Boston Five Cents Savings Bank is established.

The first office is located in a storefront at 34 School Street. Chartered on April 7, 1854, its purpose is, “to induce the young and industrial classes to make a beginning to save by encouraging as small as five cents, and to give minors the right to withdraw their money in person without a guardian.” A new bank building opens at 34 School Street in 1858. It is replaced by another new building on School Street in 1926.*