Chartered in 1849, the Norwalk Savings Society occupied various spaces, including rooms in the United Bank Building from 1868 into the early twentieth century. The bank constructed a Classical Revival building at 48 Wall Street in 1923. An interesting incident in the history of Norwalk’s banking industry is related in the 1901 volume Norwalk After Two Hundred & Fifty Years as follows:
The history of a savings bank, as a rule, does not make an exciting narrative, particularly when it is carefully managed and its depositors successful and thrifty. Norwalk’s savings banks have enjoyed every advantage contributing to a peaceful financial life. Once only the Norwalk Savings Society by having a “run,” precipitated by the thoughtless attempt at wit on the part of a local newspaper. In the rear of the Street Railway barn was a high mound which had furnished the building sand of Norwalk for several years and was believed to contain a further abundant supply. Without previous indication the sand was exhausted and cobbles only were found. The local paper, departing from its usual course of recording the sickness of Mrs. Smith’s child or the painting of Brown’s rear fence, essayed a “scoop” on the sandbank incident and announced that the managers of the oldest bank in town were astounded to discover that their reserved deposits, which they believed to be good were on examination found to be worthless. The explanation that the statement referred to a sandbank was never read bv many bank depositors, but grabbing their books, they demanded payment from the old Norwalk Savings Society. To the credit of the paper it must be said that every effort was made by it to overcome the ill effects of its silly joke. Unauthorized statements and injudicious news items have in other cases and in other papers done harm to the business interests of Norwalk, even where every wish of the publishers was for the growth of the industry referred to.