This Day In Norwood History-March 27

NORWOOD AND THE NEW BANK.

Tue, Mar 28, 1911 – The Boston Globe

THAT the postal savings bank at Norwood in this state ranks third in the country in the number of depositors should not cause great surprise. Norwood has 197 depositors, with $3366 to their credit, the major proportion of those opening accounts being either residents of foreign birth or school children. But, mark you, there is no local savings bank in Norwood.

Massachusetts has 192 savings banks and 147 cooperative banks. There are more than 2,000,000 savings bank accounts in this state, showing an average deposit of $366 and total deposits of three-quarters of a billion dollars. The other New England states have savings banks, and so have New York and some of the middle Atlantic states, but in the middle west and far west and in the south there are no savings banks except in large cities.

The Bay state being so well known for saving, it is not astonishing that Norwood, lacking a bank of her own, should have taken such high rank among the postal banks. But Norwood is so near Boston and other places where there are savings banks that a resident can make a deposit at small inconvenience If this new form of bank can succeed in Massachusetts, in the heart of the savings bank district, surely it ought not to fail in the west and south, where the need of some such depository long has existed.

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