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| Additional information |
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| The Brattleboro Savings and Loan Association |
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Mission statement:
The Brattleboro Savings and Loan is dedicated to providing superior financial services to customers by responding to both their current and future financial needs together with a strong commitment to community involvement. |
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History:
The Brattleboro Savings and Loan Association was started in 1912 by Myron P. Davis, a young attorney interested in the future of Brattleboro. After the charter for the bank had been granted and the necessary by-laws adopted, the bank opened its doors for business on January 6, 1913.
Since the beginning, our institution's mission has been to promote thrift, and with the accumulated savings, make loans for the purchase and construction of homes. In recent years we have expanded our services in an attempt to meet all our customers' financial needs. We will continue to add new services as we identify the new financial needs among our clients.
Over the years, our bank's offices have been located in several places in downtown Brattleboro. From the bank's inception until 1953, our offices were located in the Town Clerk's Office on Main Street, both in the old Town Hall and the Municipal Center (1953-1961).
In November 1961, the year The Brattleboro Savings and Loan celebrated its 50th anniversary, the bank transferred its operations to 12 Elliot Street. The bank remained at that location until November 1981 when we moved back to Main Street. For the first time the Association owned its own home located at 221 Main Street. At the time we constructed this new building, we thought we had space enough for ten year's growth. However, the move that gave us better visibility to the public along with new services (checking accounts, personal loans, drive-up window and on-site parking) had us growing at a rate we couldn't have imagined. In only a year we knew we would need additional space. Fortunately, the office building behind the Association became available and we gradually acquired the entire space that would become our loan, accounting and operations departments. As we entered the 1990's after utilizing every nook and cranny of the two buildings, we realized we needed a much larger facility. In May of 1997 construction began on a new main office. The project began with the construction of the back half of the new building that took place between the two existing offices. The project took about a year to complete, and we gratefully moved in May of 1998. We managed this undertaking without ever shutting down our operations.
The first president of our Association was Michael J. Moran who served for two years. Ferris R. Vaughan served from 1914 until 1928 and was succeeded by Arthur P. Simmonds who served until 1951. Daniel J. Stolte, a Director since 1920, was President from 1951 until 1962. Harold C. Allen was President from 1962 until 1965 when he was succeeded by A. Horace Winchester who served until 1968. H. Francis Stowell (Ozzie) was elected President in 1968 and served in this capacity until 1983 when the position was re-titled Chairman of the Board. Mr. Stowell continued to serve in this position until 1990. Pliny Burrows served as Chairman from 1990 until his retirement from the board in March of 1997. J. Clyde Johnson succeeded him at that time and served until 1998, at which time Thomas C. Spater was elected. Upon Tom's death in August of 1998, Joseph Little was elected Chairman of the Board.
The managing officer's title was Secretary-Treasurer from 1913 until 1983 when it was changed to President. The first Secretary-Treasurer was Carl S. Hopkins who served from 1913 until 1942. A. Hadley Shumway served in this capacity from 1942 until his death in May of 1971. H. Francis Stowell acted as office manager during the transition until William H. Dennison started in July of 1971. Merrill Redfield was elected Secretary-Treasurer and then President from 1974 until his retirement in 1987. He was succeeded by Robert E. Schrull who served from 1987 until 1992. George S. Haynes was elected President and CEO in January 1992.
Our Association has been most fortunate in having the services of many fine directors over the years. They have served faithfully, for many years without pay. They have given their time, energy and experience to make it a success.
In 1994 after rounds of careful planning the decision was made to merge with the Springfield Savings and Loan. Their board of directors, realizing how difficult it was for a seventeen million dollar association with a small staff to compete with neighboring financial giants had been looking to affiliate with a larger financial institution. At the same time we changed from a state chartered mutual savings and loan to a federal charter.
In 2006 The Brattleboro Savings and Loan invested $250,000 in the renovation of its branch at the Brattleboro Union High School and the Windham Regional Career Center as part of a $58 million reconstruction project. The new facility is a state-of-the-art financial center with a drive-through window and an ATM and any Brattleboro teen with an interest and the talent can start their financial training.
Since 1912 the Brattleboro area population has grown from 5,035 to over 25,000 and The Brattleboro Savings and Loan Association, F.A. has grown accordingly. In fact, we like to think we've helped make this growth possible. We continue to concentrate on providing local personal and family financial services, including savings, certificates of deposit, checking and Money Market accounts. Throughout the years, with the support of our depositors, we've helped thousands of area families finance their homes, purchase vehicles and many other worthwhile ventures. When you bank with us, your dollars are put to work right here where you live. Because we're small and completely local, the money that we receive and the money that we lend consistently finds its way back into the community; folks that take out home improvement loans end up hiring local workers to make those improvements; people who get auto loans purchase cars from local dealers. In other words, jobs for people who provide goods and services right here are obtained with money deposited and lent right here. If we fast-forward to the future, The Brattleboro Savings and Loan Association, F.A. will continue to help local people in an increasingly complex financial world. |
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