Growing Up in Working Class Youngstown — Dollar Savings & Trust

Early postcard of Dollar Savings and Trust Building

Somewhere around fifth grade, I decided my allowance wasn’t quite enough for my baseball card collecting (wish I still had that collection). So with dad fronting me the money for a lawn mower, I went door to door and convinced ten people within a couple blocks of my house to let me cut their grass and pay me for it. Back in the sixties, I earned about $20 a week. One of the best things my father did was insist I set up a savings account at the bank down the street from our home, the Dollar Savings and Trust. Our branch was located a few blocks from our home in the same block on Mahoning Avenue as Stambaugh-Thompson’s and an Isaly store. When I was young, I’d go to the bank with my dad sometimes, then we’d pick up some hardware for the house, and finish with ice cream. I had good memories of going to the bank.

I received my own passbook (with my dad’s name also on the account). Most weeks, I’d deposit $5 unless I had a very good week. And then something magical happened. Once a month the teller would add some money to my account that I didn’t deposit. It was interest and my first exposure to the idea that first you work for your money, and then you let your money work for you. I learned to set goals. I remember when I saw a stereo at Dave’s Appliance. I saved for months until I had enough money. I withdrew it from the bank and took it up to Dave’s and bought that stereo. Music never sounded so good!

Later in junior high and high school other jobs followed. I still cut lawns, raked leaves, shoveled snow, delivered papers, and then worked at McKelvey’s. I wanted to go to college, so I kept saving. It paid off. Between savings and scholarships, I ended college debt-free–thanks to dad’s lessons and my local Dollar Savings & Trust, which later gave me a small loan for my first used car after college.

The Dollar Savings and Trust Company (the “and” was replace with “&” only in 1975) was established in 1887. Asael Adams, originally from Cleveland, was one of the early presidents, beginning in 1895. He oversaw the construction of their downtown headquarters on the northwest corner of Central Square in 1901-1902. Charles H. Owsley was the building architect. Owsley and his son Charles F. designed some of the iconic buildings in Youngstown. During this time it reached $1,500,000 in capital.

One of the first tenants of the building beside the bank was the Youngstown Club which occupied the seventh and eighth floors of the building until 1926. In 1947 the bank had grown to the point that it acquired City Trust and Savings for $1.3 million. By 1970, with the opening of an Austintown branch, the bank had thirteen branches. Between 1972 and 1975 the downtown bank was completely remodeled, including refacing the building with a modern looking granite face. At the time of its acquisition by National City Bank in Cleveland in 1994, it had 32 branches, having acquired some other regional banks with $1,052,621,000 in assets and $838,150,000 in deposits. In turn PNC Bank acquired National City Bank in 2008.

About the time PNC acquired National City Bank parts of the granite façade deteriorated and crumbling pieces started falling, endangering pedestrians. Scaffolding was erected and repairs were made by 2011. However PNC moved the downtown bank to City Centre One in 2012, leaving the old building, now rebranded 16 Wick Avenue nearly 90% unoccupied. Several office leasing companies list the whole building as available and held by NYO Properties, developer of many downtown properties, that recently has been trying to sell a number of these. It is also listed on the “Abandoned” website which has a number of images of the interior including the bank vault.

Today, PNC has four branches in the Youngstown area, a far cry from Dollar Savings and Trust at its height. It reflects both the changed landscape of banking and the changed economics of Youngstown. None of the banks we grew up with remain under the familiar names of that time, nor are any under local control. But that doesn’t mean we can’t remember the role they played in teaching us to save, giving us our first loan or mortgage, helping us to manage our earnings and investments, putting our money to work for us.

To read other posts in the Growing Up in Working Class Youngstown series, just click “On Youngstown.” Enjoy!

5 thoughts on “Growing Up in Working Class Youngstown — Dollar Savings & Trust

  1. Thanks for Bob reminding me of my childhood much like yourself I opened my first bank account at 9 years of age with the same bank with money I made from shoveling snow and later mowing grass and working a vindicator paper route.
    My parents gave me the guidance I needed to think clearly and see the big picture , Today I am out saving my wife thanks to the early lessons I learned , I will always cherish my community and the Dollar Savings and trust company that helped show me the way.
    I was sad the day that they closed and often mention them in my video tributes.

    Thanks Again Bob .

    Joseph Napier Sr.
    The Nape1962 YouTube Channel

  2. When we first moved to Yo to work at YSU, we got a mortgage at the Dollar Bank on Belmont (recently replaced by the new Veterans building). And when I was a kid, I, too, had an account (in another place). For many years it has been unfortunate that banks charge us for savings accounts instead of paying us interest for our and our kid’s money. Thanks for the article.

      • Thanks Bob. I am still getting your posts, but have not been keeping up with reading them. Shame on me. Carolyn is doing well. I am having some medical issues, but doing ok, too.

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