A sign near the building informs us -
"Seeing Double
As you gaze across Water Street toward the eight-pillar institution, compare closely what you see in the photograph with what stands here today. Built in 1831, the building was designed by architect Russell Warren. For 61 years the building housed two banks - Merchant's Bank on the right and Mechanics Bank on the left. The prosperous whaling elite walked their money through the right door, while humble shopkeepers and skilled tradespeople marched their money through the left.
Water Street ... was the Wall Street of New Bedford. Practically all the banks, insurance offices and telegraph offices, lawyer's offices were conscentrated within these limits." see (
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The building has recently been used as an auto finance center...and was recently sold -
SouthCoastToday (
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"Meldon buys another historic downtown building
By JONATHAN CARVALHO
NEW BEDFORD — Businessman John Meldon has purchased another building in the Historic District, this one the site of a landmark marine business for 43 years.
Meldon, who operates an antiques car financing business in the J.J. Best Banc. & Co. building on Friday purchased the two-and-a-half story, 1832 structure with parking at 48 North Water St. where Weeks Marine Electronics is located.
Loring Weeks, the owner of both the building and business will continue to operate the business at a location still to be determined. He sells, installs and services marine electronics including auto piloting and steering.
Weeks declined to disclose the sale price.
Meldon, whose J.J. Best Banc Building (traditionally known as the "double-bank building") is located on the corner of North Water and Hamilton Streets, has purchased two other buildings on the street in the last year.
Meldon also owns the Tatlock Gallery and Hiller Printing buildings but said the Weeks structure would be the "last building" he is interested in buying downtown.
Meldon has objected to the construction of a 141-unit hotel on North Water Street by developer Andrew Rockett, which would be located across from a private service road (Rodman Street) from the J.J. Best Banc Building.
Meldon challenges the use of Rodman Street — which is a private service road between the J.J. Best Banc building and the Candleworks building and a planned hotel site.
Parts of the cobblestone road are half-owned by Meldon and Rockett, with each owning his side up to the middle of the street. There is a public right-of-way on the street owned jointly by Meldon and Rockett. Meldon contends that deliveries to the hotel and restaurant would congest the area and prevent him and his employees from using and parking on the road.
Weeks said his building had "not officially" been for sale, and that several people have approached him about buying it over the years. But Meldon was the first person to come forward in earnest, he said.
"He's a neighbor," Weeks said. "He's been buying property, and he's a nice guy and takes care of his property."'