The Savings Bank of Ansonia was chartered in 1862 and initially shared a building with the Ansonia National Bank. A new building was constructed at 117 Main Street in 1900. The Neoclassical structure, which displays the dates 1862 and 1900, has been restored by Beacon Preservation, Inc. and now houses offices and Obsidium Antiques.
The building witnessed a dramatic scene on the night of September 16, 1915. The bank’s Treasurer, former Ansonia mayor, Franklin Burton, had been arrested for embezzling $38,000 and the bank’s affairs had been taken over by the State Bank Commissioner. A crowd of 5,000 people, fearing for their deposits, gathered and threatened to break in the doors of the closed bank. Threats were made of lynching Burton, who was still inside the building. The entire police force was called out but were unable to quell the developing riot. Firemen were ordered to turn their hoses on the mob, but this was prevented because hundreds of people seized the hose and took it away from them. Officials feared for Burton’s safety and he was taken from the building through a back window. Police clubs and fists were used freely and after two hours the police regained control and the crowed melted away. The next day, disorder was avoided and depositors were admitted to the bank one-by-one, where they were paid in full by William A. Nelson, one of the bank’s directors. According to the Bank Commissioner’s Report for 1915, “Rumors of trouble at the bank started a run which would have been quite serious but for the energy of Mr. William A. Nelson,” to whom great credit was due for “acting so promptly and effectively thus putting the affairs of this institution in its present good condition.”