Union Trust Company Building (Providence, Rhode Island)
| Company type | Bank |
|---|---|
| Industry | Banking |
| Predecessor | Bank of America (established 1851) |
| Founded | 1851 |
| Founder | Adnah Sackett, Zechariah Chafee |
| Fate | Merged to form Providence Union National Bank (1950) |
| Successor | Providence Union National Bank |
| Headquarters | Providence, Rhode Island , United States |
Key people | William S. Hayward (president from 1889), Marsden J. Perry (director and president from 1900) |
The Union Trust Company Building stands as a landmark edifice located at 170 Westminster Street and 62 Dorrance Street in the heart of downtown Providence, Rhode Island. Initially serving as the main office for the Union Trust Company bank, it has since been transformed primarily into residential apartments and is currently known as the G Reserve.
Union Trust Company
The institution that preceded the Union Trust Company was the Bank of America, established in 1851. Among its early leaders were Adnah Sackett and Zechariah Chafee. In 1889, William S. Hayward assumed the presidency and, alongside director Marsden J. Perry, spearheaded a period of vigorous growth. The bank underwent a name change to Bank of America Loan and Trust Company in 1890, followed by another rebranding to Union Trust Company in 1894. Perry took over as president from Hayward in 1900 and directed the construction of the new headquarters in 1901. Under his leadership, several Providence banks were merged; however, excessive expansion during the Panic of 1907 led to a temporary shutdown and Perry’s subsequent resignation.
By 1950, the bank combined forces with Providence National Bank to form Providence Union National Bank. This entity later merged with Industrial Trust Company in 1953, creating Industrial National Bank—the largest banking institution in Rhode Island at that time.
History
Completed in 1901, this twelve-story skyscraper was designed by Walter G. Sheldon of Stone, Carpenter & Willson under Marsden J. Perry’s guidance. The building’s first floor and basement accommodated banking operations, while the upper levels were leased for commercial use. Early occupants included Narragansett Electric Company (under Perry’s control), General Fire Extinguisher Company (a forerunner to SimplexGrinnell), law firm Edwards & Angell (now Edwards Wildman Palmer), and architectural firm Martin & Hall. Perry maintained his offices on the twelfth floor. The main banking hall was completed in 1902 and featured windows crafted by Clarence Sumner Luce from New York City.
In August 1907, ambitious plans emerged to expand the building threefold, once again designed by Sheldon with an intended completion date of 1909; however, these plans were abandoned due to the financial crisis. Minor renovations took place in 1918, but a significant enlargement occurred only in 1928 when architect George Frederic Hall, one of the original tenants, designed a three-bay extension along Westminster Street.
Following successive bank mergers, operations were centralized elsewhere; while upper floors were leased commercially, the banking hall continued to house the trust department. A major remodeling in 1964 converted it into Industrial National Bank’s main retail branch, relocating trust services to their primary headquarters. The building was added to the National Register of Historic Places in 1973. After closing as a branch in 1977, it briefly served as a vanpool waiting area before resuming banking functions in 1980 with Greater Providence Deposit Corporation. Extensive restoration work was undertaken in 1981.
Greater Providence Deposit ceased operations amid the Rhode Island banking crisis, with its assets acquired by Northeast Federal Corporation based in Hartford. Since 1996, various restaurants have occupied the former banking hall; the initial establishment named "The Federal Reserve" inspired the building's current moniker.
In 2016, a developer from New York obtained $2.5 million in state historic preservation tax credits to transform the property into a mixed-use facility featuring commercial spaces and dining venues on lower floors and residential apartments above. This renovation was completed in 2019 by architects Studio MEJA (now SignalWorks), and the building was rechristened as the G Reserve—reflecting both its popular nickname and its location near Providence’s G complex.
Description
This twelve-story building is constructed with a steel framework and is adorned with brick and stone exterior finishes. The design of the lower two floors contrasts with that of the upper stories, featuring a tall ground floor where windows are divided by stone pilasters and corners are accentuated with pronounced quoins. Positioned above the entrance to the banking hall on Dorrance Street are two sculptures, titled Indian and Puritan, created by Daniel Chester French, reclining alongside the doorway. The windows on the second floor are set within rounded arch openings, highlighted by intricate keystones. The upper stories predominantly consist of brick complemented by marble accents, with the third floor exhibiting more detailed architectural elements. The banking hall on the first floor is distinguished by its exceptionally ornate interior decoration.