Corporate History
The Provident Institution for Savings was originally chartered by the State of New Jersey in 1839, becoming the first mutual savings bank in the history of the state. The first President was John F. Ellis from 1839 to 1841. Co-founder Dudley S. Gregory became President in 1841 and held the job until his retirement in 1874. Due to the general public mistrust of banks resulting from the Panic of 1837, it did not accept its first deposit of $227 until October 16, 1843. The Provident was run out of a room in Jersey City's Temperance Hall until moving to the office of Treasurer Peter Bentley in 1846. By 1875, Provident had assets of $3.5 million.
A run on the bank occurred on May 12, 1882 following the attempted suicide of Edmund W. Kingsland, the bank's Treasurer, in his office. The run on the bank ceased when an independent audit proved all accounts were in order. Mr. Kingsland survived the suicide attempt.
In 1989, The Provident Savings Bank celebrated its 150th anniversary.
Read more about this topic: Provident Bank Of New Jersey
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