Swig died on July 30, 1939, at the age of 76, of generalized arteriosclerosis and essential hypertension, at the Chase Convalescent Home in Taunton, Massachusetts, where he was living at that time.

Early in his career, con man Charles Ponzi rented a room in an office on Court Street, above the Puritan Trust Company.

On July 21, 1920, Swig wrote Ponzi a letter demanding he close his accounts: If what we have heard about your plan of business is true, then certainly we do not care to accept your deposits, no matter how large they may be.

We therefore advise you that henceforth your deposits will not be accepted, and you will favor us by closing your account.Ponzi did as Swig asked, leaving only $185,000, which was tied up in a lawsuit.

[3] One week later, as suspicion of Ponzi's success began to appear in the Boston Post, Swig took out a full-page ad which read, "Our dividends are paid out of our earned and collected income, and not out of other fellow's principal."

[4] Swig appeared in an article in the Post a month later, written by William McMasters, Ponzi's former publicity agent.

With that philosophy in mind, Swig did something that was simply not done at the time; he employed Jews, women and African-Americans as tellers at his banks branches.

He was also chairman and treasurer of the Republican City Committee in Taunton and held a position as a State Hospital Trustee for fifteen years under three different governors.