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| Additional information |
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| The Bank of Bennington |
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History:
The Bank of Bennington was originally chartered as Bennington Co-operative Savings and Loan Association. It was established on May 14, 1917, as a result of a movement started by the Bennington Board of Trade to solve the problem of insufficient housing for workers in Bennington industries. The initial goal was to raise $10,000 through stock subscriptions, which would give the Bank the power to borrow an equal amount from local banks. The funds would be used to encourage residents to build houses and create vacant tenement space for factory workers.
The original stock subscription papers of the Bennington Savings and Loan state: 'There are probably 500 men in Bennington who can afford to take from one to ten shares and a few who can take more. It will be no bonanza, but it will be a conservative business investment with no possibility of losing.'
The incorporation papers continue; 'It will be a town organization for the development of our town, and it will be in the hands of a board of competent directors elected by the stockholders. It will be easy to choose five or seven splendid businessmen to look after the details.'
The original Board of Directors included such notable Bennington names as William H. Wills, George M. Hawks, Hiram Hall, Edward A. Booth, and William P. Hogan.
Working out of a corner in the insurance office of William H. Wills, little time was lost developing a viable bank. By the end of May 1917, committees for membership, publicity, and printing were formed. By mid-June, committees on security and finance, and an 'advanced committee' to purchase stationery and supplies were underway.
On October 5, 1917, Bennington Savings and Loan issued Loan #1 to Clarence D. Wilson for $1,800, to purchase a house at 219 Grove Street in Bennington. The home stands there still today.
On October 1, 1999, a new corporation, Community Financial, MHC, was formed as the parent organization for The Bank of Bennington. Having served southwestern Vermont well for 82 years, the old "Co-op" needed a new corporate structure to begin the year 2000 as a serious competitor.
The nature of community banking had been changing rapidly with the advancement of technology and the major consolidations within the banking industry. The Bank of Bennington's mission has broadened to include commercial banking services for the small to medium-sized businesses located in our marketplace. We continue to originate a large share of the home mortgage loans made in Bennington and Rensselaer Counties. We have introduced additional financial services, including Internet-based banking and investment sales and service.
The Board of Directors is still composed of local residents charged with the responsibility of enhancing the original philosophy of a community bank: providing home loans, business loans, and a variety of savings accounts, Certificates of Deposit, checking and Money Market Accounts. |
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