Winchester Savings Bank Revenue and Competitors

The Winchester Savings Bank was established by the Massachusetts Legislature and incorporated on March 3, 1871. The first meeting of the Corporators was held in Lyceum Hall (the building at the corner of Main and Mt. Vernon Streets in Winchester) on July 11, 1871. The Bank first opened its doors for business on August 26, 1871, in a banking room on the north side of Main Street. It was generally predicted that the Bank would not be a success, but on opening day, $11,058 was deposited, with most of this total coming from the Bank's Trustees and Corporators. In 1880, the Bank moved to the second floor of the Brown and Stanton Block on Main Street, and remained there until 1892 when it moved into its newly constructed building at 26 Mt. Vernon Street. This building still stands today, and is regarded as a historical building by the Winchester Historical Society. The Bank's main office was moved on December 10, 1979 to its present location at 661 Main Street. Since its founding in 1871, the Bank has grown into a full-service financial institution. The Bank is an independent, mutual, state-chartered institution with a mission of meeting the financial needs of the communities which it serves. The Bank is directed by a Board of Trustees elected by the Bank's Corporators, a group of civic-minded, local individuals. Since the Bank is mutual, all profits from operations are reinvested in the Bank. All deposits are insured in full by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The Bank is an equal housing lender.