Ulster Savings Bank
Ulster Savings Bank is a mutual savings bank headquartered in Kingston, New York. The bank has 15 branches, all of which are in Ulster County, Orange County, or Dutchess County.
| Company type | Mutual savings bank |
|---|---|
| Industry | Banking |
| Founded | April 12, 1851 |
| Headquarters | Kingston, New York |
Key people | Bill Calderara, CEO |
| Total assets | $1.26 billion (2023)[1] |
| Total equity | $95 million (2017)[1] |
Number of employees | 300[2] |
| Website | www |
History edit
The bank was founded on April 12, 1851.[1][3]
During this time, it was named the Ulster County Savings Institution. The day this bank was chartered by the New York State legislature, it became the first savings bank in Ulster County, New York.
On June 19, 1851, Severyn Bruyn, Ulster Saving Bank's very first customer, made the first deposit, totaling $120.[4] Today, that deposit would be equivalent to $4,806.50.[5]
Archibald Russell (father of Archibald D. Russell) was the first president of the bank; he served until 1870.[3]
Between 1858 and 1868, deposits grew from $21,982 to $646,922 as the population of Kingston grew from 15,000 to 20,000.[3]
In 1891, the treasurer and assistant treasurer of the bank were accused of stealing more than $400,000, resulting in the temporary closure of the bank.[6] Both received prison sentences as a result of their actions in 1892.[7]
In 1892, John B. Alliger was named treasurer of the bank. At that time, the bank had $1.835 million in deposits. By 1916, the bank had $5.135 million in deposits.[3]
In 1896, Alton B. Parker was named president of the bank and served until his resignation in 1904.[3]
In September 2011, Lisa Marie Cathie was named president and chief executive officer of the bank, succeeding Marjorie Rovereto.[8]
In 2015, Glenn B. Sutherland replaced Lisa Marie Cathie as president and chief executive officer.[9]
In 2015, to celebrate it's 150th anniversary of inception the bank formalized their regular donations to the community into a formalized program called the Ulster Savings Bank Charitable Foundation. Prior to this, throughout the bank’s long history, millions of dollars have been donated and thousands of local residents helped by its giving programs. This demonstrated the institution's desire to find creative ways to work with their customers to help spread kindness throughout Ulster, Orange, and Dutchess counties.[10]
In January 2016, the bank opened a branch in Newburgh, New York.[2]
In June 2016, William C. Calderara was named president and chief executive officer of the bank.[11][12]
In October 2018, the bank was named among the top extraordinary banks in the United States by the Institute for Extraordinary Banking.[13]
In the year 2023, Ulster Savings Bank staff donated over 5000 volunteer hours to local non-profits, and the Charitable Foundation donated $619,000 to charities within the communities that they serve.
Ulster Savings Bank stands today as a healthy bank with a high net worth, strong capital and high-quality assets.
Ulster Savings is the oldest bank in the Hudson Valley, the 8th oldest in New York and the 52nd oldest bank in the country.[14]
References edit
- ^ a b c "FDIC Bank Info: Ulster Savings Bank (FDIC # 15970)". Federal Deposit Insurance Corporation.
- ^ a b "Ulster Savings Bank opens new branch". Daily Freeman. January 16, 2016.
- ^ a b c d e Manning, James Hilton (1917). Century of American Savings Banks, Volume 1. B. F. Buck. p. 102.
- ^ "Ulster Savings Bank - Goshen Branch". Default Site. Retrieved 2024-02-28.
- ^ "$120 in 1851 → 2024 | Inflation Calculator". www.officialdata.org. Retrieved 2024-02-28.
- ^ "Wrecked by Its Officers" (PDF). The New York Times. October 3, 1891.
- ^ "Ostrander Convicted" (PDF). The New York Times. December 1, 1892.
- ^ "Ulster Savings Bank taps new president/CEO". Daily Freeman. September 28, 2011.
- ^ "Ulster Savings Bank has new president/CEO". Daily Freeman. June 1, 2015.
- ^ hvpress_new (2021-05-12). "Ulster Savings Bank Celebrates Anniversary". Hudson Valley Press. Retrieved 2024-02-28.
- ^ "Ulster Savings Bank to get new president June 27". Daily Freeman. June 16, 2016.
- ^ "Ulster Savings Bank names new president, CEO". Times Herald-Record. June 16, 2016.
- ^ occhamberadmin (2018-10-16). "Community Icon, Ulster Savings Bank, Named Among the Top Extraordinary Banks in USA". Retrieved 2024-02-28.
- ^ "iBanknet | America's Oldest Banks". ibanknet.com. Retrieved 2024-02-28.