Ebenezer Hayward, A Leader in Banking in the 1800's

    Ebenezer Hayward was a financial innovator in the business of banking.  He helped to establish
    Mendon's first bank in 1825, the only bank between Worcester and Providence.  By 1832, after family
    and economic conditions changed, he transferred the business to a neighboring town to utilize a
    new influx of financial energy.  He helped to create an improvement in the way money was loaned
    and invested, and he became an influence that promoted economic growth and development of the
    region.

    Ebenezer moved to Mendon to be cashier of the Mendon Bank, but neither the bank nor his house
    had been completed.  He moved in with his brother Caleb's family at 38 Maple Street until his house
    was ready. The china closet in the parlor served as a temporary bank vault.  When the brick bank
    opened at 3 Main Street, Caleb was a director, and Caleb's father-in-law, Seth Hastings, was bank
    president.  Ebenezer's new place to live was a stately federal style house at 7 Hastings Street.  The
    bank's system of operation was called insider lending.  Money was loaned only to people who had
    close connections to the directors.  For six years, Ebenezer, with approval of the president, ran the
    day to day operations of the Mendon Bank.

    The 1830's brought about change in the institution's leadership.  Seth Hastings died in 1831 and
    Caleb Hayward died in 1832.  Ebenezer became the new C.E.O.  The focus of the region's economy
    was shifting to the new Blackstone Canal which was showing signs of prosperity.  Ebenezer moved
    the business to Uxbridge, and modernized the lending system by opening up a broader spectrum of
    directors and customers.  It was a time of industrialization along the Blackstone, Mumford and West
    Rivers.  The new president of the new bank re-organized banking policies to create a national
    banking system to accommodate new opportunities provided by the hardest working rivers in the
    Northeast.

    Ebenezer and his family continued to live at 7 Hastings Street until about 1840.  He was married to
    Susan Burbeck of Boston.  She was the daughter of William Burbeck, an officer in the Revolutionary
    War.  They raised six children in their beautiful home in the village before moving to Uxbridge.  He
    was an active  member of the Unitarian Church.  Historian Ellery Bicknell Crane praised him for his
    "superior business ability, unsullied integrity and sound judgment in matter of finances."  His
    children and grandchildren went on to become bank and woolen mill executives in Uxbridge,
    Douglas and other area towns.  His foresight and innovation created change that promoted growth
    and development in the region's economy.

    The current owner (2011) of 7 Hastings Street is A.J. Jones and Co., Inc., Electrical Contractor.

    Richard Grady                                                                             
    Mendon, MA

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The Ebenezer Hayward House - 7 Hastings Street

    The home of Atty. Caleb Hayward and his
    wife, Mary Hastings Hayward. She was the
    daughter of Seth and Chloe Hastings. 1820