of the Sunday, December 01, 2013. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.