TD Banknorth: Encyclopedia II - TD Banknorth - Origins

TD Banknorth - Origins

The origins of Banknorth Group, now TD Banknorth, lie in a number of local Maine savings bank:

TD Banknorth - The Portland Savings Bank

The Portland Savings Bank was established in 1852, and was initially open only on Wednesdays and Saturdays from 11 to 1. Albion K. Parris, Portland’s mayor, was the first President. Support of community and public projects was an important objective of the bank. It weathered the great fire of Portland and the financial panics in 1873 and 1878, and at its 50th anniversary in 1902 had 24,000 depositors, deposits of almost $10,000,000, and a staff of nine. In 1906, a branch on Congress Street joined the Head Office branch, and nineteen years later all business moved to Congress Street. The Stock Market Crash of 1929 and the ensuing Great Depression gravely threatened the Bank. To handle the number of properties it came to own through foreclosure, the bank established a “Real Estate Department” or property management division. Returning to prosperity with the post-war mortgage boom, Portland Savings was revolutionized under the leadership of Roger Lambert, CEO from 1965 to 1981. He encouraged the creation of a more dynamic board of directors and established a wide array of bank services, following the model of the commercial banks. He expanded Portland Savings’ portfolio of commercial loans and introduced innovative retail products such as money market certificates. Between 1965 and 1981 the bank grew from 2 to 13 branches across Maine, with assets increasing from $63 to $294 million

TD Banknorth - People’s Savings Bank

People’s Savings was founded in 1875 in Lewiston, Maine. A conservative but successful bank, it prospered with the local mill economy. Early in the twentieth century the bank innovated by opening $1 accounts for all babies born in the area, on condition that there are no withdrawals for ten years – the policy lasted into the 1970s. Christmas and vacation clubs were also established. Local banks suffered greatly from the decline of the mill economy in the 1920s and 1930s, but enjoyed a recovery during WWII, with industrial renewal and a defense bond business. In the post-war period People’s helped finance the new industries that were gradually replacing textiles in the local economy.

TD Banknorth - Rockland Savings Bank/Heritage Savings Bank

Rockland Savings was established in 1868 in Rockland, Maine, (following attempts in 1855 and 1861). In 1974, it changed its name to the Heritage Savings Bank. In 1978, it merged with:

• Penobscot Savings – Bangor. Founded in 1869 and a pioneer in savings for children in association with the local school system. A “small conservative bank in a small conservative city,” it did not expand its branch system until 1961, when a second office was opened.
• Waterville Savings - founded in Waterville in 1869.

Adapted from the Wikipedia article "Origins", under the G.N U Free Docmentation License. Please also see http://en.wikipedia.org/wiki