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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.

Join us at one of our branches to help us celebrate! Take a look at our schedule of events.