National Grand Bank and its prominent members have been featured numerous times in The Weekly News. However, the town landmark had yet to be highlighted as a historic building of the week. There is no better time like the present to recap the history of the place Marbleheaders have been banking at for nearly two centuries.
NGB was founded in 1831 during an era of prosperity and growth in Marblehead. The town’s inaugural Board of Directors voted to have the establishment built on Hooper Street at the estate of sea captain William Russell. The bank opened on March 17 under its first president, Joseph W. Green.
It was referred to as Grand Bank until 1864, when the operation decided to surrender its state charter and serve as a national entity.
On January 16, 1962, NGB purchased the site of the old Boston and Maine Railroad depot on Pleasant Street and began its redesign. 91 Pleasant St. has been the NGB’s home for 61 years and counting.
The Boston and Maine Railroad was founded in 1835 and had numerous stations built between the late 19th and early 20th centuries. There were multiple stations along the railroad, including ones in Wakefield and Reading. The design typically consisted of a long rectangular structure surmounted by a hipped roof with wide, overhanging eaves to protect the waiting passengers from smoke and cinders. Large brackets mounted on pilasters usually supported the eaves.
Numerous modernizations have taken place at 91 Pleasant since then, including the addition of the drive-up window in 1982.
12 other presidents have followed in the footsteps of Green, the most recent being Jim Nye. The Select Board member has been serving clients as the president of the bank since 2008.