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Nicholas Devereux Tour
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When Nicholas Devereux returned from Ireland in late 1813 following the death of his mother, he went back to work for his brother John's merchant store in the village of Utica New York. Nicholas became so involved working for his brother that in 1814 the firm became known as "John C. and Nicholas Devereux."


Original Place

Building, Window, Cloud, House

Inside the new Devereux brothers business building they put a heavy iron strong box. Fear of fire, and the new threat of crime brought on by soldiers and contractors moving through the area due to the War of 1812, convinced some Uticans they needed a safe place to store their excess cash.

They began to store money for the citizens of Utica in their strongbox. Some of them even trusted the Devereux brothers enough to let them invest their funds. Though no formal charter had been issued one of the first savings institutions in the country had been opened. Most historians claim the first was "The Philadelphia Savings Fund Society" in 1818, however the Devereux brothers opened without a charter in 1816.

In 1818 there was so much money in the box that John and Nicholas applied for a charter, which was granted in 1821.On April 26, 1839 a second formal charter was granted and the Savings Bank of Utica opened its doors for the first time as an "official" banking institution. John C. Devereux was the first president and Nicholas served on the board of directors.

SBU Bank, Accessed December 2nd, 2022. http://archives.sbu.edu/Biographies/Devereux2/the_sbu_bank.htm.

Image Sources(Click to expand)

http://archives.sbu.edu/Biographies/Devereux2/images/original_bank.jpg