 Bank note issued by the Kirtland Safety Society in early 1837, after its reorganization. | |
| Company type | Joint-stock company |
|---|---|
| Industry | Financial services |
| Founded | January 2, 1837 |
| Defunct | November 1837 |
| Headquarters | , United States |
| Products | Bank notes |
The Kirtland Safety Society (KSS) was first proposed as a bank in 1836, and eventually organized on January 2, 1837, as a joint stock company, by leaders and followers of the then-named Church of the Latter Day Saints. According to KSS's 1837 "Articles of Agreement", it was intended to serve the financial needs of the growing Latter Day Saint community in Kirtland, Ohio. Its preamble stated it was:
... for the promotion of our temporal interests, and for the better management of our different occupations, which consist in agriculture, mechanical arts, and merchandising.
However, by November 1837, KSS failed and its business closed. In the aftermath, Joseph Smith, founder of the Latter Day Saint movement, was fined for "running an illegal bank," though he was employed as the institution's Cashier. While Smith appealed the fine and made arrangements to have Oliver Granger settle the affairs of the quasi-bank, many financially harmed Latter Day Saints left the church because they believed Smith had established the institution in order to enrich himself and church leadership.[1]
- ^ Adams, Chartering the Kirtland Bank.