Matthew Vassar was one of the incorporators of the Poughkeepsie Savings Bank, the sixth savings bank to be chartered in New York State. Joining Vassar in the new enterprise were William Davies, James Emott, James Hooker, Frederick Barnard, Teunis Van Kleeck, Thomas W. Tallmadge, Nehemiah Conklin, Griffin Williamson, Henry A. Livingston and Stephen Armstrong. The earlier banks were the Bank for Savings in the City of New York (1819), Albany Savings Bank (1820), Troy Savings Bank (1823), Brooklyn Savings Bank (1827) and Seamen’s Bank for Savings, New York. Frederic Bliss Stevens, History of the Savings Banks Asssociation of the State of New York
Vasar was later on the board and president of the Farmers and Manufacturers National Bank, which was chartered in 1834.