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| Additional information |
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| Claremont Savings Bank |
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Mission statement:
Claremont Savings Bank is committed to be a profitable, independent, financial services provider that supports the needs of customers and communities in our market area.
Our Corporate Goals
To achieve profitability through:
Competitive pricing of products.
Effective control of costs.
Management of assets and liabilities.
To remain independent by:
Meeting regulatory requirements.
Properly managing growth.
To be a financial services provider for business and retail through:
Meeting the reasonable credit needs.
Development of products.
Professional staff.
Distribution systems. |
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History:
On February 13, 1907, Claremont Savings Bank was chartered by an act of the General Court (Legislature) of the State of New Hampshire. The Bank opened for business on April 15, 1907, at the corner of Tremont Street and Tremont Square in Claremont. The original Corporators were James L. Rice, Leonard Jarvis, Hermon Holt, Thomas W. Fry, James E. Ellis, O. Duane Quimby, Henry K. Tenney and Henry C. Hawkins who was the original Treasurer of the Bank. Mr. Hawkins served in various capacities for 64 years until his death in 1971 at the age of 93.
Financial Growth
The Bank grew slowly through World War I, the 1920s and the Great Depression. Total assets were $680,200 in 1938. By June of 1953, assets reached $4.8 million and the Bank was servicing more than 4000 customer accounts. Growth of the Bank continued to accelerate after World War II. By 1963 assets had doubled, by 1967, tripled; and by 1970 assets had quadrupled to over $23.7 million. During 1984, the asset size passed $100 million; in 1999 it passed $200 million, and in 2006 is passed $300 million.
Physical Growth
As the Bank’s customer base increased, so too did the number of employees and the types of services offered. To meet the expanding demands, construction of a new facility on the southwestern corner of Broad and Pine Streets began in July 1954. On May 5, 1955 the Bank moved into its new quarters and reopened for business on May 7th. At this time the Bank utilized only one-third of the building.
As the customer base, service offerings and employee population of the Bank continued to escalate, more space was needed and, in 1974, an ell was added to the building. Continued expansion through the sixties and seventies gave way to many structural changes within the organization. In 1978, in response to increased needs of the public and internal efficiency, the Consumer Credit and Mortgage Loan Departments were consolidated and renamed the Lending Department. These departments were located on separate floors of the Bank until 1981 when the tenants moved from the second floor of the building. The Lending Department, in its entirety, moved to the vacated premises.
Retail Expansion of Bank Services
1977- First Automatic Teller Machine (ATM) installed at the Main Office named “Monty”
1980 - New generation of ATM installed at Main
Office and Charlestown “Charlie” as a remote service unit at the corner of River and Main Streets.
1981 - ATM “Connie” was installed in a limited service branch at Power’s Country Store.
1981 - A full service Washington St. Branch opened with ATM “George”
1983 - Charlestown ATM location converted into a full service branch.
1983 - Personnel were trained and licensed as Registered Representative to provide brokerage services at the Main Office.
1986 - Purchased #2 Middle St. - Sears Roebuck store.
1987 - Purchased #8,10,12 Middle St.
1988 - Purchased #16 Middle St.
1988 - The Bank opened a limited service branch on Maple Ave. in a joint venture with Jiffy Mart. At the same time, an ATM named “Sugar” was installed.
1989 - “Beau” became the next member of CBS’s ATM family located at Nova’s (Now Wade’s Place on the Main St. Extension in West Claremont.
1989 - The Washington Street branch had an addition for customer service offices.
1991 - #2 Middle Street was renovated for the Bookkeeping and Now Departments.
1993 - The Cornish Branch was moved from the country store to a wing on the building at 12 School Street.
1995 - The Bank purchased the Gerrity Lumber on Maple Avenue and constructed a new branch. The Jiffy Mart location was abandoned and the new office opened on February 28, 1996.
1997 - The Bank had purchased and swapped land in Charlestown in 1995 and a new branch was constructed where the Trolley Stop Restaurant had stood. On January 21, 1997, the new full service facility at 135 Main St. with the bank’s only drive-up ATM.
1997 - The Bank installed new computers with Open Solutions Inc. software to run the entire Bank.
1998 - Voice Response telephone banking was added.
1999 - Check imaging was introduced.
2000 - The Bank added online banking through the Internet.
2002 - All six ATMs were upgraded to current models of NCR machines and online real-time ATM transactions were started.
2003 - The Washington St. branch was renovated with larger lobby and safe deposit boxes.
2004 - Construction started on new Main Office building.
2005 - Staff moved into the new headquarters in December, 2005, with its new drive-up ATM and Internet Cafe.
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