ABA Banking Journal - September/October 2016 - (Page 35)
> SAVINGS BANK BICENTENNIAL
As a mutual community bank
celebrates its 150th birthday, it offers
lessons for the future of banking.
BY CINDY MERKLE
nce upon a time, Danbury, Conn., was the epicenter of U.S.
hat manufacturing. By 1866, one in six residents were making
more than 1.2 million hats annually. In that year, Union
Savings Bank was founded-a mutual institution to serve
those thousands of hatters and the rest of the town, too.
While Danbury is still nicknamed the Hat City, the topper industry
had frayed by the 1920s, as had many of the textile businesses
in New England's industrial towns. But some of the old hatting
factories pivoted to other manufacturing operations, and Union
Savings Bank has been part of that revitalization process.
To this day, as we celebrate our 150th anniversary and the bicentennial
of mutual savings banks, we continue to see our role not only as a
community resource that helps businesses capitalize, but also, when
necessary, as a catalyst for transformation. It's a philosophy that has
yielded numerous success stories, from a local dry cleaner who has
added innovative new business offerings to a family-owned farm now
functioning as an amazing new event space and agri-tourism destination.
It's the answer to the question of how banks can stay relevant and
customer-centric in today's hyper-competitive, always-changing financial
services industry-one that preoccupies our team at Union Savings
Bank every day. Our answer comes from our heritage, founded in 1866
by a group of local businessmen to safeguard the assets of friends and
neighbors. It has always been grounded in the belief that regardless of
outside influences-from wars to politics to new regulations-community,
employees and customers matter most. As a mutual bank, we of course
have the advantage of taking a long-term view, and that's especially
critical as the speed and pace of change only continue to accelerate.
To this day, as we
celebrate our 150th
anniversary and the
bicentennial of mutual
savings banks, we
continue to see our
role not only as a
that helps businesses
capitalize, but also, when
necessary, as a catalyst
Today, all of us are devoting an incredible amount of human and capital
resources to managing compliance and regulatory issues. While this
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Table of Contents for the Digital Edition of ABA Banking Journal - September/October 2016
CECL FROM THE INSIDE: A CONVERSATION WITH FASB’S RUSSELL GOLDEN
WHERE ‘HABITS OF ECONOMY’ WERE SHAPED
CARD-LINKED REWARDS GIVE BANKS A COMPETITIVE EDGE
ABA COMPLIANCE CENTER INBOX
FROM THE STATES
CORPORATE SOCIAL RESPONSIBILITY
INDEX OF ADVERTISERS
ABA Banking Journal - September/October 2016
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