In 1872, the population of the Town of Monson was nearly 3,000, and the only bank in town, The Monson National Bank, was a commercial bank.
At that time, savings banks were just beginning to be founded to give working men and women the opportunity to save. They were the first banks to welcome small deposits. Recognizing the need for such a bank in Monson, a group of business leaders in the community incorporated the Monson Savings Bank on March 27, 1872.
On June 1, 1872, Monson Savings Bank began business transactions out of the Monson National Bank office. Not only did the two banks share the same building, they shared the same vault, till, counter, and personnel. At the end of its first month of operation, the new Monson Savings Bank had $12,994.23 on deposit, and total real estate loans of $2,250. Cash on hand was $2,531.43.
On June 1, 1893, Monson Savings Bank got its own brand new building. This new building, which is now known as our Monson Office, separated the savings and commercial banks. The bank was remodeled in 1965 and in 1985 the building was extended to the rear creating two floors of office space and the drive-up teller.
In June of 1997, 125 years after it opened, Monson Savings Bank reached a banking milestone when our assets reached $100 million. And on August 1, 1998 we opened our first branch location in the neighboring town of Hampden. Five years later, we opened our second branch in Wilbraham.
Today we help people save, businesses prosper and communities benefit with world class products and technology, the sincere and considerate service our customers deserve, and absolute dedication to our communities.