What is today known as the elegant Federal Reserve began its life in 1901 as the Union Trust Bank. It was founded by Marsden Perry, a local Irish entrepreneur, who built a fortune. He also owned the John Brown House located on Providence's East side. He built the carriage house, adjoining the John Brown House that former Mayor Buddy Cianci used as a residence.
At the time that the Union Trust building was constructed it was the tallest building in New England. It was necessary at that time to build banks that were elaborate and glorious. It would be three more decades before the Federal Deposit Insurance Corp. - FDIC was founded. In order to give customers confidence in the bank, customers needed to walk in and be completely impressed by the architecture, wealth and power of the bank.
Interestingly, when the building was built. There were not elevators that could rise to a full height of 12 stories. As a result, a glass staircase was installed in the building. Each tread, riser and landing is made of 1 inch thick green tinted glass. This amazing staircase served two purposes. The first is that it allowed a light to penetrate down through the 12 stories from a skylight on the roof. The second purpose was to do amuse visitors during the nearly 20 minute walk to the top of the building. Later, when elevators were invented that could go 12 stories an addition was made for the elevator shafts. To this day, if you count the windows on the north façade of the building there are seven. The south façade still has only the width of the original building which consisted of only four windows.
The Union Trust remained an independent bank until it was purchased during the 1960s. By what was then the Industrial National Bank which eventually became Fleet Bank. Later, the Union Trust was sold and eventually became the headquarters of the Greater Providence Deposit and Trust Company. In 1991, 90 years after it started as a bank, the governor of Rhode Island in the face of a severe financial and banking crisis closed 32 credit unions which were insufficiently insured.
The Greater Providence Deposit and Trust was one of those institutions. Following the closing of the bank the space sat empty until 1996, when renovations were completed, changing the space into a restaurant and special events facility.
At that time, the name Federal Reserve was chosen by owners Ann and Robert Burke. The bank however was never used as a Federal Reserve. The name was chosen because it seemed to match the grandeur of the architecture and Bob knew it was the only way he would ever bear the title - Federal Reserve Chairman.
During the renovation great care was taken to preserve all of the original elements of the bank. The grand double door vault still remains and is a fascinating part of the structure. The original tellers station was converted into a 60 foot long marble bar. On the mezzanine level, which did not exist before the renovation a huge Tilden-Thurber clock still tells time correctly.
Each of the 20 foot high windows is decorated with a magnificent stained glass rosette. The rosettes depict the coats of arms, all the major banking families and financial centers that existed in 1901 when the bank was built. Not only did the 24 carat gold trim and beautiful marble impress customers the rosettes showed that, the bank had relationships with the powerful banks and financial families of Europe, further enhancing its reputation.
Even the doorway to the Union Trust is historic, Daniel Chester French the famed sculptor, who created the Lincoln Memorial in Washington, DC carved a sculpture depicting Roger Williams and Native American Chief Neetops signifying a deep roots that the Union Trust has in Rhode Island history.
It is also possible to see evidence of some of the disasters which struck Rhode Island in the watermark from the 1938 hurricane. During that storm a great tidal wave sped up Narragansett Bay, and completely inundated the downtown section of Providence in less than 10 minutes. The destruction was enormous but the solid Union Trust stood firm.
It has been reported that the Vault, which was the first double door vault built in New England, stayed completely dry, unlike many of the other vaults in the downtown banks. Stories say that clothes lines were hung across other bank lobbies to dry the many financial documents and valuable deeds that had been soaked. But the Union Trust was safe, sound secure and most importantly, dry.
From the first day it was built the Union Trust seemed destined to remind us of all the great and sometimes not-so-great events of the past century. It is all here from the founding of Rhode Island to the great flood, from our role in world banking to the credit union disaster, from Providence's darkest hours to the vitality of the City's great Renaissance. Every detail tells an interesting story of who we are - Federal Reserve is not just at the heart of our city it truly is also at the heart of our history.
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FEDERAL RESERVE 60 Dorrance Street Providence 401.621.5700
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