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Peoples Trust Company of St Albans
       
 
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Peoples Trust Company of St Albans
 
 
History: 

The Peoples Trust Company was founded by an Act of the General Assembly of the State of Vermont on November 18, 1886. Since our inception, we have enjoyed a commitment to the Vermont tradition of service, quality and value. We have found strength in our relationship with the generations and graciously welcome new opportunities to effectively participate in the economic and cultural vibrancy of our communities.

The first stockholders meeting was held January 1, 1887 and the first officer was President John Gregory Smith. The banking rooms were on Maiden Lane in part of the old Welden House.


In January 1895, land on Kingman Street was purchased for a bank building. The Prouty Building Company of Swanton was contracted to construct a building and have it ready for occupancy by October 1, 1895. It was considered the most modern bank building in New England at the time. An addition was constructed in 1916.

A stockholders’ vote deeded the land west of the bank building, free of charge, to the city for a fire station. The gift was accepted by the city council in October 1898.

On February 1, 1949, Peoples Trust Company of St. Albans assumed the deposit liability of the Welden National Bank and bought the Welden Building, which it now occupies. The Welden National Bank was designed by W.R.B. Wilcok of Burlington. It was reported to be the first building in the state to have overhead lighting. It boasted a dome 33 feet in diameter, supported by eight Doric columns, each 20 inches in diameter and 18ft. high. The stained glass window still bears the Welden National Bank emblem.

On November 1, 1947, the Peoples Trust Company bought the Vermont Agricultural Credit Corporation and has since carried on an agricultural loan department.

On November 29, 1947, Peoples Trust Company of St. Albans paid off, in full, the Preferred A and B stockholders.

Edward C. Smith was elected president in 1892, and served in that capacity, or as chairman of the board, until his death in 1935. John Branch Sr., Edward F. Smith and Charles D. Watson all served as presidents or chairmen of the board. James E. Manahan took office as president on April 1, 1942, and held that position until January 8, 1968, when George Howard Jr., was named president. James E. Manahan remained as chairman of the board and chief executive officer until his death on March 18, 1968. On July 12, 1976 Richard V. Manahan, Sr., took over as president and chairman of the board until his death in 1989.

On November 14, 1989, Richard V. Manahan, Jr., was elected president and still holds that position today.


With the growth of the area and the expectation of convenience for our customers, Peoples Trust Company has opened numerous branches in the Northwestern region of our state of Vermont. In April 1995, the bank bought the adjacent property that had been given to the city in 1898. This building has been remodeled and is now fully occupied with bank offices, a conference and meeting room. Branch locations include St. Albans, Georgia, Swanton, Enosburg Falls and Essex.

Known as “The Bank with a Heart”, the Peoples Trust Company maintains the tradition of an enthusiastic commitment to customer and community while confidently facing the challenges of a dynamic marketplace.


 
 
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