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Adams Co-operative Bank

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Adams Co-operative Bank

History:

1895
Seventeen men in the town of Adams, Massachusetts decided to form a corporation under the previsions of the one Hundred and Seventeenth Chapter of the Public Statutes of the Commonwealth of Massachusetts. This corporation was named the Adams Co-Operative Bank and its purpose was to accumulate savings from its members in fixed installments and to in turn lend these funds to its members.

1896
The Bank opened for business in a one room office on the second floor of the Greylock National Bank building. It was open one day a week and provided serial shares to its customers.

1920
The Bank’s Asset size was $504,153 including 949 shareholders with 8205 shares in force.

1939
The Bank moved downstairs to a larger one-room office of the Greylock National Bank building.

1957
The Bank began providing regular savings account to its customers.

1964
The Bank began providing additional services to its customers, including personal loans, mortgages, money orders, check cashing and Christmas Clubs.

1966
Adams Co-Operative Bank moved to 83 Park Street in Adams.

1972
The Bank computerized its savings and mortgages.

1974
The Bank opened a branch office on Main Street in North Adams.

1975
The Bank’s Asset size was $12 million.

1977
Executive Vice President Richard Wagenknecht developed the Tower and Tunnel logo for the Bank. It is still used in all advertisements and collateral to this day.

1983
Adams Co-Operative Bank’s North Adams branch office moved to 81 Main Street.

1984
The Bank was worth $40 million.

1985
Asset Size = $52,479.982.00.
The 7500 sq. ft. new main office was completed and open for business at 93 Park St.

1989
Richard M. Wagenknecht retires after 25 years of service.
Joseph F. Truskowski, Jr. named President in May.

1990
Asset size = $76,596,480.00 … growth attributed to new Main Office and the Bank now being viewed by Townspeople as a “REAL BANK.”

1995
Asset size = $88,077,889.00

1997
August 15th, groundbreaking for new North Adams Office.

1998
North Adams Office opens 4,000 sq. ft. office on Eagle and Center Street.

1999
Lanesboro Office opens in January in the “Town that everybody forgot.”
Construction begins on 7,500 addition to Adams office

2000
Asset size = $126,604,751.00.
Adams Office addition is completed, doubling the space from 7,500 sq. ft. to 15,000 sq. ft.

2005
Asset size = $176,894,716.00

2010
Asset size January 1st = $199,192,706.00

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