Intriguing isn’t it? This unassuming plaque commemorates the First National Bank of Malden. It’s a small piece of Malden’s rich history. A history deeply intertwined with the lives of its people. The First National Bank of Malden a seemingly quiet institution played a pivotal role in Malden’s financial landscape. It served the community for over a century. Its story is one of growth. It’s also one of tragedy.
The First National Bank of Malden wasn’t always the First National Bank. It had humble beginnings. It succeeded the Malden Bank. This earlier bank opened in 1851. It had its own share of drama. A shocking event forever stained its reputation. In 1863 a tragic robbery occurred. Frank E Converse the bank’s bookkeeper was murdered. A substantial amount of money was stolen. The aftermath shook the town. Edward W Green the Malden postmaster was eventually arrested and convicted. The robbery led to increased security measures. It also prompted the creation of the First National Bank of Malden in 1864.
The First National Bank of Malden continued to thrive. It issued millions of dollars in National Bank Notes. These notes were a crucial part of the American economy. The bank had several notable presidents and cashiers. Elisha Slade Converse served for almost forty years. Joseph Wiggin served as president for 25 years. Sidney M Price succeeded him. He was also a past president of the Massachusetts Bankers Association. The bank played a vital role in Malden’s community life. Many prominent citizens were involved in its operations. They served as directors or trustees. Their names are etched in the town’s history.
Tragedy struck again. In 1963 the Maplewood Square branch of the First National Bank of Malden was robbed. This was the bank’s first robbery in a century. The robber escaped with a large sum of money. The robbery reminded the people of the 1863 murder. The event underscored the bank’s enduring presence in Malden. The bank continued to operate until 1982. It merged into the Malden Trust Company. The plaque stands as a testament to the First National Bank of Malden’s legacy. It reminds us of its significant contribution to Malden’s growth and prosperity. It also serves as a sobering reminder of the human cost of crime and ambition. The First National Bank of Malden its rise its fall its enduring mark on Malden are all captured within this modest plaque. Take a moment reflect on its story.