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The Lowell Five Cent Savings Bank

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The Lowell Five Cent Savings Bank

History:

Founded in 1854, The Lowell Five Cent Savings Bank is a state chartered mutual bank and the oldest financial institution in the City of Lowell.

When the Bank was founded, there were five banks in Lowell, but none of them would accept deposits of less than a $1.00, an amount far beyond the means of the average mill worker. A group of Lowell businessmen and public servants, including Reverend Horatio Wood and Judge Nathan Crosby, decided to start a bank that would pay interest on deposits as little as five cents. They obtained a charter from the Commonwealth of Massachusetts to open "The Lowell Five Cent Savings Bank".

Today, the Bank has grown to over $660 million in assets. Recognized as one of the Best Places to Work by the Boston Business Journal, Lowell Five has over 200 employees and 14 locations throughout the Merrimack Valley. Over the past 150 years, the Bank has been instrumental in the economic development of the region, maintaining a leadership role on numerous community boards and organizations.

Lowell Five prides itself on providing superior financial products and services to individuals, families, businesses, non-profits and municipalities and is insured with both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).

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