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' MASCOMA BANK


MASCOMA BANK


 * Timeline
 * Town by Town
   * Bethel
   * Burlington, Jake’s ONE Market
   * Burlington, Pine St.
   * Canaan
   * Charlestown
   * Chelsea
   * Claremont
   * Enfield
   * Hanover
   * Hartland
   * Keene
   * Lancaster
   * Lebanon
   * Littleton
   * Lyme
   * New London
   * Norwich
   * Portland
   * South Burlington
   * South Strafford
   * Walpole
   * West Lebanon
   * White River Junction, Maple St
   * White River Junction, Sykes Ave
   * Windsor
   * Woodstock
 * Our Stories
   * Our Team
   * Leaders
   * Awards
   * Philanthropy
   * Support
   * Volunteer
   * Events
   * Archives




THIS YEAR WE CELEBRATE OUR 125TH ANNIVERSARY.

HEAR OUR STORIES

link video

On February 2, 1899, the New Hampshire State Legislature granted the charter for
a new bank in Lebanon, New Hampshire – Mascoma Savings Bank. It was a mutual
savings bank, governed by a board of Incorporators who, from their ranks,
elected a board of Trustees. The Incorporators would serve as the eyes and ears
of the community – making sure the bank truly served the people and stayed true
to its promises.

 

The Bank’s first president was Col. Frank Churchill, a Lebanon Mill Owner and
former member of the Governor’s Council. Among those joining him on the Mascoma
Board of Directors were publisher Harry Cheny, insurance salesman Salon Peck,
lawyer William Cotton, former postmaster William Churchill, and Charles
Hildreth, a hardware store owner in downtown Lebanon. Mascoma Savings Bank
opened for business on Saturday, April 8, 1899. Miss Mary E. Kimball, one of
Lebanon’s wealthiest citizens, made the first deposit. At the end of their first
day of business, the bank had six accounts. At the end of their first week, they
had 22 accounts, and by May 1, they had 50. By the end of 1899, Mascoma’s assets
totaled just over 26 thousand dollars.

 

Today, Mascoma Bank has 27 branches and more than 400 team members who oversee
nearly 3 billion dollars in assets. The bank is still a mutual bank, but now,
it’s one of the very small percentage of banks in the United States that is also
a Certified B Corp, and we are ready to celebrate 125 years of using business as
a force for good.

 

Take a look at some of our branch celebrations in honor of our communities!


1899

Mascoma Savings Bank began operations alongside the National Bank of Lebanon at
20 West Park St., Lebanon, New Hampshire.





1899

On April 8, Mary E. Kimball made the first deposit at the newly chartered
Mascoma Savings Bank.





1915

Burton Whittier joined the Bank as a teller, served as a pilot in World War I,
and in 1923, at the age of 28, was appointed Treasurer and CEO, a position he
held until retiring in 1966.





1928

The Bank moved to the former offices of The People’s Trust Company at 28 Hanover
Street on what is now the Lebanon Mall.





1940S

Following the failure of 9,000 banks during the Great Depression, Mascoma
Savings Bank survived and thrived helping returning WWII veterans with home
mortgages.





1952

After decades of renting office space, Mascoma Savings Bank built a new home at
67 North Park St., Lebanon, New Hampshire.





1956

Arlene Chapman begins her tenure at Mascoma Savings Bank. Named Assistant
Treasurer in 1967 and elected Treasurer in 1975, Chapman was the first woman to
fill the role of Mascoma Bank’s CFO.





1958

Supervising Teller Gertrude Hough was appointed Assistant Treasurer, becoming
first female officer of the Bank, which at the time had $6 million in assets and
five employees.





1964

The Great Fire destroyed much of downtown Lebanon. The Bank survived and led the
way in the city’s rebuilding.





1975

The Bank made its first expansion, establishing a branch location on Interchange
Drive in West Lebanon.





1978

The Bank’s annual report was filled with iconic names in Mascoma’s history, and
at $55 million was just 2% the size of company today.





1986

Plainfield's Jean Kennedy, a Certified Public Accountant at the firm of Smith,
Batchelder & Rugg, is the first woman named to the Mascoma Bank Board of
Directors.





1988

The Mascoma Bank Foundation was established for the purpose of giving back to
the community.





1990

Steve Christy was named President and Barry McCabe Executive Vice President. The
pair led Mascoma through a period of unprecedented acquisition and growth before
their retirements in 2017 and 2019.





1994

Mascoma Bank introduced the Matching Gift Program to support the charitable
donations of employees to area nonprofit organizations.





1996

The Bank acquired Green Mountain Bank, expanding into Vermont and becoming an
interstate bank.





1996

Enfield's Pat Brown became the first woman to lead the Mascoma Bank Board of
Directors.





1999

Mascoma Savings Bank acquired New London Trust, expanding into Hanover and New
London.





1999

The Platinum Passport Club was launched, giving customers the opportunity to
experience exciting travel destinations.





2000

While awaiting completion of the new Windsor branch, Mascoma operated from 15
State St., in the former location of Bank of Windsor, Windsor Savings Bank, and
the Windsor County Trust Company.





2003

The Bank opened a new Operations Center in White River Junction, Vermont.





2011

Tropical Storm Irene devastated parts of Vermont. The Bank played a central role
in the region’s revitalization effort.





2013

Mascoma Community Development was established to utilize the New Markets Tax
Credit program.





2014

The Bank acquired Connecticut River Bank, expanding north to Lancaster and south
to Keene.





2016

Paid summer internships provide valuable experience for local college students
in a variety of bank departments.





2016

We partnered with WMUR-TV and the New Hampshire Food Bank to encourage donations
a local high school football games.





2017

The Bank became a Certified B Corporation as part of its deep commitment to
being a force for positive change.





2018

The Volunteer Time Off program was established to give employees the chance to
contribute to causes they are passionate about.





2018

The Bank partnered with Banzai, an award-winning, interactive content platform
that teaches real-world finance to school-aged children.





2019

Mascoma Bank opened branches in Chittenden County, Vermont, and a loan office in
Portland, Maine.





2020

COVID forced a shift to remote work, but the Bank helped the region by
processing over 1,000 Paycheck Protection Program loans in two weeks.





2021

Working remotely became the norm for more than a quarter of the Bank’s
workforce.





2022

The Bank entered the Best Places to Work Hall of Fame in New Hampshire, and was
again named one of the best places to work in Vermont.





2022

MERG, the Military Employee Resource Group, was formed with a mission to attract
and support Veterans, service members, and their families.





2022

The Bank partnered with University of Vermont Athletics to sponsor the Rally
Against Cancer initiative benefiting the UVM Cancer Center.





2023

We launched MascomaPay, a platform enabling businesses to accept secure digital
payment using a customer's credit or debit card.





2023

Mascoma Bank took the lead in establishing a multi-investor fund to help finance
affordable housing in New Hampshire, Vermont, and Maine.





2024

Mascoma Bank launched a new digital banking platform to meet the evolving
financial needs of customers today and tomorrow.



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Equal Opportunity Employer. Member FDIC. Equal Housing Lender.

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Archival Research: Tom Hoyt