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The Formation of Kennebec Savings Bank

In order to provide a savings outlet for Augusta citizens, Kennebec Savings Bank was formed and was incorporated March 7, 1870 by an Act signed into law by Governor Joshua L. Chamberlain.

Governor Joshua Chamberlain approved and signed into law an act to incorporate Kennebec Savings Bank on March 7, 1870.

"Section 1. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Corporators: Russell Eaton, W. F. Hallett, O. C. Whitehouse, J. W. Patterson, Joseph Baker, A. B. Farwell, L. W. Lithgow, John Dorr, Orrin Williamson, William H. Libby, Oliver Gould, Deane Pray, Thomas Little, J. L. Adams, G. C. Vose, Henry Boynton, Edward F. Wyman, Samuel W. Lane, W. P. Whitehouse, George E. Weeks and Henry S. Osgood, their associates, successors and assigns are hereby constituted a body politic and corporate by the name of the Kennebec Savings Bank, and by the name may prosecute and defend suits at law and in equity, may have and use a common seal, and establish such by-laws, rules and regulations as are necessary for the convenient management of their concerns and not repugnant to the laws of the state. Said corporation shall have its place of business in Augusta, in the county of Kennebec, and shall be subject to all the duties and liabilities and enjoy all the rights and privileges conferred upon similar institutions by the laws of this state.

Section 2. Said corporation is hereby authorized to receive deposits of money and issue certification therefor, and such deposits of money shall be used as they shall deem for the best interest and benefit of said corporation, and may be withdrawn at such reasonable times and in such manner as said corporation shall appoint.

Section 3. Russell Eaton, named herein, is authorized to call the first meeting of said corporation by giving notice of the time and place therefor in any newspaper published in Augusta seven days before the time appointed for said meeting.

Section 4. The annual meeting shall be held in the month of May, and at that meeting and all other meetings it shall require seven persons at least to constitute a quorum for the transaction of business, and meetings may be called at any other times and in such manner as the corporation may provide.

Section 5. This act shall take effect when approved."