The Bank Block building on Main Street was home to Monson Savings Bank (right) and the Safe Deposit Bank and Trust Co., previously Monson National Bank. Photo courtesy of Monson Savings Bank
To celebrate its 150th anniversary, Banker & Tradesman is highlighting significant moments in the history of Massachusetts’ real estate and banking industries. To suggest a topic, email editorial@thewarrengroup.com.
What: Monson Savings Bank Incorporated
When: March 27, 1872
Where: Monson
- While the Western Massachusetts town of Monson had a commercial bank in the mid-19th century, a group of business leaders wanted to establish a savings bank that would accept small deposits from the workers at the town’s mills, quarries, manufacturers and other industries.
- Monson Savings Bank shared office space with the commercial bank, Monson National Bank, for 21 years. The two banks moved to a new building, known as the Bank Block, in 1893. Each bank occupied half of the first floor.
- Monson Savings Bank has never had a merger. A plan to combine with Ludlow Savings Bank fell apart in 1967 when Monson’s board of trustees voted to block the deal. The bank now has about $590 million in assets and five branches in Monson, Hampden, Ware, Wilbraham and East Longmeadow, the newest branch opening in 2020.
“We have worked hard to remain mutually independent, free of mergers, and it is elating to reach this milestone and celebrate our 150th anniversary with everyone. Without our dedicated team members and the support of our customers and communities over the years, this would not be possible.”
— Dan Moriarty, Monson Savings Bank’s president and CEO
The Bank Block building on Main Street was home to Monson Savings Bank (right) and Monson National Bank (later Safe Deposit Bank and Trust Co., a Shawmut Bank predecessor). Photo courtesy of Monson Savings Bank
