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Chicopee Savings Bank
 
 
History: 

Chicopee Savings Bank was founded in 1854 and opened for business on March 6 of that year. The first location of Chicopee Savings Bank was in the homestead of its first president, Jerome Wells. The Wells Homestead was located at the present site of the Chicopee Public Library.

At the first Annual Meeting on December 15, 1854, two loans were made. One loan went to William Pynchon for $1,000 toward real estate; and a personal security loan for $2,000 went to Chester W. Chapin, builder of the Boston and Albany Railroad.

The Bank relocated in 1874 to the ground floor rooms of the Market Square Hotel which was destroyed by fire in 1876. In 1874, the Bank’s deposits were $391,002 with a surplus of $4,987.78 and the Bank paid an annual dividend of 5%.

Jerome Wells retired from the presidency in 1875, and was succeeded by George D. Robinson, former governor of Massachusetts. Robinson became widely known from the Lizzie Borden trial. Miss Borden had been accused of murdering her parents. Due to Mr. Robinson’s defending techniques, Miss Borden was found innocent. Mr. Robinson retired as president of Chicopee Savings Bank in 1878 and Emerson Gaylord, a notable Chicopee personage, assumed the post until 1881. Mr. Gaylord was succeeded by John B. Wood. Under the leadership of Mr. Wood, the Bank enjoyed continuous growth. In the year 1881, the Bank listed deposits of $489,619.20.

On January 11, 1913, Nelson B. Carter was elected the fifth president of Chicopee Savings Bank, a position he held until 1960, giving the Bank a total of 58 years of service from the time of his appointment as Corporator in 1902. Under the direction of Mr. Carter, Chicopee Savings Bank opened its first branch office on Memorial Drive, Chicopee, November 1955.

Mr. Carter was succeeded by J. Aime Lavallee on January 7, 1961. Mr. Lavallee was a prominent manufacturer and founder of Eastern Etching & Manufacturing Company.

Edward F. McDonnell succeeded Mr. Lavallee on December 29, 1965. In 1966, Stephen A. Zajchowski was elected president. By June of 1970, total assets were in excess of $40 million.

On April 2, 1972, Chicopee Savings Bank announced plans to erect a new building at Center and School Streets. The million dollar Main Office was opened for business in September of 1973.

On January 21, 1974, Roy A. Scott was elected president. At the age of 32, Mr. Scott was the youngest man to serve as the president of Chicopee Savings Bank.

In 1976, Chicopee Savings Bank opened its second branch office located at 569 East Street.

On March 3, 1977, Eliot H. Chartrand was elected the tenth president of Chicopee Savings Bank and remained in this position until July of 1984. During his presidency in 1977, Chicopee Savings moved its original Memorial Drive location to its present location on Memorial Drive at the Chicopee Marketplace, formerly known as the Fairfield Mall.

On August 3, 1984, William J. Wagner was elected president and remains the current president of Chicopee Savings Bank. Under the direction of Mr. Wagner, Chicopee Savings Bank has grown to where we are today. Such growth resulted in the expansion of the Bank’s Lending and Accounting Departments in January 1990 to the first floor of the Ferris Building located directly across from its Main Office building. Also in 1990, Chicopee Savings Bank opened its third branch office at 435 Burnett Road.

Just eight years later in January 1998, continued growth necessitated the move of the Bank’s lending and operational departments to new and expanded facilities at 229 Exchange Street, known as the Chicopee Savings Operations and Lending Center.

A new era in banking services was emerging with the introduction of internet banking and Chicopee Savings Bank was quick to respond with the unveiling of its internet website in 1998, whereby internet users could view products, services, and current rates.

In 1999, the Bank began expanding its ATM network with 24-hour ATM cash machines other than those located within its branches. ATMs were established around the major highways in Palmer, Ludlow, and Holyoke, and in 2000 a full-service ATM Kiosk was opened in Ludlow.

Also in 1999, the passing of the Gramm-Leach-Bliley Act opened up competition among banks, securities companies and insurance companies. Banks were now permitted to offer non-deposit financial services. In 2001, the Bank partnered with Linsco/Private Ledger (LPL) and the Bank established the Financial Services Center (FSC) at Chicopee Savings Bank. The FSC offers a host of financial services including sound financial consulting, mutual funds, college savings plans, annuities, brokerage services, and tax-free investments.

By the year 2000, the internet was forever changing the landscape for the banking industry and paving the way for new banking conveniences. The Bank introduced its on-line banking services as well as Web Cash Manager for its business customers, later upgraded to Business Link.

The hallmark of 2002 was the November grand opening of the Bank’s fifth branch office and its first branch office outside of Chicopee’s city limits. Opened in Ludlow, after just 37 days of operation, the branch generated $10 million in new deposits.

The early 2000s will probably be most noted for record-breaking volumes of home sales and refinances across the country due to the unprecedented low interest rates, resulting in record breaking volumes of residential mortgages. Adversely, interest on deposits decreased significantly and in 2004 the average rate of interest on a one-year certificate of deposit was just 1.5%.

In 2004, under the continued leadership of William J. Wagner, the Bank celebrated its 150th Anniversary and a historical commemorative annual report was published. The Bank continued to position itself for growth by expanding its lending and service departments as well as the Financial Services Center, which was also performing well despite the unsteady investment market. Staffing at Chicopee Savings Bank grew to 103 employees.

In February 2005, the Bank opened its West Springfield branch to service the growing number of customers on the west side of the river. Shortly thereafter renovations were completed to the Operations and Lending Center to accommodate additional work spaces needed, bringing the building to full capacity 10 years sooner than anticipated.

July 19, 2006, marked an historical moment for Chicopee Savings Bank. On this date, the Bank received regulatory approval to complete the conversion of Chicopee Savings Bank from a mutual to a stock form of ownership, and the Bank’s holding company, Chicopee Bancorp, Inc., was formally established. Through its initial public offering, Chicopee Bancorp sold 6,888,304 shares of common stock to eligible depositors of Chicopee Savings Bank and to the Chicopee Savings Bank Employee Stock Ownership Plan at a price of $10 per share. Additionally, as part of the conversion, Chicopee Bancorp contributed 551,064 shares ($5.5 million value based on the $10.00 offering price) to establish the Chicopee Savings Bank Charitable Foundation – a new charitable foundation that will make grants in markets in which Chicopee Savings Bank has offices. On July 20, 2006, Chicopee Bancorp’s common stock began trading on the Nasdaq Global market under the symbol CBNK opening at an unprecedented $14.25 per share. A total of 1,435,846 shares were traded with an intra-day high of $15.29 and a closing price of $14.46.

Experience and Dedication

Today, William J. Wagner continues to lead the Bank as President along with his senior management team consisting of W. Guy Ormsby as Executive Vice President and Treasurer, Alzira C. Costa as Sr. Vice President of Security and Bank Operations, Russell J. Omer as Executive Vice President and Senior Lender, Maria J. C. Aigner as Senior Vice President of Human Resources and Darlene M. Libiszewski as Senior Vice President of Information Technologies.  As of September 30, 2006, the Company's assets increased to $445.7 million, primarily as a result of net subscription proceeds of $67.0 million. Net loans were $342.4 million and total deposits were $302.1 million.

At Chicopee Savings, we are fortunate to have an experienced management team of dedicated, trustworthy, energetic, and reliable people! These are the people who make things run smoothly in our organization so that you can enjoy banking with us, without entanglement and without hassle.

As you can see, Chicopee Savings Bank has been a thriving financial institution since 1854 and has enjoyed solid and continued growth. Along with that growth, Chicopee Savings has continued its commitment to being a leader in community support, both financially and through staff volunteerism. In fact, the Bank’s officers actively participate in over 100 different non-profit organizations serving the community. That’s why at Chicopee Savings, we proudly say we’re …


 
 
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