Skowhegan Savings
Bank is an independent, mutual savings bank that first came into
existence in 1869. At that time it shared offices with the First
National Bank of Skowhegan in a small building near a covered bridge
that crossed the Kennebec River. Chartered in October 1869, Skowhegan
Savings Bank's primary mission was to meet the needs of the smaller
savers and mortgage borrowers in the area. The two banks shared offices
for forty years, even after moving to enlarged quarters in 1890. In
1910, the physical separation of the two institutions took place when
the First National Bank moved next door.
As the bank
continued to grow, complete renovations of the Water Street office were
undertaken in 1929. There the bank continued to serve the needs of the
Skowhegan area until, in 1960, the Elm Street property was purchased for
the construction of a new office. In November, 1961, a new Skowhegan
Savings Bank opened to the public.
During the years
of physical expansion, Skowhegan Savings Bank was building a core of
expanded services as well. In 1961 postings of deposits, interest
entries, and new balances were still being handwritten in savings
account and loan payment books. 1963 saw machine posting installed and
in 1969 Skowhegan Savings Bank entered the computer age, sharing
computer services through a large system based in a Portland bank.
In 1974 the bank
began expanding its service area, building offices in both Bingham and
Dexter. Two years later the Madison office was built and in 1982 the
second Skowhegan office went up. Constant growth in services and number
of employees created a need for additional space at the Main Office and,
in 1984, a major expansion was undertaken that more than doubled the
size of the building. Space was created for our own "in-house" computer
system as we went "on-line" with a system that provided better service
for our customers.
In 1987 a sixth
office was opened in Pittsfield, bringing our total area coverage to
four counties, serving customers in over thirty towns. Our very first
Automated Teller Machines (ATMs) were installed at the Main Office,
Dexter Office, and the new Pittsfield Office.
From 1987 to
1994, Skowhegan Savings Bank continued to grow in many areas. The appeal
of an independent financial institution continued to grow as customers
increasingly favored community banks. Asset size increased by more than
$100 million in just seven years.
1994 saw another
year of growth to the bank and along with it need for additional "back
office" space. An Operations Center was created in Skowhegan and in
1995, the Accounting, Auditing, Compliance, Data Processing, Checking,
Human Resources, and Marketing departments were moved into new office
space. The Main Office was then renovated to better house the lending
departments along with the ever-growing Customer Service area.
In March, 1998,
Skowhegan Savings Bank took a giant step in growth as six offices of Key
Bank were acquired. Locations were added in Belgrade, Corinna, Dexter,
Fairfield, Livermore Falls, and Norridgewock. These offices were a
natural expansion for the bank as several are in areas that we already
served. All Key Bank employees were welcomed as employees of Skowhegan
Savings Bank.
In spite of the
growth in products and services and the expansion of the branch office
network, Skowhegan Savings Bank still operates as a mutual savings bank,
just as it did in 1869. Independently operated and managed, Skowhegan
Savings Bank takes great pride in being
